Crypto data and analysis platform Santiment has examined the memecoin HarryPotterObamaSonic10Inu (ERC-20), which has made a historic surge, reaching a market value of $160 million within three months. The platform made an optimistic prediction that the rise in memecoin could continue.
Santiment is tracking multiple indicators to predict whether the price of the risky HarryPotterObamaSonic10Inu, with its interesting name and nature, will rise or fall. In its general comment on HarryPotterObamaSonic10Inu, the data and analysis platform stated, “It experienced the biggest memecoin rally in the sector. Despite the pullback of many altcoins today, the price of memecoin has increased by 182% since the beginning of August. The volume and network growth of memecoin (increasing is good) and social dominance (increasing is bad) should be closely monitored.”
HarryPotterObamaSonic10Inu, which ended May at $0.00095, is currently trading at $0.1634 with an increase of over 16,400%. Furthermore, Santiment noted that the entire cryptocurrency market is showing signs of stagnation, and as losses in transactions by investors increase, projects like HarryPotterObamaSonic10Inu could soon recover.
As markets continue to lack any supportive force for a rally, investors are increasingly indifferent to their assets. Historically, an increase in losses compared to profits in transactions indicates the possibility of a rebound.
In addition to all this, Santiment highlighted that the price movement of the largest cryptocurrency Bitcoin (BTC) showed signs of a historical positive correlation breakthrough with the declining U.S. stock index S&P 500 (SPX) throughout August.
The data and analysis platform also commented on this situation, stating, “Bitcoin continues to remain within a narrow price range of $29,400, but this sideways movement allows it to outperform stock markets such as the S&P 500 in August. The correlation breakthrough that started in mid-July has historically been positive for the cryptocurrency market.”