A market intelligence tool known as Santiment has revealed some insights on alternative cryptocurrencies that one need to keep an eye on while the bull market is making a comeback. On the basis of a large surge from both tokens, other alternative cryptocurrencies such as Solana (SOL) and Cardano (ADA) are already leading the way. This comes at a time when this is happening.
The #cryptocurrency exchange Santiment identified $ETH , SHIB, $FET , and DENT as four alternative cryptocurrencies to keep an eye on in a post that was published on its X platform, which was once known as Twitter. It has been reported that the top ten exchange wallets for these four cryptocurrency tokens are removing coins from their respective holdings on exchanges. Because it indicates that these wallets are shifting the tokens to cold storage, this often indicates that a long-term positive signal is associated with it.
In addition, the timing is quite essential. There is a widespread belief that the subsequent bull run is just around the corner, and some people even assert that it has already started off. Regardless of the circumstances, it is unmistakable that investors in cryptocurrencies are interested in putting themselves in a position to capitalize on the market boom that is still to come. Because of this, the decrease in the value of these currencies on exchanges may indicate that some individuals are placing significant wagers on them.
According to further data that was supplied by Santiment, the amount of Ether that these top 10 exchange wallets have held has decreased by 4.3% over the course of the same period of time. Both Shiba Inu (SHIB) and DENT have had a decrease of 2.7% and 1.5%, respectively, within the same time period. It just so happens that the Fetch.ai FET had the most severe decline out of the four, having dropped by 26.1%.
In the upcoming bull run, #cryptocurrency investors will likely be keeping a close eye on a number of alternative cryptocurrencies, including Ethereum (ETH). The crypto currency that is now ranked second in terms of market capitalization has the potential to be one of the most successful performers in the upcoming cycle, if certain price projections are any indication. To begin, the Blockchain analytics platform known as Token Terminal forecasts that it will reach a maximum value of $13,000 in the next future.
Shiba Inu Might Be a Potential Dark Horse
The analysis by Santiment makes it abundantly clear that cryptocurrency investors are of the opinion that Shiba Inu (SHIB) has the potential to be among the tokens that perform the best during the subsequent bull run. It is not implausible that this is the explanation, given that the team and the community continue to demonstrate their dedication to the expansion of the meme coin. This is demonstrated by the fact that the utility of Shibarium has greatly risen, which may have an impact on SHIB.
The increase in the number of SHIB burns is yet another significant achievement that can be attributed to the team and the community. It was recently revealed by Bitcoinist that the SHIB burn rate has increased by a staggering 420%. Almost all of these tokens that were burned were obtained from the transaction fees that were paid on the Shibarium network. In its commitment, the Shiba Inu team had stated that they would convert part of these funds into SHIB and then burn them.
The pace at which SHIB is burned will continue to increase, taking into consideration the fact that the usefulness of Shibarium will almost certainly reach new heights when the bull market returns. In light of the fact that the meme coin's quantity of circulating units continues to decrease, one may anticipate that its value will increase. As a result, there is no question that $SHIB ought to be one alternative cryptocurrency that a lot of people ought to keep an eye on.
