- Cardano witnessed a spike in the activity of large wallet investors on its blockchain.
- Axie Infinity social volume has been increasing steadily since early March.
- Meme coins noted massive gains amid the 420-related hype.
- Bitcoin’s dominance rate runs into familiar resistance, ‘altcoin season’ ahead
Bitcoin (BTC) dominance rate stopped while Ethereum (ETH) took the lead, causing experts to speculate the onset of a potential outperformance of altcoins ahead. The largest crypto by market cap benefited from US liquidity, but things changed as alternative tokens showcased how much intellectual and financial firepower had been deployed on their chains.
Also Read: Bitcoin’s dominance rate runs into familiar resistance, hints at ‘altcoin season’ ahead
Cardano whale activity spiked, causing an uptrend in ADA that yielded 5% gains for holders overnight
Cardano recorded a notable increase in activity among large wallet investors on its blockchain, causing an uptrend in ADA. Data from IntoTheBlock showed large volume transactions hit a seven-day peak of 4,730 in the past 24 hours.
As a result, ADA took to an uptrend that yielded almost 20% gains for holders, causing experts to speculate 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 rose 900% between March 3 and April 17
Axie Infinity price (AXS) was bullish, supported by a notable increase in social volume. This key indicator represents the overall activity of a security or a market, with a significant increase in social volume pointing toward increased interest in AXS among traders and investors.
Based on Santiment data, AXS social volume has been on an upward trajectory since the beginning of March, climbing from 21.83 on March 3 to a peak of 760 on March 19. As of April 17, the social volume metric recorded 213, suggesting an increase of around 900% between March 3 and April 17.
This pointed to a prolonged uptrend as bulls anticipated 30% more gains.
Read: Axie Infinity price eyes 30% gains as investor interest for AXS grows
PEPE, DOGE, SHIB, and other meme coins rallied ahead of 420
Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) rallied ahead of April 20, the day deeply embedded in the meme culture. Things started heating up in the Pepe market after the launch of its native token, PEPE, on April 14. With a market cap of $113 million, the frog-themed meme coin recorded a stark rise of 379% between April 17 and 19, growing around four times in two days.
With Pepe’s astonishing success, other meme tokens followed suit 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 suggested incoming alt season as BTC encountered a familiar obstacle
Based on TradingView data, the Bitcoin dominance rate rose to 48% from 42% in Q1 before meeting a formidable hurdle that made it hard to breach that level in April. Head of research and strategy at crypto services provider Matrixport, Markus Thielen, commented on the statistics in a Thursday statement, saying:
Bitcoin’s dominance could peak out, this would signal that altcoins would outperform.
With the Bitcoin dominance easing down, market pundits took this as a hint that the potential outperformance of altcoins was incoming.
Read: Ethereum and altcoins gear up for alt season with this move in Bitcoin dominance