XRP and Shiba Inu Receive Bullish Signal as Crowd Sentiment Plummets to 2024 Low During Market Decline

The current market correction has led to a significant decrease in crowd sentiment towards XRP and Shiba Inu, creating a favorable opportunity for investors to capitalize on the dips.
As the bearish sentiment continues to prevail in the crypto market, Bitcoin has seen a slight drop, revisiting $64K before stabilizing around $65K. However, altcoins like SHIB have experienced more substantial losses, with the meme coin market plummeting by 11.3%, resulting in a loss of approximately $6 billion due to Bitcoin’s correction. This decline has also affected the market values of Shiba Inu, Dogecoin (DOGE), and PEPE.
In a surprising turn of events, positive mentions of Shiba Inu and Dogecoin have hit their lowest levels of the year, according to market intelligence platform Santiment. The negative sentiment has extended beyond meme coins to include XRP, which is currently experiencing a similar wave of negativity.
Despite the overall pessimism surrounding these cryptocurrencies, Santiment views this as a potential bullish indicator for patient investors. Those who have been waiting for a decline in interest in Shiba Inu and XRP may now find it to be an ideal time to buy.
Historically, negative crowd sentiment has often preceded significant market surges. In the past, Santiment has observed this trend, with large-cap cryptocurrencies like XRP, Cardano (ADA), and Solana (SOL) experiencing increased negativity before a notable uptrend in prices. This suggests that the current negative sentiment towards XRP and SHIB could potentially lead to a rebound in the near future.
While the current market conditions may be challenging for traders who bought XRP and SHIB at higher prices, the current sentiment indicators point towards a possible recovery for those who choose to invest in the dip. As always, it is essential for investors to conduct thorough research before making any financial decisions.