Despite the recent decline in Bitcoin’s (BTC) price, crypto analytics platform Santiment reports that three memecoins are experiencing market cap growth.
New memecoin projects addressed
These memecoin projects include Dogecoin (DOGE), Shiba Inu (SHIB), and ApeCoin (APE), which is associated with the Bored Ape Yacht Club non-fungible token (NFT) collection.
Santiment notes that the social volume indicator for the three meme coins is trending upward, indicating an increase in interest on social media platforms like Telegram or Reddit. This price action is different from Bitcoin’s recent decline.
“The week has kicked off with some memecoin magic, as Dogecoin, Shiba Inu, and ApeCoin have enjoyed minor market cap rises. As is typically the case with these types of assets, high social volume spikes will signal tops. DOGE excitement is heating up.”
It has been reported by Santiment that the trading volume for Dogecoin, a cryptocurrency with a dog theme, increased significantly on Monday when its price rose to a 16-week high.
In addition, the firm has noted that Litecoin (LTC), a peer-to-peer payments network, has gained more attention due to its upcoming halving on August 2nd, as evidenced by a rise in trading volume.
Ethereum (ETH), a smart contract platform, has also experienced a surge in trading volume and should be monitored.
Traders have taken notice of these trends and have shown interest in Dogecoin, Litecoin, and Ethereum.
Santiment is closely monitoring the MVRV for altcoins and has identified Quickswap (QUICK), OMG Network (OMG), and Radicle (RAD) as digital assets that are showing bullish signs.
MVRV measures an asset’s market cap against its realized value and can be used to predict market tops and bottoms.
There are some altcoins that could be worth buying, especially since many traders have experienced losses across various timeframes.
Specifically, QUICK, OMG, and RAD have seen traders exhibit fear, uncertainty, and doubt (FUD) due to their accumulated losses. Interestingly, this historically makes these altcoins less risky to invest in or increase one’s position.
Stay tuned for more news from the crypto space and make sure to keep an eye on the market as well.