Crypto traders’ focus has shifted from Bitcoin accumulation to trading in altcoins, following the crash of May 19 and this is evident from the increasing investment inflow and transaction volume in top altcoins like DOGE, THETA and BNB. Bitcoin’s price was rangebound below the $38000 level, based on data from coinmarketcap.com and these altcoins have posted gains in price in the past 24 hours.
DOGE’s price has hit the $0.39 level, following a daily gain of 22.82%. This upswing is largely a recovery from the drop, however, the memecoin fad remains relevant, though the social volume has dropped over 30% in the past week. The recovery was followed by an increase in demand and accumulation by large investors, resisting the selling pressure and supporting the bullish narrative of DOGE.
DOGE Social Volume | Source: Lunarcrush.com
The above chart shows changes in social volume with regard to the price and it has remained largely steady, following the drop. In the case of SHIB, a DOGE spinoff, the fully diluted market capitalization is up 25.86% based on coinmarketcap.com data and the trade volume has dropped. A drop in trade volume points towards the accumulation of SHIB, which is likely to help resist selling pressure in the long run. More traders share a bearish sentiment for SHIB, than for DOGE, despite the two memecoins recovering alongside each other. SHIB’s price was up nearly 5%, recovering from the drop.
In the case of THETA, the price was up over 12% in the past 24 hours. The altcoin was trading at the $7.91 level. The trade volume was up over 30%, there is increased demand across exchanges, though the price is over 50% away from its ATH. THETA market capitalization was $7.9 Billion. The current recovery is likely to continue and THETA price is anticipated to rally to the $12 level in the following week.
At nearly 10 times the market capitalization of THETA, BNB has offered a daily return of 12% to traders. The altcoin is now trading at the $383.19 level and the latest updates to Binance Smart Chain have driven the price rally. The trade volume has dropped, as in the case of DOGE and SHIB. However, the price has resisted selling pressure due to accumulation by HODLers. BNB’s rally to the $450 level becomes more likely as the altcoin recovers from the slump of the dip and rallies with higher market cap and bullish sentiment among traders across spot exchanges.
