New data from market intelligence platform Santiment shows that two under-the-radar altcoins are poised to skyrocket.
According to the crypto analytics firm, the crypto domain names Ethereum Name Service (ENS) and the decentralized non-fungible token (NFT) ecosystem Treasure (MAGIC) have seen an explosive network grow in the past 24 hours, significantly increasing the chance of an outbreak.
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“Altcoins like Ethereum Name Service and Treasure have exploded in network growth over the past 24 hours, surpassing major milestones. Historically, when projects see these spikes while performing at a flat price, there is a greater chance of a breakout.”
ENS and MAGIC are trading at $26.03 and $0.481 respectively at the time of writing.
We continue with the popular Shiba Inu (SHIB) meme item, Santiment say that the dog-themed token broke away from the rest of the crypto markets over the weekend as non-fungible crypto whales continued to gobble it up.
“Shiba Inu has had a mini disconnect from other altcoins this weekend and is up a modest +5% over the past 48 hours. Keepers will be pleased to see that the number of non-exchangeable whales continues to accumulate, while the exchangeable whales continue to shrink.”
SHIB is trading at $0.000016 at the time of writing.
Concluding its analysis with decentralized oracle provider Chainlink (LINK), Santiment says the altcoin is a increased The likelihood of finding a local low as fear, uncertainty and doubt (FUD) around the digital asset increases following millions of dollars in liquidations.
“Chainlink’s weak hands have just shown signs of giving up hope and released significant amounts of coins. The losses of 60 million realized by LINK yesterday are indicative of significant FUD from traders, and increase the likelihood of a local bottom.”
LINK is trading at $12.81 at the time of writing, down marginally over the past 24 hours.
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