Ethereum Holders Increase Despite Price Drop, Altcoin Sentiment Shifts
Recent data from Santiment reveals that Ethereum (ETH) continues to attract more holders, even as its price declines.
Unlike Bitcoin (BTC), which has seen a drop in non-empty wallets amid a sliding market, ETH wallet numbers are on the rise.
📊 Bitcoin holders have just had their biggest 3-day drop in non-empty wallets since just prior to the March 14th all-time high. Unlike then, BTC has been sliding, provoking traders to liquidate for fear of further drops. Meanwhile, Ethereum wallets keep growing in number. pic.twitter.com/UIfXLkJ1HH
— Santiment (@santimentfeed) June 18, 2024
Santiment reports that Ethereum is currently trading at $3,400, down over 4% in the last 24 hours. Meanwhile, social media mentions for XRP, Dogecoin (DOGE), and Shiba Inu (SHIB) are decreasing, indicating potential market bottoms for these assets.
📉 Crowd sentiment has dropped significantly for XRP, Dogecoin, and Shiba Inu after their respective price drops. Patient traders who have been waiting for the crowd to give up on these large cap altcoins may finally have their buy opportunity with FOMO at a 2024 low. pic.twitter.com/Pf65huJJnd
— Santiment (@santimentfeed) June 17, 2024
XRP is priced at $0.47, down more than 7% in 24 hours, while DOGE trades at $0.11, showing a 9.5% decrease, and SHIB at $0.0000177, down more than 10% today.
READ MORE: Bitcoin Advocate Samson Mow Predicts $1 Million Price Target
Furthermore, Santiment observes a decline in mentions of an “altseason” across social media platforms, suggesting a possible consolidation phase in the broader altcoin market. This trend aligns with historical patterns where peak market enthusiasm often precedes corrections.
Overall, while Ethereum holders increase and altcoin sentiment shifts, market dynamics indicate cautious optimism among traders navigating recent price fluctuations.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
