Crypto insights agency Santiment says that the latest outperformance of memecoins could also be hinting at a coming correction for the digital asset markets.
In a brand new report, Santiment points out a comparatively bullish efficiency of cash like Dogecoin (DOGE), Shiba Inu (SHIB), Apecoin (APE) and Pepe (PEPE).
“Because the weekend kicks off, it’s not Bitcoin, Ethereum, or XRP gaining some much-needed market cap… it’s apparently the memecoins’ time to shine. Between Dogecoin, Shiba Inu, Apecoin, and Pepe, all are both at per week excessive in opposition to the worth of Bitcoin… or very near surpassing it.”
Whereas a couple of different altcoins are doing considerably effectively, Santiment says there seems to be a “coordinated effort” to push up the worth of the memecoin sector. The agency warns that such a phenomenon is an indication of overheatedness within the crypto markets, which frequently marks short-term worth tops.
“Traditionally, we should be conscious that surges from speculative belongings that actually solely see minimal improvement exercise (at greatest). This will typically sign that the complete crypto market could also be veering towards ‘overheated’ territory. When these 4 belongings see remoted pumps, it’s typically related to greed and/or boredom from the group. And these two behaviors typically have hostile impacts on the markets.”
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