Altseason FOMO Drops Considerably, SHIB, DOGE, XRP Crowd Sentiment Tanks

Bhushan Akolkar
June 18, 2024 Updated June 23, 2025
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Highlights

  • On-chain data provider Santiment shows the drop in FOMO and surge in crowd fear hints market bottom.
  • Sentiment for large-cap altcoins like Shiba Inu (SHIB), Dogecoin (DOGE), and XRP has significantly declined.
  • This shift could offer a buying opportunity for patient traders as FOMO levels reach 2024 lows.

After a strong hue around the possible altseason and the expectations of a mega rally coming in the altcoin market, the FOMO has finally cooled down for the better. Over the last week, we have seen the altcoins correcting anywhere between 10-20% barring a few like Ethereum.

Altseason FOMO cools Down Suggesting Market Bottom

On-chain data provider Santiment identifies a notable trend in the altcoin market. As per its analysis, the rising mentions of altseason often coincide with the periods of market tops and peaks. This suggests that the traders have become overly greedy with their interest in altcoin surging thereby indicating a potential market top.

However, after the market peak in March, the fear of missing out (FOMO) has dropped significantly. As per the Santiment data, the current atmosphere of crowd fear could potentially lead us closer to a market bottom, thereby providing a huge opportunity to investors.

Courtesy: Santiment

Furthermore, as per the Santiment data, there’s a significant drop in the crowd sentiment for large-cap altcoins including Shiba Inu (SHIB), Dogecoin (DOGE), and XRP, following the recent price declines. Santiment notes that this sentiment shift could present a buying opportunity for patient traders.

As the FOMO levels reach to their 2024 lows, investors who have been waiting on the sidelines for the market to cool off might consider deploying fresh cash in the market.

Done Expect Imminent Altcoin Bull Run

Despite the Bitcoin price flirting around its all-time high levels, most altcoins have continued to trade below their highs. Renowned crypto analyst Benjamin Cowen stated that the enthusiasm for an imminent altcoin bull run could be premature.

He further added that a significant rally is unlikely until the US Federal Reserve begins cutting interest rates again. Historically, altcoins have always delivered strong returns following the Fed rate cuts. Cowen stated:

“The decline in the majority of altcoins is mirrored in the falling advance/decline index, echoing the period leading up to the Fed’s rate cut in 2019. This index saw a sharp decline before the Fed initiated rate cuts in July of that year. It’s essential to track these movements because the anticipation of an altcoin season dominating Bitcoin may be premature without a reduction in interest rates by the Fed.”

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.