In a marketwide pullback, Santiment reports that many traders of altcoins are facing significant losses as they sell off their assets. The firm's analysis reveals that most altcoins are currently in a prime position for potential rallies, with the Market Value to Realized Value (MVRV) indicating opportunities for growth over various time frames.

The MVRV is a key indicator used by Santiment to gauge whether a cryptocurrency is undervalued or overvalued in the market. With the MVRV signaling favorable conditions for altcoins, Santiment suggests that there is a historic opportunity for these assets to experience upward trends.

Despite the potential for a rally, Santiment observes that traders are turning away from volatile altcoins like Dogecoin and shifting their focus to cryptocurrencies that have remained steady in the market turbulence. The number of non-empty Bitcoin wallets is increasing steadily, indicating continued interest in the asset amidst price fluctuations. However, altcoin wallets for assets like Dogecoin have stabilized after significant gains earlier in the year, with some networks like Cardano experiencing a decrease in active wallets.

As of the latest data, Dogecoin is currently trading at $0.149, down by more than 34% from its peak in 2024, while Bitcoin's value stands at $64,000, a 13% decline from its high of $73,650 in 2024.