After 16,000% Surge, Is New Dogecoin Rival Ready to Correct? Crypto Analytics Firm Santiment Tracks Wild Memecoin
A crypto analytics firm is exploring whether a volatile memecoin that’s reached a $160 million market cap in three months has more fuel in the tank.
Santiment says it’s keeping a close eye a couple of indicators to predict whether the wildly-named and inherently risky dog-related coin known as HarryPotterObamaSonic10Inu (BITCOIN) is ready to cool down.
“The biggest memecoin on the block hasn’t stopped its pumping ways. Despite many altcoin retracements today, HarryPotterObamaSonic10Inu price is now +182% in August. Watch volume and network growth (rise is good), and social dominance (rise is bad).”
HarryPotterObamaSonic10Inu closed May at $0.00095 and at time of writing is trading for $0.157, a more than 16,400% increase.
According to Santiment, the broader crypto market is stalling out. However, the firm says as loss transactions mount, some blockchain projects may soon rally.
“Traders are showing more and more complacency among each asset as markets continue to fail to find any traction on a rally. Historically, this high ratio of loss transactions compared to any profit taking raises the probability of a bounce.”
Santiment also notices that Bitcoin’s price action is now showing a historically positive sign of de-correlating from the performance of the S&P 500 (SPX), which has declined so far in August.
“Bitcoin continues to stay in a tight price range at $29,400, but this flat behavior is actually outperforming equities markets like the S&P 500 here in August. The correlation break that began in mid-July is historically beneficial to crypto prices.”
Bitcoin is trading for $28,762 at time of writing, down 1.4% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
Comments are closed.