Analyzing the Potential Correction of the New Dogecoin Competitor After Its 16,000% Surge: Santiment Crypto Analytics Monitors the Volatile Memecoin Trend
Analyzing the Future Potential of a Volatile Memecoin with a $160 Million Market Cap in Just Three Months: Insights from a Crypto Analytics Company
Santiment Monitors Key Indicators to Gauge Potential Cooling of HarryPotterObamaSonic10Inu (BITCOIN), a High-Volatility Dog-Related Memecoin
The crypto analytics firm, Santiment, is closely observing several indicators to anticipate whether the dog-themed memecoin named HarryPotterObamaSonic10Inu (BITCOIN) is poised for a market cooldown.
"Continuing its surging trend, the leading memecoin remains active. Despite the retracements in numerous altcoins today, the price of HarryPotterObamaSonic10Inu has surged by +182% this August. Pay attention to volume and network growth (an increase is favorable), as well as social dominance (an increase is less favorable).
HarryPotterObamaSonic10Inu achieved a closing price of $0.00095 in May, but as of the current moment, it's trading at $0.157, reflecting an extraordinary surge of over 16,400%.
Santiment's analysis suggests a slowdown in the broader cryptocurrency market. Nevertheless, the firm notes that with an increase in loss transactions, certain blockchain projects might experience a potential upswing.
"As market rallies struggle for momentum, traders are displaying increasing complacency across various assets. This historical pattern of heightened loss transactions relative to profit-taking enhances the likelihood of an upcoming rebound.
Santiment's Observations Highlight Bitcoin's Positive Price Trend and Reduced Correlation with S&P 500 (SPX) Performance in August.
Bitcoin's price has remained relatively stable around $29,400, displaying a notably superior performance compared to equity markets, such as the S&P 500, throughout August. This ongoing correlation shift, which emerged in mid-July, holds historical significance in bolstering cryptocurrency prices.
At the moment of writing, the current price of Bitcoin stands at $28,762, representing a 1.4% decrease over the past 24 hours
Aug 17, 2023