It has been revealed that the crypto firm Santiment is addressing a new forecast for the crypto markets. Check out the latest reports about this below.
Santiment reveals new details about the future of the crypto markets
According to the latest reports, the crypto insights firm Santiment stated the fact that the recent outperformance of memecoins could be addressing a potential future that hints at a coming correction for the digital asset markets.
In a new report, Santiment pointed out the bullish performance of coins like Dogecoin (DOGE), Shiba Inu (SHIB), Apecoin (APE), and Pepe (PEPE).
“As 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 either at a week high against the price of Bitcoin… or very close to surpassing it.”
Santiment warns that a “coordinated effort” to boost the price of the memecoin sector indicates overheatedness in the crypto markets.
It is crucial to be aware of surges from speculative assets with minimal development activity, as this often signals the entire crypto market is veering toward “overheated” territory.
Isolated pumps from these four assets are often associated with greed and/or boredom from the crowd, which can have adverse impacts on the markets.
In order to learn more details about this, we suggest that you check out the original article posted by the online publication the Daily Hodl.
The financial state of the US
Earlier today, it was revealed that the former US Treasury Secretary Larry Summers issued a stark warning about America’s perilous financial situation. With the nation’s budget deficit now reaching a staggering $1.613 trillion, Summers stated in no uncertain terms that the US is on a treacherous path towards a deficit that will far outweigh its revenue.
He emphasized that future deficit projections are vastly underestimated and that a deficit of almost 10% of GDP is a highly probable scenario.
