Cardano FOMO Could Return Quickly, According to Blockchain Analytics Firm Santiment – Here’s How
A leading crypto analytics firm says trader sentiment on Cardano (ADA) isn’t high right now, but that could quickly change.
In a new analysis, Santiment notes Cardano is currently witnessing the highest amount of unique addresses interacting on its network in a year.
“On top of this, sentiment on social platforms has fallen to a 4-month low. When ADA spikes again, FOMO should return quickly.”
Cardano is trading for $0.46 at time of writing, down more than 1% in the past 24 hours and down more than 85% from its all-time high of $3.09, which it hit last September.
According to Santiment, Bitcoin (BTC) is seeing increased social volume relative to altcoins.
“Bitcoin is seeing increased discussion in the latter half of June after the majority of altcoins have dropped 80% or more from their November market cap values. Historically, declining interests in inorganic alt pumps are a positive sign for crypto.”
Bitcoin is trading for $19,994 at time of writing, down more than 1% in the past 24 hours.
The crypto analytics firm also notes positive commentary on Ethereum (ETH) is at its lowest point relative to negative commentary in four years.
“Ethereum is back below $1,200 as crypto and equities retraced Tuesday. Positive commentary is very scarce these days for the #2 market cap asset. So much so that we haven’t seen the ratio of positive vs. negative comments this low since May 2018.”
Ethereum is trading for $1,094 at time of writing, down nearly 4.5% in the past 24 hours.
According to Santiment, the decentralized oracle network Chainlink (LINK) witnessed a surge in LINK tokens moving addresses.
“80.8 million cumulative unique LINK moved addresses Tuesday, breaking a 5-year record. Its opening trading days in September 2017 were the only time we’ve seen more.”
Chainlink is trading for $6.19 at time of writing, down almost 2.5% in the past 24 hours.
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