Big Whales Are Very Active in Bitcoin: They Are Accumulating Massively – There Are Also Developments on the Memecoin Side, Will Dogecoin Rise Again?

Cryptocurrency analytics company Santiment assessed the market recovery following the latest inflation data and the shift in perception within the memecoin sector.

According to the company’s latest analysis report, Bitcoin’s retesting of the $70,000 level has increased hopes that the market correction may be over.

The US CPI data, which came in below expectations at 2.4%, has repriced expectations of interest rate cuts. Following this development, Bitcoin rose over 5% in 24 hours, reclaiming the $68,000 level and beginning to test the $70,000 resistance.

According to Santiment, rallies like this, triggered by macroeconomic news flow, typically require confirmation on Monday. The current rise is seen as a return to average after strong selling pressure.

According to on-chain data, whale addresses holding between 10 and 10,000 $BTC have accumulated over 18,000 $BTC in the last four days following weeks of stagnation. However, Santiment cautioned that aggressive buying by individual investors during the dip could pose risks. Historically, the market often moves against the crowd’s expectations.

The fact that Bitcoin’s MVRV (Minimum Cost of Living) remains at -29% indicates, according to Santiment, that the market is still in a low-risk accumulation zone. This metric shows that the price is relatively low compared to the average cost for investors.

“Everyone Says Memecoins Are Dead, But…”

The report included a particularly noteworthy observation regarding the memecoin sector. According to Santiment, the perception that “the memecoin era is over” is strengthening in the market, and many investors have declared this sector permanently dead.

The company notes that this collective acceptance could be a classic signal of capitulation. When an industry is completely written off, it often creates the groundwork for a reversal. According to Santiment, the growing “nostalgia” for memecoins and the general atmosphere of despair could mean a time for contrarian investors to reconsider.

According to Santiment data, the ratio of bullish to bearish opinions is below 1; meaning there are more negative opinions than positive ones in the market. This lack of confidence, despite the price increase, is historically seen as a sign of a healthier and more sustainable recovery.

*This is not investment advice.

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