Cardano witnessed a decline of 29,976 ADA wallets in the past 13 days.
Dogecoin also saw a decline of 24,456 DOGE wallets in the past day.
LINK skyrocketed 5.40% in the past 24 hours, trading above $15.
Wallet activity for some major altcoins has shifted recently, with Cardano (ADA), Dogecoin (DOGE), and Bitcoin (BTC) seeing modest declines in the overall number of non-empty wallets. This indicates a bullish long-term outlook.
According to Santiment, Bitcoin lost 15,120 wallets in the last 4 days, while 29,976 ADA wallets and 24,456 DOGE wallets showed profit-taking in the past 13 days and 1 day, respectively. Conversely, Chainlink gained 991 wallets in the past month.
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Why Fewer Wallets Can Be Bullish
Santiment expects these digital assets to increase in price soon. The platform stated that decreasing wallets are a sign of FUD and capitulation from novice traders, often a bullish indicator. These traders are likely selling off their altcoins, which could be bought by larger, long-term investors (“whales” and “sharks”).
Notably, retail traders are much higher i…
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