Crypto analytics platform Santiment reported that, despite Bitcoin’s ( ) recent drop in price, the market caps of memecoin projects Dogecoin ( ), Shiba Inu ( ) and ApeCoin ( ) have experienced a surge – ApeCoin being the crypto-token associated with the Bored Ape Yacht Club’s non-fungible token (NFT) collection. Online conversation emerges as an important factor in this instance, according to the analysis of social volume indicators on websites like Telegram and Reddit. Moreover, trading volume and activity on Doglecoin has hit a sixteen-week high.
Other assets that present themselves as favourable investments within Santiment’s report include Litecoin ( ) who’s imminent hiving is spurring trader expectations; blockchain giant Ethereum ( ); QuickSwap ( ), a Decentralised Exchange; and Rune Network ( ), to name a few. A possible indicator emerges by way of sanity metrics relating to the ratio between market capital and relaised proce; an approach which may foretell future market tops and drops.
