According to U.Today, a recent report by Santiment has disclosed that XRP, Dogecoin (DOGE), and Shiba Inu (SHIB) have seen their most negative crowd sentiment this year. This sentiment drop comes in the wake of significant price drops for these well-known altcoins. The report suggests that the overall sentiment around these cryptocurrencies has plummeted, potentially paving the way for buying opportunities for patient traders.
The decrease in crowd sentiment is noteworthy as it signifies the lowest level of positive mentions and sentiment towards these assets in 2024. The notorious fear of missing out (FOMO) has also hit its lowest point this year, indicating a crucial turning point for these cryptocurrencies.
Santiment's analysis employs a sentiment-weighted metric, which adjusts values based on the number of mentions and standardizes data to make sentiment across assets comparable. This metric uncovers spikes and dips in sentiment when there is a high volume of mentions expressing a predominant sentiment, whether positive or negative.
In conclusion, the steep drop in positive sentiment can be linked to the recent price declines, which have led many investors to voice doubts and concerns. However, this period of negativity could present a strategic opportunity for traders who have been waiting for a more favorable entry point. The current sentiment suggests that the market may be nearing a bottom, offering the potential for profits when prices rebound.
