CandleFocus Whales Spark Optimism In Memecoin Market to Draw Retail Investors
2024-12-09
Author: Content Editor
The market analysis platform Santiment has observed a trend in the memecoin market where larger wallet holders are initiating price breakouts in various memecoins. By creating a Fear of Missing Out (FOMO) atmosphere, these significant players attract retail investors and boost market activity. Memecoins such as Dogecoin, Pepe, Dogwifhat, and Bonk have experienced mini breakouts, with large wallet holders targeting their market caps. The largest memecoin, Dogecoin, has seen a significant rally since November 5, with a price climb of over $0.48. Santiment predicts that once FOMO attracts enough retail interest, these large wallet holders will liquidate their positions, leading to a retracement in the market. Despite this, some tokens like Pepe continue to show strong momentum and the memecoin market remains dynamic and unpredictable.
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