The sentiment around major altcoins XRP, Dogecoin, and Shiba Inu has taken a significant hit following their recent price declines.
For patient traders who have been waiting for the market to lose interest in these high-profile cryptocurrencies, this dip in sentiment might signal a prime buying opportunity, especially with FOMO (Fear of Missing Out) reaching its lowest point in 2024.
📉 Crowd sentiment has dropped significantly for XRP, Dogecoin, and Shiba Inu after their respective price drops. Patient traders who have been waiting for the crowd to give up on these large cap altcoins may finally have their buy opportunity with FOMO at a 2024 low. pic.twitter.com/Pf65huJJnd
— Santiment (@santimentfeed) June 17, 2024
Dogecoin Whales Are Selling Off Some TokensÂ
Over the past year, notable shifts have occurred within the Dogecoin market. The largest Dogecoin holders, often referred to as whales, have been gradually reducing their positions. Data reveals that the percentage of Dogecoin supply held by those owning more than 0.1% each has decreased from 45.3% to 41.3%.
Over the past year, the largest Dogecoin whales have been reducing their holdings.
The percentage of the supply held by those owning more than 0.1% each has dropped from 45.3% to 41.3%.
In contrast, retail and mid-sized investors now hold a larger share of the total supply. pic.twitter.com/whFARLYveS
— IntoTheBlock (@intotheblock) June 18, 2024
Meanwhile, the distribution of Dogecoin has become more widespread among retail and mid-sized investors, who now hold a larger portion of the total supply. This redistribution could potentially stabilize the market as ownership becomes more decentralized.
For investors who have been biding their time, waiting for the crowd to capitulate, the current market climate presents a compelling scenario. With large holders stepping back and smaller investors stepping in, there could be a window of opportunity for strategic buys amidst the diminished enthusiasm surrounding these popular altcoins.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: archnoi1/123RF // Image Effects by Colorcinch