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

• Cardano witnessed a decline of 29,976 ADA wallets in the past 13 days.
• Dogecoin also saw a decline of 24,456 DOGE wallets in the past day.
• LINK skyrocketed 5.40% in the past 24 hours, trading above $15.

Wallet activity for some major altcoins has shifted recently, with Cardano (ADA), Dogecoin (DOGE), and Bitcoin (BTC) seeing modest declines in the overall number of non-empty wallets. This indicates a bullish long-term outlook.

According to Santiment, Bitcoin lost 15,120 wallets in the last 4 days, while 29,976 ADA wallets and 24,456 DOGE wallets showed profit-taking in the past 13 days and 1 day, respectively. Conversely, Chainlink gained 991 wallets in the past month.

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Why Fewer Wallets Can Be Bullish

Santiment expects these digital assets to increase in price soon. The platform stated that decreasing wallets are a sign of FUD and capitulation from novice traders, often a bullish indicator. These traders are likely selling off their altcoins, which could be bought by larger, long-term investors (“whales” and “sharks”).

Notably, retail traders are much higher in number than whale wallets and therefore, control the amount of non-empty wallets on a network. With Bitcoin’s wallet numbers also declining in the past few days, the leading digital asset can make higher highs in the long term.

Changes in Non-Empty Wallets Over the Past Month

Here’s a look at the change in non-empty wallets over the past month for some top cryptocurrencies:

• Bitcoin (BTC): +11,263 (+0.02%)
• Ethereum (ETH): +1,950,000 (+1.50%)
• XRP Ledger (XRP): +88,261 (+1.61%)
• Cardano (ADA): -34,931 (-0.78%)
• Dogecoin (DOGE): +109,410 (+1.65%)
• Chainlink (LINK): +991 (+0.14%)

ADA, LINK, and DOGE Price Movements

CoinMarketCap data shows that ADA rose 0.5% in the past 24 hours to $0.7436 and is up 26.26% in the past week and 112.53% in the last 30 days. Meanwhile, LINK trades at $15.01, up 5.40% in the past day, 2.15% in the last seven days, and 32.08% in the past month. 

On the other hand, DOGE is one of the best-performing assets in the market, up 4.39% in the past 24 hours. DOGE is priced at $0.3886, up 173.10% in the past month.

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