- Over the past 13 days, the number of ADA wallets has decreased by 29,976.
- Over the past day, the number of Doge (DOGE) wallets has also decreased by 24,456.
- LINK has surged 5.40% in the past 24 hours, with a trading price above $15.
Recent changes have occurred in the wallet activity of some major Altcoins, with a slight decline in the total number of non-zero wallets for Cardano (ADA), Doge (DOGE), and Bitcoin (BTC). This suggests a positive long-term outlook.
According to Santiment, Bitcoin wallets have decreased by 15,120 in the past 4 days, while ADA wallets have decreased by 29,976 over the past 13 days and 24,456 DOGE wallets have seen profit-taking in the past day. In contrast, Chainlink wallets have increased by 991 in the past month.
Why fewer wallets is a good thing
Santiment expects the prices of these digital assets to rise soon. The platform states that a decrease in wallet numbers is a sign of FUD and capitulation by new traders, which is typically a bullish indicator. These traders may be selling their Altcoins, which could be bought by larger long-term investors ("whales" and "sharks").
It is worth noting that the number of retail traders is much larger than the number of large wallets, and they control the majority of the non-zero wallets on the network. As the number of Bitcoin wallets has also been declining in recent days, the leading digital assets can set new highs in the long term.
Changes in non-zero wallets over the past month
Here are the changes in non-zero wallets for some top cryptocurrencies over the past month:
- Bitcoin (BTC): +11,263 (+0.02%)
- Ethereum (ETH): +1,950,000 (+1.50%)
- XRP Ledger (XRP): +88,261 (+1.61%)
- Cardano (ADA): -34,931 (-0.78%)
- Doge (DOGE): +109,410 (+1.65%)
- Chainlink (LINK): +991 (+0.14%)
Price Movements of ADA, LINK, and DOGE
CoinMarketCap data shows that ADA has increased by 0.5% to $0.7436 in the past 24 hours, up 26.26% in the past week, and 112.53% in the past 30 days. Meanwhile, LINK is trading at $15.01, up 5.40% in the past day, 2.15% in the past seven days, and 32.08% in the past month.
On the other hand, DOGE is one of the best-performing assets in the market, up 4.39% in the past 24 hours. DOGE's price is $0.3886, up 173.10% in the past month.
