altcoin Dogecoin sharks and whales need to read this before cutting any losses – Investors’ sentiment towards Dogecoin was at an extremely low level.- DOGE circulation was also down but there are chances for a bullish turnover.A large part of crypto projects gained investors’ attention as the market turned green in the last 30 days but Dogecoin [DOGE] seemed to be struggling.Surely this is not only related to the coin price which has gained 25.79% within the period.Still, it may have little to do with it, especially as the meme’s performance was one of the lowest out of the top 10 cryptocurrencies by market value.How much are 1,10,100 DOGEs worth today? Power may be about to change hands As of this writing, Santiment showed that the positive sentiment exhibited towards DOGE was far from spectacular.
In fact, it was at its lowest point since 12 January.And, surprisingly, the greens produced by the broader crypto market remained overwhelmingly obvious after the said date.With this sentiment in play, it suggested that the crypto community shared a relatively pessimist view of the coin.This condition could be interpreted as a contrast to the speculation about the bull market being back.
This was because the last bull run in 2021 saw memes including DOGE, and Shiba Inu [SHIB] enjoy an aura of positive investor perception in the lead-up to their All-Time Highs (ATHs).While one might argue that this could be the initial stages of a bear market exit, past cycles were not as worse as the present circumstances.
On the social front, information from the on-chain platform showed that DOGE was amid recovery and decline.At press time, the social dominance was 2.828%— an increase from the dump on 27 January.
Social dominance weighs the position of an asset regarding conversations around it and hype.The change in trend points to an attempt to turn around the DOGE’s involvement in discussions around the crypto community.
The social volume also accompanied the dominance trend with a rise to 944.This meant that prospective investors could have increased their search for the coin.
With this state, DOGE may have a chance at matching up to its peers to bulls’ delight.Is your portfolio green? Check out the Dogecoin Profit Calculator Caution bulls, Caution! Regardless of the current circumstances and possible bull excitement, the stock-to-flow ratio increased to 28.117.The metric measures the abundance of an asset in relation to the new and existing supply.
An interpretation of the escalation meant that DOGE remains bountiful in the holders’ possession.Meanwhile, the meme circulation was not as rife as may have been expected.At the time of writing, the one-day circulation was down to 338.05 million.
– High hash rate and no network outages were indicative of a secured network.- LTC dropped by 3.15% at press time, sparking fears of a strong pullback.Few other cryptocurrencies have performed as well as Litecoin [LTC] in 2022’s bear market.Since hitting the lows of June 2022, both the price and market cap have more than doubled in value at press time, data from CoinMarketCap showed.
A large part of this could be attributed to Litecoin’s reputation as an efficient and secure network.As per a post shared on Twitter, LTC claimed it had never been down since its launch in 2011, a factor which could increase its utility as a payment option.#Litecoin has zero downtime in over 11 years of existence.The longest uninterrupted uptime in #crypto.
pic.twitter.com/JYqpyAVd2q — Litecoin (@litecoin) January 29, 2023 Read Litecoin’s [LTC] Price Prediction 2023-24 Moreover, the network’s hash rate hit an ATH recently.This is generally regarded as a positive sign with regards to a network’s security as unscrupulous attacks become difficult to execute on networks with high hash rate.Whales pose a challenge However, the holdings of small and large Litecoin whales narrated a different story.
As per data provided by Santiment, the number of addresses with more than 1000 LTC coins has been on a falling slope in the last 12 days.Furthermore, after remaining subdued for the last three days, LTC witnessed a sharp jump in whale transaction count at press time.This meant that large addresses indulged in profit-taking by liquidating their positions.This could also be explained by looking at MVRV Ratio.The network was overvalued and hence in profit.
The increasing MVRV Long/Short Difference incentivized profit-taking by LTC hodlers, which could lead to prices going south.Santiment had in fact issued a warning to investors that LTC could drop in the coming days due to an increase in selling activity among whales.
What’s next for LTC? Litecoin holders have locked in gains of over 30% since the commencement of the bullish rally at the beginning of the year.The price broke out of the mid-term range with a sharp move upward on 29 January.However, at the time of writing, it fell by 3.15%, giving an early indication of a pullback.Is your portfolio green? Check out the LTC Profit Calculator The Relative Strength Index (RSI) started to descend, which meant reduced buying pressure.The On Balance Volume (OBV) followed a similar trajectory, validating the idea of whales’ profit-taking highlighted above.Litecoin’s halving event is about six months away which will be its third after 2015 and 2019.
Historically, LTC prices have soared in the aftermath of the event.It remains to be seen how the silver to Bitcoin’s [BTC] gold will perform, leading up to the halving.
– Polygon hit NFT milestone as userbase grew.- Public sentiment and whale interest fell.
Polygon [MATIC] reached yet another new milestone on the NFT market place OpenSea.Data from Dune Analytics showed that the number of Polygon OpenSea users surpassed 1.6 million.Along with that, the weekly volume for Polygon marketplaces observed immense growth over the last few months as well.Read Polygon’s [MATIC] Price Prediction 2023-2024 These surges in Polygon‘s NFT volume could be attributed to the multiple collaborations that Polygon was a part of over the last few years.
Despite the volatility faced by the crypto market during 2022, Polygon partnered with multiple firms and companies.Polygon brings in the revenue The growing NFT volume and interest resulted in a spike in Polygon’s TVL, which increased from $988 million to $1.22 billion in a month, according to Defi Llama.Moreover, as TVL increased, the amount of revenue generated by Polygon grew by 30%.Word on the street Despite the growing interest in Polygon‘s NFT space and the increase in TVL, the weighted sentiment for Polygon declined.
This suggested that the crypto community had a negative outlook against Polygon at the time of writing.Along with that, Polygon’s network growth and transaction count also fell, indicating that the number of times new addresses making transactions using MATIC declined.Whale interest in Polygon fell as well, which could be caused by declining sentiment and network activity.This was indicated by the decreasing number of whale transactions on the Polygon network.
Is your portfolio green? Check out the Polygon Profit Calculator Regardless of these setbacks, the 1.6 million users on Polygon OpenSea demonstrated the growing interest in the platform and its potential for growth in the future.In conclusion, the reach of Polygon’s NFTs is a clear indication of the increasing popularity of NFTs and Polygon’s role in the NFT market.Notably, the large user base on OpenSea continues to provide hope for the future growth of the platform.- Avalanche’s daily activity was impacted by native projects.
– The NFT market underperformed.According to a report provided by Messari, projects on Avalanche observed significant improvements in Q4 of the previous year.These improvements had a significant impact on the daily activity of Avalanche, leading to a rise in overall interest in the protocol.One of the major contributors to this increase in interest was the launch of projects such as Trader Joe and GMX.
Both of these projects leveraged Avalanche’s fast, secure, and decentralized infrastructure to provide their users with a range of innovative and highly demanded services.Realistic or not, here’s AVAX’s market cap in BTC’s terms NFTs provide some relief Despite the growth of these protocols, the number of active addresses on the Avalanche network showed a decrease.However, there were a few spikes observed during this time, which were attributed to increased interest in the NFT market.The spike in NFT interest was reflected in the growing number of NFT transactions on the Avalanche network.However, at press time, the state of Avalanche’s NFT market was not as strong as it had been previously.
Data provided by AVAX NFT stats showed that the NFT volume for blue-chip Avax NFTs had declined significantly over the past few weeks.
The decline in activity on Avalanche has had a number of knock-on effects on the overall state of the protocol.For example, fees collected by Avalanche and the number of transactions on the network dwindled.The declining fees and subsequent decline in the revenue generated by Avalanche could be a factor that affected the state of stakers on the Avalanche protocol.According to data provided by Staking Rewards, the number of stakers on the Avalanche protocol decreased materially over the last 30 days.At the time of writing, it was 54,267.Signs of hope Furthermore, over the last few days, the volume on Avalanche saw massive growth.
It went from 98.4 million to 516.7 million during this period.
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