As an impressive development, there is a balance in Dogecoin (DOGE) The number of wallets exceeded 5 million for the first time.
On the other hand, the world’s largest cryptocurrency in Bitcoin (BTC) The rate of increase in the number of wallets with balance decreased. cryptocurrency According to analysts at analysis company Santiment, the slowdown in this data means that big whales are selling profits after buying transactions in BTC.
However, Santiment analysts interestingly noted that there are coins in it. Cardano (ADA) He pointed out that the number of wallets was decreasing. According to analysts, the decline in this data means capitulation and usually occurs just before the jumps in price.
💸 #Bitcoin Traders are taking profit, as growth in existing wallets with more than 0 $BTC has slowed down. Meanwhile, #dogecoin wallets are surging and #Cardano wallets are dropping in number. Drops are a sign of capitulation, often foreshadowing price jumps. https://t.co/YXdnA9vo4I pic.twitter.com/jF5VaWEL9n
— Santiment (@santimentfeed) November 27, 2023
The number of Bitcoin wallets with balance in them increased by 0.25% to 50.91 million in the last four days, and the number of Dogecoin wallets increased by 2.52% to 5.39 million, which is considered a large increase. On the other hand, the number of Cardano wallets decreased by 0.59% to 4.46 million in the last ten days.
Santiment analysts also argued that between August 19 and October 16, 3.54% of the total supply of Tether (USDT) and 0.72% of the total supply of USDC were transferred to central exchanges and that these transfers were actually a preparation for the last rally.
*This is not investment advice.
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