This was revealed by a recent report by feeling that XRP, Dogecoin (DOGE), and Shiba Inu (SHIB) have experienced the most negative public sentiment of the year. This drop follows notable price drops for these popular altcoins. The report indicates that collective sentiment around these cryptocurrencies has collapsed, creating potential buying opportunities for patient traders.
This was revealed by a recent report by feeling that XRP, Dogecoin (DOGE), and Shiba Inu (SHIB) have experienced the most negative public sentiment of the year. This drop follows notable price drops for these popular altcoins. The report indicates that collective sentiment around these cryptocurrencies has collapsed, creating potential buying opportunities for patient traders.
Gamza KhanzadaevThe drop in crowd mood is also interesting as it marks the nadir of positive mentions and sentiment towards these assets in 2024. The infamous fear of missing out (FOMO) has also hit a nadir this year , suggesting that a crucial point for these cryptocurrencies is here.
Santiment’s analysis uses a sentiment-weighted metric, which adjusts values based on the number of mentions and standardizes the data so that sentiment across assets is comparable. This metric reveals spikes and dips in sentiment when there is a high volume of mentions expressing a predominant sentiment, whether positive or negative.
Gamza KhanzadaevIn summary, the sharp decline in positive sentiment can be attributed to the recent price declines, which caused many investors to express doubts and concerns.
However, this period of negativity may present a strategic opportunity for traders who have been waiting for a more favorable entry point. Current sentiment suggests the market may be approaching a bottom, offering potential for profit when prices rebound.
