These Two Low-Cap Altcoins Possess ‘Increased Chance of a Breakout,’ According to Analytics Platform Santiment

Recent data from market intelligence platform Santiment indicates that two lesser-known altcoins are poised for significant growth.

According to Santiment, the domain-naming crypto Ethereum Name Service (ENS) and the decentralized non-fungible token (NFT) ecosystem Treasure (MAGIC) have experienced rapid network growth in the past 24 hours, greatly increasing the likelihood of a breakout.

“Altcoins like Ethereum Name Service and Treasure have seen a surge in network growth in the last 24 hours, surpassing key milestones. Typically, when projects experience such spikes in network activity while maintaining a stable price performance, there is a higher chance of a breakout.”

ENS is currently trading at $26.03, while MAGIC is trading at $0.481 at the time of writing.

Turning to the popular meme token Shiba Inu (SHIB), Santiment reports that the dog-themed token has decoupled from the broader crypto markets over the weekend as non-exchange crypto whales continue to accumulate it.

“Shiba Inu experienced a slight decoupling from other altcoins over the weekend and has seen a modest 5% increase in the past 48 hours. Holders will be pleased to know that non-exchange whales are adding to their holdings, while exchange whale holdings are decreasing.”

SHIB is currently trading at $0.000016.

Concluding its analysis with decentralized oracle provider Chainlink (LINK), Santiment suggests that the altcoin has an increased chance of establishing a local bottom as fear, uncertainty, and doubt (FUD) surrounding the digital asset intensifies following significant liquidations.

“Chainlink has witnessed a significant release of coins by weak hands, with $60 million in LINK realized losses yesterday indicating high levels of trader FUD, raising the likelihood of a local bottom.”