Here’s Why The ‘Very Negative Crowd Sentiment’ for XRP and SHIB Could Be Bullish

XRP and SHIB: Bearish Sentiment as a Potential Buying Opportunity

The cryptocurrency market experienced a significant correction, with Bitcoin (BTC) dipping below $65,500. Despite some recovery, Santiment analytics suggest a rising belief among industry participants that the bull run may be ending.

Bearish Narratives and Market Defiance

Santiment highlights the top 10 digital assets involved in bearish narratives, including XRP and SHIB. However, such negative sentiment can sometimes lead to positive results. Cryptocurrencies are speculative, and prices tend to move against crowd expectations.

SHIB Rally Potential

Despite bearish sentiment, several factors indicate a potential rally for SHIB. The meme coin sector has shown strong performance, with cat-themed tokens performing particularly well.

Shibarium, Shiba Inu's layer-2 blockchain solution, has seen a resurgence in activity, reaching early 2024 levels in daily transactions.

Furthermore, negative exchange netflow for SHIB suggests a shift towards self-custody methods, reducing immediate selling pressure. This could be considered bullish.