The majority of crypto assets are currently seeing major negativity from the trading community
According to the on-chain analytics company, Saniment, Bitcoin, Binance Coin, Chainlink, and Dogecoin could be potential candidates for a breakout as they face the most negative sentiment. Given the bearish market conditions that have prevailed since 2022, the majority of crypto assets are currently experiencing major negativity from the trading community.
😠 The majority of #crypto the assets are currently experiencing major negativity from the trading community. But keep your eye on $BTC, $BNB, $DOGEand $LINK. These top caps show particularly high levels of #FUD which can lead to possible flare-ups. https://t.co/cSUnSfn88e pic.twitter.com/MyoOavHllw
— Santiment (@santimentfeed) September 23, 2022
Given Santiment’s current view on these cryptocurrencies, let’s take a look at some underlying fundamentals.
The largest meme cryptocurrency and the second largest proof of work, Dogecoin, is seeing a marked increase in the number and accumulation of whales. According to crypto analyst Ali, “The number of addresses containing between 100 million and 1 billion DOGE increased by 5.13% over the past week. About six new whales joined the network, picking up around 620 million DOGE.”
According to data from WhaleStats, Dogecoin ranked in the top 10 by trading volume among the top 100 BSC whales in the last 24 hours.
At the time of writing, Dogecoin (DOGE) was trading at $0.065, up 8.87% in the past 24 hours, according to data from CoinMarketCap.
Roota data-focused Twitter handle from Glassnode shared analysis that may suggest Bitcoin may soon bottom out in the bear market.
— Root 🥕 (@therationalroot) September 24, 2022
Bitcoin’s price action this week hovered strongly around the FOMC meeting as investor sentiment tilted towards the Fed’s decision, overshadowing fundamental crypto developments. Bitcoin fell back below $20,000 after that. However, Bitcoin may not be out of the woods yet, with monetary policy and regulatory fronts providing headwinds for crypto.
A further drop in the price of BTC would likely drag down other crypto assets. At press time, Bitcoin was changing hands at $19,128, up 2.55% in the past 24 hours.
Chain link (LINK)
According to Santiment’s analysis, Chainlink is also seeing an increase in whale accumulation, with addresses holding 10,000 to 1 million LINK having increased their held supply by more than 3% of available coins in just 4 months.
This represents the highest percentage of LINK held by these addresses in over three years. At press time, LINK was changing hands at $7.66, up 8.67% in the past 24 hours.