💸 #Bitcoin traders are profit taking, as growth in existing wallets with more than 0 $BTC has slowed. Meanwhile, #Dogecoin wallets are surging and #Cardano wallets are dropping in number. Drops are a sign of capitulation, often foreshadowing price jumps.
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Dogecoin is on fire today, gaining almost +20% and becoming top-1 mentioned coin in Top Social Trends. The reason is Elon Musk changing the Twitter logo to Doge. A glimpse on how dominant the whole topic was on Tuesday is below:
We might also observe this as a strong spike on the social volume chart:
And this seems to be quite a bearish sign because of the following as well:
1. Historically a coin on top of social trends is almost done, we've proved it here:
2. A DOGE pump itself is often a leading indicator to a market correction: