Dogecoin Rockets Up 12%, But This FOMO Signal Could End Rally
2024年11月6日 - 1:00PM
NEWSBTC
Dogecoin has seen a jump of over 12% during the past day, but this
trend brewing in an on-chain indicator could spell a bearish end to
the run. Dogecoin Investors Have Been Showing Signs Of FOMO
Recently In a new post on X, the on-chain analytics firm Santiment
has discussed about how the trend in the Total Amount of Holders
has been like for the various top coins in the cryptocurrency
sector. Related Reading: Dogecoin Analyst Reveals Buying
Opportunities At Lower Prices – Details The “Total Amount of
Holders” here refers to an indicator that, as its name suggests,
keeps track of the total number of addresses on a given network
that are carrying a non-zero balance. When the value of this metric
rises, it means new investors are joining the blockchain or old
ones who had sold earlier are buying back into the coin. The
indicator also registers an increase whenever existing users divide
their holdings into multiple wallets for purposes like privacy. In
general, all three of these factors are simultaneously at play
whenever this trend develops, so some net adoption of the asset
could be assumed to be taking place. On the other hand, the
indicator going down suggests some of the holders have decided to
clear out their wallets, potentially because they want to get away
from the cryptocurrency. Now, here is a chart that shows the trend
in the Total Amount of Holders for Bitcoin, Dogecoin, and other top
assets: As displayed in the above graph, most of the assets have
registered an increase in Total Amount of Holders recently, but
Bitcoin has gone against the grain as its non-zero wallets have
declined instead. More particularly, the number one cryptocurrency
today hosts 211,500 less addresses compared to three weeks ago,
which has brought the metric’s value to 54.38 million. This means
that some investors of the asset don’t believe the current rally
would continue further, as they have decided to liquidate their
holdings at the recent prices. Historically, assets in the sector
have tended to be sensitive to investor sentiment, but the
relationship has been an inverse one: prices tend to go up when
investors are showing FUD, while they go down in times of FOMO.
Thus, the recent drop in the Total Amount of Holders may actually
prove to be a bullish sign for Bitcoin. From the chart, it’s
visible that the metric has shown the opposite trajectory for
Dogecoin, as 46,400 addresses with a balance have showed up on the
network in the past week alone. Related Reading: Bitcoin Faces
Threat Of Falling To $63,000 Despite Rising Odds For Trump’s
Election Victory “This is a sign of traders speculating and
gambling on meme coins, even after last week’s local top,” notes
the analytics firm. Going by what history tells us, this FOMO may
not be the best sign for Dogecoin. DOGE Price Dogecoin has
continued its latest bullish push during the last 24 hours as its
price has broken beyond the $0.168 mark. Given the FOMO that has
been developing, however, this run may not be sustainable. Featured
image from Dall-E, Santiment.net, chart from TradingView.com
Bitcoin (COIN:BTCUSD)
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