Altcoins on a Bullish Streak. But Will the Trend Continue?

In recent weeks, altcoins such as $APE, $DOGE, $GOAT, and $GIGA have performed well, drawing considerable interest from crypto traders.

📊 This pictured chart is not showing the prices of these coins. Instead, it illustrates the ratio of positive vs. negative sentiment (and volume of conversations) toward $APE, $DOGE, $GOAT, and $GIGA across social media.

These are among the best performing coins in crypto the… pic.twitter.com/Dx28qeVGPr

— Santiment (@santimentfeed) October 22, 2024

According to market intelligence firm Santiment, the rise in prices of these assets led to more people wanting to buy, fearing they might miss out on potential gains. However, as optimism grew too high, the prices of these altcoins eventually dropped.

Historically, cryptocurrency prices have often moved opposite to what most people expect. Santiment noted that when market sentiment becomes excessively bullish or bearish, price movements can become more predictable, enabling traders to spot potential buying or selling opportunities.

Surge in Whale Activity

Santiment also noted several other tokens that have recently experienced heightened whale activity. Tokens such as $MAGIC, $SUSHI, $HOT, $FRAX, $ANT, $METIS, and $CHEX have seen significant increases in whale transactions, with some witnessing up to five times their typical weekly activity.

🐳 These coins have seen the biggest whale activity increases over the past week:

1) @ApeCoin $APE
2) @Treasure_DAO $MAGIC
3) @SushiSwap $SUSHI
4) @H_O_L_O_ $HOT
5) @API3DAO #API3
6) @fraxfinance $FRAX
7) @AragonProject $ANT
8) @AIOZNetwork $AIOZ
9) @MetisL2 $METIS
10)… pic.twitter.com/JThyDERUqg

— Santiment (@santimentfeed) October 22, 2024

A recent report highlighted that $DOGE, in particular, reached a 10-month accumulation high as whale investors continued to acquire large amounts of the asset. The report further revealed that, on October 2 and 4, whales purchased over 500 million $DOGE, reflecting growing positive sentiment within the asset’s ecosystem.

According to the market intelligence platform, a surge in whale activity can often signal major price fluctuations. If a token’s price lags behind the broader market while whale transactions are on the rise, it could hint at an upcoming price increase. Conversely, if a token is outperforming and sees a spike in whale activity, it might indicate a potential price decline.

Trader Earns $2M Profit from $GOAT

In a related development, one of the memecoins highlighted by Santiment, Goatseus Maximus ($GOAT), brought considerable profits to a trader. On-chain data shows that this individual earned $2.88 million from $GOAT, achieving a 3360% profit.

$GOAT is a Solana-based memecoin created on Pump.fun. The token has experienced a rapid rise since its launch earlier this month. The memecoin was designed by “Truth Terminal,” a Twitter-based AI chatbot powered by Meta’s Llama 3.1 model.