Closely followed analytics platform Santiment reported that OMG, SRM and VIDT are trading in the opportunity zone, while these 3 altcoin projects are trading in the risk zone.
Santiment published risk and opportunity analysis for these 6 altcoins
According to the on-chain analysis platform, selected altcoins are exhibiting more divergent price movements compared to April. According to their analysis, the MVRV model has given the green light on coins like OMG, SRM and VIDT during this period. Other altcoins such as BEL, INJ and RNDR were in ‘highly risky’ territory to buy.
The MVRV model is a popular tool used to analyze the value of altcoins relative to their actual values. This model takes into account the market value of a cryptocurrency. It compares this to the realized value, which is the average price the coins were last moved to on the Blockchain. The MVRV model is used to determine whether a coin is overvalued or undervalued in the current market.
The cryptocurrency market is quite volatile and investors are always looking for the right investment opportunities. Santiment’s analysis provides valuable insight into market trends and helps investors make informed decisions. Here are the current analyzes for OMG, SRM, VIDT, BEL, INJ and RNDR:
Risk analysis: OMG, SRM, VIDT, BEL, INJ and RNDR
Santiment’s analysis shows that some cryptocurrencies are currently undervalued. It shows that it could be a good investment opportunity for others. OMG, SRM and VIDT have historically performed well during this period. However, the same cannot be said for BEL, INJ and RNDR, which are currently seen as very risky investments.
As a result, the analysis shows that the market is currently more dispersed and uncorrelated than in previous months. The MVRV model shows that some cryptocurrencies like OMG, SRM and VIDT can be good investments right now. However, BEL confirms that others, such as INJ and RNDR, can be risky.
Solana-based altcoin project Serum (SRM) is facing these allegations
Last week, as Kriptokoin.com, we conveyed the claims made by ZachXBT about Serum (SRM). According to on-chain detective Zachxbt, the official Twitter account of Serum, a Solana-based decentralized finance project with more than 200,000 followers, has been renamed ‘Luka’.
It is speculated that the original Serum account was sold to a different user as all previous tweets were deleted. Sharing the screenshot of the account, ZachXBT stated that the PFP avatar was replaced with Milady NFT. He also explained that the account was used to promote “shitcoins”.
So the old Project Serum Twitter account with 200k+ followers recently deleted all tweets, changed pfp to a Milady, and began shilling shitcoins? pic.twitter.com/788T0ilB6t
— ZachXBT (@zachxbt) April 20, 2023
Meanwhile, several exchanges like Upbit and Binance have removed Serum from their platforms. Then, the SRM price dropped more than 98% from the ATH level it reached in September last year. The bankruptcy of FTX forced Solana DeFi projects such as Raydium and Jupiter to sever their ties with Serum.
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