Wallet Count Soaring
Santiment, a leading crypto analytics firm, has reported a surge in the number of wallets holding Dogecoin (DOGE). According to the firm, the count of DOGE wallets is growing at the fastest rate in the history of the memecoin.
Despite a 23% decline in DOGE’s value since its peak on December 9th, the number of wallets holding DOGE coins has been increasing rapidly. In the past two weeks alone, 413,800 new wallets, mostly holding small amounts of DOGE, have been added to the network.
Negative Sentiment in the Crypto Market
Santiment has also observed growing negative sentiment in the crypto market based on social media chatter. This bearish sentiment is particularly evident among holders of XRP, Solana (SOL), and Cardano (ADA).
The analytics platform believes that this negative sentiment could be a sign that a bullish move is imminent. Historically, markets tend to move in the direction least expected by the crowd, catching short traders off guard.
At the time of writing, DOGE is trading at $0.0788, showing a slight increase in the last 24 hours. SOL is worth $96.10, XRP is trading at $0.504, and ADA is at $0.497.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered investment advice. Investors should conduct their own research before making any investment decisions.