Ethereum Name Service (ENS) and Treasure (MAGIC) have seen explosive network growth. This surge occurred in the past 24 hours.
Santiment tweeted about the development. "Altcoins like Ethereum Name Service and Treasure have erupted in network growth over the past 24 hours, surpassing major milestones. Historically, when projects see these spikes while at a flat price performance, there is an increased chance of a breakout."
ENS is currently trading at $26.03. MAGIC is at $0.481.
Shiba Inu (SHIB) is bucking the trend. The meme token decoupled from other cryptocurrencies over the weekend.
Non-exchange whales are scooping up SHIB. Meanwhile, exchange whale holdings are shrinking.
Santiment noted this shift. "Shiba Inu had a mini decoupling from other altcoins over the weekend and is up a modest +5% in the past 48 hours. Holders will be pleased with the fact that non-exchange whales continue accumulating, while exchange whale bags are shrinking."
SHIB is trading at $0.000016. It's a small fish in a big pond, but it's making waves.
Chainlink (LINK) is facing a different scenario. The altcoin saw millions in liquidations recently.
Fear, uncertainty, and doubt (FUD) are on the rise for LINK. Santiment believes this could lead to a local bottom.
The firm stated, "Chainlink's weak hands have just shown signs of giving up hope and released significant levels of coins. The 60 million in LINK realized losses yesterday is indicative of significant trader FUD, and increases the likelihood of a local bottom."
LINK is currently trading at $12.81. It's down slightly in the last 24 hours.
The crypto market is a rollercoaster. Some altcoins are gearing up for a potential rise. Others are facing choppy waters. It's anyone's guess what'll happen next.
