Public opinion towards XRP and Shiba Inu has hit a low point for the year as the market corrects, presenting a good opportunity to capitalize on the downturn.
The negative sentiment in the cryptocurrency market has escalated in recent hours, with Bitcoin dropping to around $64K before stabilizing in the $65K range. Altcoins like SHIB have seen more significant losses compared to Bitcoin, with the meme coin market plunging by 11.3%, resulting in a $6 billion loss due to Bitcoin’s correction. This sharp decline is reflected in the market values of Shiba Inu, Dogecoin (DOGE), and PEPE.
Positive mentions of Shiba Inu and Dogecoin have reached their lowest levels of the year following the latest drop. Santiment, a leading market intelligence platform, highlighted this trend in an update on XRP. The report also pointed out that the negative sentiment extends beyond meme coins, with XRP also experiencing a decline in positive mentions.
Despite the negative sentiment surrounding these major altcoins, Santiment sees it as a potential opportunity for savvy investors. Those who have been waiting for the market to lose interest in Shiba Inu and XRP may now find it to be a good time to buy.
Historically, negative crowd sentiment has been a reliable indicator for market movements. For example, on Feb. 5, Santiment reported a rise in negative sentiment towards large-cap cryptocurrencies as Bitcoin consolidated at lower prices despite approvals for Bitcoin spot ETFs. This trend led to a new all-time high for Bitcoin and market highs for altcoins like Shiba Inu and DOGE.
While the current dip may be challenging for traders who bought XRP and SHIB at higher prices, the current sentiment suggests a potential rebound that could benefit those buying the dip now.
Please note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed are solely those of the author and do not represent The Crypto Basic’s views. Readers are advised to conduct their own research before making any investment decisions, as The Crypto Basic is not liable for any financial losses.