Fewer Non-Empty Wallets for ADA, DOGE, and BTC Is a Bullish Sign, Santiment Says

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.

Major altcoins, including Cardano (ADA), Dogecoin (DOGE), and Bitcoin (BTC), have seen a slight decrease in the number of non-empty wallets recently, indicating a bullish long-term outlook.

According to data from Santiment, Bitcoin lost 15,120 wallets in the last 4 days. At the same time, 29,976 ADA wallets and 24,456 DOGE wallets showed signs of profit-taking in the past 13 days and 1 day, respectively. On the other hand, Chainlink (LINK) gained 991 wallets in the past month.

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

Notably, retail traders outnumber whale wallets by a significant margin 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 is likely to make higher highs in the long term.

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

ADA rose 0.5% in the past 24 hours to $0.7436, up 26.26% in the past week and 112.53% in the last 30 days.

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.

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.