Santiment Identifies SHIB and 2 Altcoins: Top Picks!

Cryptocurrency analytics platform Santiment has revealed its latest insights by naming three cryptocurrencies that it believes are poised for long-term bullish success. Ethereum (ETH), Shiba Inu (SHIB), and AI-driven crypto project Fetch.ai (FET) are all catching the attention of investors as Santiment observed a significant reduction in supply held on exchanges. Here are the details...

Ethereum's flexibility and supply dynamics are remarkable

Santiment's data reveals a compelling trend for Ethereum, the second-largest cryptocurrency by market cap. The top 10 holders have strategically reduced their ETH on exchanges by 4.3% over the past 90 days. This move is considered a bullish signal by Santiment. Notably, Ethereum's market cap is hovering around $2,306. In addition, the altcoin is reaching a new low in supply on exchanges.

generally a #bullish long-term signal. In the past 3 months, the top 10 wallets on:

📉 > #Ethereum hold $778.7M less (4.3% drop)
📉 > #ShibaInu hold $54.6M less (2.7% drop)
📉 > #FetchAI hold $48.2M less (26.1% drop)
📉 > #Dent hold $867.5K less (1.5% drop)

— Santiment (@santimentfeed) December 22, 2023

Ethereum's persistence in the market and the strategic move of coins from large exchange wallets to smaller wallets or off the exchange altogether are indicative of a positive outlook. Santiment states that 240,000 ETH were transferred in a 24-hour period. He also emphasizes that this means a 2.99% reduction in coins held in the largest wallets.

Supply change for SHIB noted

Shiba Inu, a meme-inspired cryptocurrency that has caught the attention of the crypto community, is also part of Santiment's bullish outlook. SHIB's top 10 holders have reduced their holdings on exchanges by 2.7% over the past 90 days, adding to the overall positive sentiment surrounding the token. Santiment's analysis shows that Shiba Inu's largest wallet holders are strategically managing their holdings with a noticeable reduction in supply on exchanges. Since Shiba Inu is currently trading at $0.0000106, this subtle shift in supply dynamics adds an interesting dimension to the token's market narrative.

### Fetch.ai is making a supply adjustment

Fetch.ai, an AI-driven crypto project, stands out in Santiment's analysis with a notable 26.1% reduction in the supply held on exchanges by its top 10 wallets over the past three months. According to Santiment, the significant supply adjustment for Fetch.ai indicates a strong long-term bullish sentiment. The fact that the top 10 wallet holders are strategically moving away from exchanges reflects confidence in Fetch.ai's potential. Currently priced at $0.729, Fetch.ai has experienced a significant 259% increase from its price of $0.203 on Oct. 23.

While Santiment continues to provide valuable insights into the cryptocurrency market, trends spotted in Ethereum, Shiba Inu, and Fetch.ai provide investors with a nuanced view of potential long-term growth. With supply dynamics playing a significant role in Santiment's bullish signals, these cryptocurrencies may be worth watching closely as the crypto world evolves. But time will tell what will happen in the long run. For this reason, it is recommended that every investor make their own investment.

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