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Short-Term Profit Seekers Flee Overvalued Hype Coins, Sparking Sell-Off

Published 01/08/2024, 11:09 PM
Updated 01/08/2024, 11:15 PM
Short-Term Profit Seekers Flee Overvalued Hype Coins, Sparking Sell-Off
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  • Crypto analyst VIKTOR identifies a notable pattern in the bearish altcoin market.
  • He pointed to sharper declines in tokens like BIGTIME, WLD, and JTO during a recent liquidation.
  • Trends of a stronger presence in perpetual contracts and short-term profit-seeking motives were also observed.

Amid the bearish trend rocking the altcoin market since the start of the new year, a crypto analyst has spotted a noteworthy pattern in the downward trajectory of some tokens that fit into a specific category.

In a recent tweet, crypto analyst VIKTOR called attention to an observation from the January 3 market turbulence, wildly dubbed “liquidation day.” VIKTOR highlighted that while most altcoins experienced a substantial downturn of approximately 30%, he pointed out a distinctive trend among specific tokens that saw even more significant drops.

Specifically, he noted that sensational coins such as BIGTIME, Pyth Network (PYTH), MEME, TOKEN, Worldcoin (WLD), and Jito (JTO) exhibited giant red candles with over 40% decline.

According to VIKTOR’s analysis, what sets these tokens apart is their shared characteristic of being relatively new market entrants, coupled wi…

The post Short-Term Profit Seekers Flee Overvalued Hype Coins, Sparking Sell-Off appeared first on Coin Edition.

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