- Bitcoin’s non-empty wallets dropped by 211,500 in three weeks, indicating a rise in Fear, Uncertainty, and Doubt (FUD).
- USDC wallets decreased by 11,600 in one day, highlighting the volatility of stablecoins and their impact on market stability.
- Dogecoin gained 46,400 new wallets in a week, signaling increased trader interest and speculation in the memecoin.
- Analysts suggest Dogecoin may break key resistance levels, with a potential price target of $0.20.
As traders in the cryptocurrency market await greater clarity, Bitcoin is experiencing a significant drop in the number of non-empty wallets. Recent data from Santiment indicates that the number of active Bitcoin addresses has decreased by 211,500 over the past three weeks. This decline is a strong indicator of Fear, Uncertainty, and Doubt (FUD), a sentiment that often precedes bullish price movements in the market.
In a related trend, Santiment also reported a sharp decrease of 11,600 USDC wallets in just one day over the weekend. This volatility highlights the unpredictable nature of stablecoins, which traders often use to hedge against market fluctuations. The behavior of these assets can have a cascading effect on the broader market, as fluctuations in stablecoin liquidity can impact trading volumes and price stability across other cryptocurrencies.
Amidst this backdrop of uncertainty, Dogecoin is experiencing a remarkable surge in wallet activity. Recent data reveals that Dogecoin has gained 46,400 new wallets in just one week, indicating heightened interest and speculation in this memecoin. This uptick in wallet creation suggests that traders are increasingly betting on the potential of Dogecoin, even after it reached a recent local price peak.
Dogecoin Eyes Price Surge
Crypto analyst World Of Charts has pointed out that Dogecoin is gearing up for another bullish rally. The analysis indicates that Dogecoin is attempting to break through a critical multi-resistance area on shorter time frames. If successful, there’s potential for the price to reach $0.20. The analyst mentioned plans to enter the market following a breakout, implementing a tight stop-loss to manage risk effectively.
As the crypto landscape continues to evolve, traders should remain vigilant and informed about the shifting dynamics, particularly with Bitcoin’s declining wallet count and Dogecoin’s rising interest. These trends could set the stage for intriguing developments in the coming weeks.
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