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Santiment Analysts Reveal: Drop in ADA Cardano Wallets May Indicate Price Increase

Fast Take
  • Reduction in ADA portfolios signals potential price increase
  • Growth of DOGE wallets reflects growing interest
  • Movements in stablecoins may anticipate market growth
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In a dynamic cryptocurrency market scenario, analysts at Santiment have brought an intriguing perspective on the recent activity in Cardano (ADA). As noted, the decrease in the number of ADA wallets carries special significance, often preceding notable increases in the value of the cryptocurrency.

In contrast to Cardano's outlook, the Dogecoin (DOGE) market experienced significant growth. The number of funded Dogecoin wallets has surpassed the 5 million mark, a notable milestone for the cryptocurrency often associated with a more playful approach within the crypto ecosystem.

On the other hand, Bitcoin (BTC), the largest and best-known cryptocurrency, showed a more modest increase in active wallets. The growth rate in the number of Bitcoin wallets with balance increased by just 0,25%, reaching 50,91 million in the last four days. This discreet increase contrasts with the 2,52% jump in the number of Dogecoin wallets, now totaling 5,39 million.

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The scenario becomes even more fascinating when we consider the 0,59% reduction in the number of Cardano wallets, now totaling 4,46 million. Santiment analysts interpret this decline as a sign of capitulation, a phenomenon historically followed by price spikes. This analysis suggests a potential upward movement in the value of ADA, aligning with previously observed patterns.

In addition, Santiment also pointed out significant movements in the stablecoins Tether (USDT) and USDC. Between August 19th and October 16th, 3,54% of the total supply of Tether and 0,72% of the total supply of USDC were transferred to central exchanges. These transfers may indicate preparation for an upward movement in the market.

This scenario provides a comprehensive view of current trends in cryptocurrency market, highlighting the importance of observing not only price movements, but also changes in the behavior of crypto asset holders. Investors and market enthusiasts should consider this information when planning their investment strategies.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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