180 Interactions, 4 today
Following the May 19 meltdown, crypto traders’ attention has changed from Bitcoin accumulation to trading in altcoins, as seen by increased investment inflows and transaction volume in popular altcoins such as DOGE, THETA, and BNB. According to coinmarketcap.com statistics, Bitcoin’s price was rangebound below the $38000 level, while these altcoins have reported price increases in the last 24 hours.
DOGE’s price has reached $0.39 after a 22.82 percent daily rise. This increase is mostly a rebound from the dip; nonetheless, the memecoin craze remains significant, despite the fact that social volume has plummeted by more than 30% in the last week. Following the rebound, there was a spike in demand and accumulation by significant investors, who resisted selling pressure and supported the optimistic narrative of DOGE.
The above figure depicts variations in social volume in relation to price, which has stayed mostly constant since the decrease. According to coinmarketcap.com statistics, the fully diluted market capitalisation of SHIB, a DOGE spinoff, is up 25.86 percent, although transaction volume has decreased. A decline in transaction volume suggests that SHIB is being accumulated, which will assist to withstand selling pressure in the long term. Despite the fact that both memecoins are rebounding at the same moment, traders are more negative on SHIB than on DOGE. SHIB’s stock was up roughly 5%, recouping its losses.
THETA’s price has risen by more than 12% in the last 24 hours. The currency was trading at $7.91 per coin. The transaction volume surged by more than 30%, and there is increasing demand across exchanges, despite the fact that the price is still more than 50% below its all-time high. The market capitalisation of THETA was $7.9 billion. The present rebound is expected to continue, and the THETA price is expected to rise to $12 in the coming week.
BNB, which has over ten times the market value of THETA, has provided traders with a daily return of 12%. The currency is presently trading at $383.19, with the latest Binance Smart Chain updates driving the price increase. As in the instances of DOGE and SHIB, trade volume has decreased. However, the price has resisted selling pressure owing to HODLer accumulation. BNB’s rebound to $450 seems more possible as the cryptocurrency rebounds from the dip’s collapse and rebounds with a greater market cap and strong attitude among traders across spot exchanges.