Whales drive ADA, AXS investors grow, memecoins and 420, Bitcoin dominance rate faces resistance
- Cardano witnessed an increase in the activity of large wallet investors on the blockchain.
- Axie Infinity social volume has been steadily increasing since early March.
- Meme coins posted huge gains amid the 420-related hype.
- Bitcoin’s Dominance Rate Enters Familiar Resistance, ‘Altcoin Season’ Ahead
The dominance rate of Bitcoin (BTC) stalled while Ethereum (ETH) took the lead, prompting experts to speculate the beginning of a potential outperformance of altcoins going forward. The largest crypto by market capitalization benefited from US liquidity, but things changed as alternative tokens showed how much intellectual and financial firepower had been applied to their chains.
Also Read: Bitcoin’s Dominance Rate Hits Familiar Resistance, Suggests ‘Altcoin Season’ Ahead
Cardano whale activity increased, leading to an uptick in ADA that yielded a 5% gain for holders overnight
Cardano recorded a notable increase in activity among large wallet investors on its blockchain, leading to a rise in ADA. Data from IntoTheBlock showed that large volume transactions hit a seven-day high of 4,730 in the last 24 hours.
As a result, ADA took to an uptrend that yielded nearly 20% gains for holders, prompting experts to speculate on a continuation of the Cardano price rally drawing support from bullish on-chain metrics.
Read: Cardano whale activity signals this move in ADA price
Axie Infinity social volume increased 900% between March 3rd and April 17th
Axie Infinity (AXS) price was bullish, supported by a noticeable increase in social volume. This key indicator represents the overall activity of a security or market, with a significant increase in social volume pointing to increased interest in AXS among traders and investors.
Based on Santiment data, AXS social volume has been on an upward trajectory since early March, climbing from 21.83 on March 3rd to a peak of 760 on March 19th. As of April 17th, the social volume metric recorded 213, indicating an increase of around 900% between March 3rd and April 17th.
This pointed to a long-term uptrend as bulls expected 30% more gains.
Read: Axie Infinity price sees 30% up as investor interest in AXS grows
PEPE, DOGE, SHIB and other meme coins rallied ahead of 420
Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) rallied ahead of April 20, the day deeply rooted in meme culture. Things started to heat up in the Pepe market after the launch of its native token, PEPE, on April 14th. With a market capitalization of $113 million, the frog-themed meme coin recorded a strong 379% increase between April 17 and 19, growing around four times in two days.
With Pepe’s astounding success, other meme tokens followed as ecstasy among DOGE holders grew with expectations of big things from the token soon due to the involvement of Twitter CEO Elon Musk
Read: Should you buy PEPE, DOGE, SHIB and other meme coins before April 20? Will Elon Musk come through?
Bitcoin’s dominance hinted at the incoming alt season as BTC faced a familiar obstacle
Based on TradingView data, the Bitcoin dominance rate rose to 48% from 42% in Q1, before encountering a formidable obstacle that made it difficult to break this level in April. Head of research and strategy at crypto service provider Matrixport, Markus Thielen, commented on the statistics in a statement on Thursday, saying:
Bitcoin’s dominance may reach its peak, this will signal that altcoins will surpass.
With Bitcoin’s dominance waning, market experts took this as a hint that the potential outperformance of altcoins was on the way.
Read: Ethereum and altcoins gear up for alt season with this move in Bitcoin dominance
