Altcoins have emerged as the center of attention in the crypto market, with Litecoin (LTC), Shiba Inu (SHIB), and Solana (SOL) making significant moves.
Millionaire addresses on the Litecoin network have been increasing as the Litecoin halving event draws nearer, a sign of rising investor interest. The popular cryptocurrency Litecoin, sometimes referred to as the silver to Bitcoin’s gold, has seen an increase in trading activity recently. Traders looking for possible gains have been drawn to the coming halving event in mid-August, which has encouraged speculative activity.
Reaching a new high for 2023 at $114 on July 3, the price of LTC has experienced a partial retracement and currently hovers around the crucial support level of $102. Nonetheless, on-chain data provider Santiment has reported heavy accumulation activities surrounding Litecoin, signifying strong investor interest.
With a weekly gain of over 25%, Litecoin has secured a spot among the top ten cryptocurrencies by market capitalization. This performance showcases the potential of altcoins in the current market environment.
Shiba Inu and Solana Gain Traction in Altcoin Market
Shiba Inu, the meme coin sensation, has been buzzing with activity in recent days. On Wednesday, July 5, it claimed the title of the token with the highest transaction fees. Santiment, a renowned on-chain data provider, has identified several positive factors driving the price of Shiba Inu.
“Shiba Inu has seen a big rise in new daily addresses created, consistently over 2,500 per day in the past couple weeks. Despite the underwhelming price performance, our latest insight covers why there’s promise behind one of 2021’s favorite memecoins.”
The network is expanding, the amount of SHIB available on exchanges has significantly decreased, and the realized profit loss for the network is wholly submerged. The Shiba Inu ecosystem has experienced an uptick in activity as a result of these changes, which have piqued merchants’ curiosity.
Meanwhile, Solana has also grabbed the attention of traders in recent times. Santiments data analysis reveals a remarkable surge in Solana’s price, resulting in a staggering 35% increase over the past three weeks. Within the last two hours alone, Solana has experienced a significant spike, marking a notable milestone for the cryptocurrency since April.
Investors and traders alike are eagerly watching the success of Litecoin, Shiba Inu, and Solana as the altcoin market picks up steam. These cryptocurrencies have shown to have the potential for significant increases, and judging by their recent activity, market players are clearly very interested in them.
Altcoins are proven to be fierce competitors in the always-changing world of cryptocurrencies, offering exceptional potential for investors to diversify their portfolios and profit from market movements.