Recent Memecoin Surge Suggests Worrying Outcome for Crypto Markets, According to Analytics Firm Santiment

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Crypto insights agency Santiment says that the current outperformance of memecoins could also be hinting at a coming correction for the digital asset markets.

In a brand new report, Santiment factors out a comparatively bullish efficiency of cash like Dogecoin (DOGE), Shiba Inu (SHIB), Apecoin (APE) and Pepe (PEPE).

“Because the weekend kicks off, it’s not Bitcoin, Ethereum, or XRP gaining some much-needed market cap… it’s apparently the memecoins’ time to shine. Between Dogecoin, Shiba Inu, Apecoin, and Pepe, all are both at every week excessive towards the value of Bitcoin… or very near surpassing it.”

Whereas a number of different altcoins are doing considerably properly, Santiment says there seems to be a “coordinated effort” to push up the value of the memecoin sector. The agency warns that such a phenomenon is an indication of overheatedness within the crypto markets, which regularly marks short-term value tops.

“Traditionally, we should be conscious that surges from speculative belongings that basically solely see minimal growth exercise (at greatest). This could usually sign that the complete crypto market could also be veering towards ‘overheated’ territory. When these 4 belongings see remoted pumps, it’s usually related to greed and/or boredom from the group. And these two behaviors usually have antagonistic impacts on the markets.”

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