The cryptocurrency market had a rough start to the week, with popular large-cap currencies registering marked declines.
What Happened: Memecoins Dogecoin and Shiba Inu, and payment-focused coin XRP traded in the red on Monday, as indicated below.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:00 p.m. EDT) |
| Dogecoin DOGE/USD | -13.22% | $0.1179 |
| Shiba Inu SHIB/USD | -14.93% | $0.00001752 |
| XRP XRP/USD | -0.77% | $0.482 |
DOGE was now 46% lower than its 2024 highs set in April, while SHIB's price has halved since its yearly peak.
The slump affected crowd sentiment for these assets. According to on-chain analytics firm Santiment, positive mentions for XRP, DOGE, and SHIB on social media plunged to their lowest level in 2024.
But therein lies the opportunity.
Santiment said these developments provide an excellent chance for “patient traders” to accumulate large-cap coins at moderate prices.
Known as ‘Buy the Dip’ in financial lingo, it's a strategy where investors buy assets during temporary price drops to benefit from potential future price increases.
Given the past performance of these coins and a large support base, most traders root for their long-term potential.
Why It Matters: The above deductions were made even as holdings of long-term investors in the coin didn't show any noticeable change in the last 24 hours.
According to IntoTheBlock, HODLer balances for both DOGE and SHIB remained unchanged, indicating no accumulation.
At the same time, large transactions for DOGE jumped 21% in the last 24 hours, while for SHIB, plummeted 56% in the same period.
Photo Courtesy: Shutterstock.com
Read Next: Bitcoin, Ethereum, Dogecoin Extend Losses As Market Remains Pessimistic: Analyst Forecasts King Crypto’s Plunge Before A Rise To $98,000 By October
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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