The recent price decline in Bitcoin (BTC) has not discouraged traders, who are still enthusiastic about some altcoins.
On Nov. 26, on-chain analytics platform Santiment noted that despite Bitcoin’s price drop below $93,000 the previous day, demand for certain altcoins remains high. According to the analytics platform, such altcoins include Sandbox (SAND), Stellar (XLM), and Ether (ETH).
Top Trending Altcoin Discussions, Nov. 25 | Source: Santiment
According to the analytical platform, social media conversations around these altcoins have been generally positive.
Altcoins High on Social Media Conversations
According to Santiment, rising investor interest in metaverse investments drives SAND’s traction. SAND is the native token of the Sandbox metaverse. According to current CoinMarketCap data, SAND’s price is up 78.46% in the last seven days and trades at $0.617.
Usually, increasing social media discussions regarding metaverse tokens imply a surge in market sentiment. Meanwhile, political events in Korea have caused increased investor interest in XLM, the native token of the Stellar network.
Although it fell 9.38% in the last day, XLM is trading at $0.449 and has preserved its 89% gains in the last week. The analytic platform remarked that the Ethereum ecosystem’s strength and previous performance generate a favorable sentiment for Ether, the leading altcoin.
Current CoinMarketCap data shows that ETH is trading at $3,318, up 6.85% in the past seven days. Meanwhile, Santiment’s social tracker methodology, which tracks mentions on platforms like X (previously Twitter) and Telegram, recognized cryptocurrencies experiencing significant increases in social media activity during the past two weeks.
Some of such tokens include Pleasure Token (NSFW), Axie Infinity (AXS), and Tornado (TORN).
Crypto Market’s $518.8M Liquidations
Meanwhile, CoinGlass data showed that more than $574.76 million in crypto positions were liquidated, with $467.51 million in long positions and $107.24 million in short positions. Altcoins accounted for most of these liquidations, indicating increased volatility in this market.
Hence, traders are optimistic that the altcoin season is imminent. Moustache, a reputable trader, remarked that altcoins are at the beginning their upward trajectory.