Wallet Activity: Why Fewer ADA, DOGE Holders Could Be Bullish

Cardano, Dogecoin, and Bitcoin Experience Wallet Count Declines

Recent data from Santiment indicates a shift in wallet activity among major altcoins:

• Cardano (ADA) has lost 29,976 non-empty wallets in the past 13 days.
• Dogecoin (DOGE) has seen a decline of 24,456 wallets in the past day.
• Bitcoin (BTC) has experienced a loss of 15,120 wallets in the past 4 days.

LINK's Strong Performance

In contrast to the aforementioned altcoins, Chainlink (LINK) has shown resilience, gaining 991 wallets in the past month.

Bullish Outlook

Santiment interprets these wallet count declines as a bullish sign. The platform suggests that FUD and capitulation among novice traders often precede price increases.

Larger Investors May Be Accumulating

Santiment's analysis suggests that the altcoins with declining wallet counts are potentially being sold off by short-term traders, providing an opportunity for long-term investors to accumulate.