The past week has been a rollercoaster ride of intriguing developments. Let’s take a chronological journey through the insights the crypto analytics firm, Santiment provided.
On July 25, 2023, Santiment noted a significant Dogecoin (DOGE) milestone. The meme coin had seen a price surge of 25% over the previous two weeks, capturing traders’ attention. According to Santiment, this uptick meant that the average DOGE trader active in the past year was making a profit.
The same day, Santiment observed that Bitcoin (BTC) had been trading within a narrow band of $28k to $32k for about four months. Santiment suggested that this period of relative calm could lead to unpredictable market behavior as traders might seek out more volatile altcoins.
Fast forward to July 26, and Santiment highlighted a decrease in Bitcoin’s supply on exchanges. This trend suggested a move towards self-custody. Despite Bitcoin’s price dipping below $30k the previous week, Santiment did not observe severe market reactions that might indicate fear, uncertainty, doubt (FUD), or potential sell-offs. In fact, the amount of BTC on exchanges was at its lowest since November 2018.
Later that day, following the Federal Open Market Committee’s (FOMC) decision to hike US rates to their highest since 2001, Santiment reported a surge in discussions related to Bitcoin compared to other top 100 assets. According to Santiment, such high social dominance could be a sign of market fear, potentially increasing the likelihood of a price rise.
On July 27, Chainlink (LINK) caught Santiment’s attention. The altcoin saw a significant price increase, seemingly driven by heavy accumulation by large holders. Santiment noted that wallets holding between 100k to 10M LINK were rapidly accumulating the asset.
Finally, on July 28, Santiment spotlighted Shiba Inu (SHIB) as a surprise winner during the final hours of a relatively quiet trading week. Large holders, or ‘sharks’ and ‘dolphins,’ had accumulated approximately $9M worth of SHIB in just under eight weeks, a significant move for the 14th ranked crypto asset.
