SHIB, PEPE, APE Gain Against Bitcoin, Santiment Explains What This Means
14 Agosto 2023 - 1:40PM
NEWSBTC
Shiba Inu (SHIB), Pepe (PEPE), and ApeCoin (APE) have performed
well against Bitcoin recently. Here’s what the memecoins’ profits
mean. SHIB, PEPE, And APE Have Enjoyed An Uptrend Recently Bitcoin
has been going through a major phase of stagnation recently as the
number 1 cryptocurrency’s price has remained stuck between the
$29,000 and $30,000 levels. Much of the other market hasn’t been
all that different, either. Out of the few coins that have gone
against the grain and have displayed some volatility. However, the
meme coins have especially stood out. Shiba Inu, Pepe, and Apecoin,
in particular, have all pulled away from BTC. Dogecoin (DOGE), the
original meme coin, also saw bullish momentum earlier, but the
asset has slowed down recently. Out of these assets, PEPE has been
the best performer, as it has observed profits of about 22% within
the past week. Looks like PEPE has been going up recently | Source:
PEPEUSD on TradingView While Pepe’s weekly gains are certainly the
most impressive of the bunch, the meme coin is actually in severe
losses of 17% when considering the period of the past month.
Related Reading: Want A Bitcoin Spot ETF? Then Prove BTC Is Not
Manipulated, Says SEC ApeCoin has risen by 12% in the past week,
and while the coin isn’t in negative during the past month, its
performance for the period is still only flat. APE has also gone up
in recent days | Source: APEUSD on TradingView Unlike these two
assets with significantly smaller market caps, Shiba Inu has not
only registered impressive gains of 16% during the past week, but
it has also observed a massive 32% rise during the last month. SHIB
has sharply jumped recently | Source: SHIBUSD on TradingView The
reason behind the solid Shiba Inu performance is likely to be the
much-hyped Shibarium upgrade, which is expected to launch sometime
later in the current week. Does The Memecoin Rally Hold Any
Significance For The Greater Market? All in all, it’s clear that
these three meme coins have been building up bullish momentum
recently, and they have been doing so simultaneously. In a new
insight post, the on-chain analytics firm Santiment has revealed
that while these assets may be rising, their social volumes haven’t
budged much. SHIB and others haven't seen too high social volumes |
Source: Santiment The “social volume” here is a metric that keeps
track of the degree of discussion that an asset is receiving on the
major social media platforms. When this indicator has a high value,
it’s a sign that a large number of users are talking about the coin
and that there may be FUD or hype present around the coin. In
uptrends, this metric reaching very high values is generally not a
good sign, as it shows that FOMO is on the rise among social media
users, which is something that has historically had an opposite
effect on the price and has led to top formations. Since these
metrics have risen for SHIB and the other meme coins, it means that
social media users haven’t been paying too much attention so far to
the pumps that these cryptocurrencies have been going through.
Related Reading: Goldman Foresees Q2 2024 Fed Rate Cut: A Boost For
Bitcoin? In the same post, Santiment also explains that the meme
coins pulling away from Bitcoin have historically held significance
for the entire sector. “This can often signal that the entire
crypto market may be veering toward ‘overheated’ territory,” notes
the analytics firm. Santiment also says that when SHIB and co. see
isolated pumps, “it is often associated with greed and/or boredom
from the crowd. And these two behaviors often have adverse impacts
on the markets.” Featured image from iStock.com, charts from
TradingView.com, Santiment.net
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