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Altcoins

These Altcoins Are Seeing Fresh Address Activity, Santiment Reveals

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Altcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data from Santiment suggests that three altcoins have recently seen particularly notable bullish action in their address activity.

Render, Aave, & Maker Are Altcoins Seeing High Active Addresses Currently

In a new post on X, the on-chain analytics firm Santiment discussed the altcoins currently witnessing a significant surge in network activity.

The relevant on-chain metric here is the “Daily Active Addresses,” which keeps track of the total number of addresses of a given asset that participates in some transaction activity daily. This indicator naturally takes into account both senders and receivers.

Related Reading: XRP Whales Make Exchange Outflows As Price Surges 21%

When the metric’s value is high, it means many addresses or users are making moves on the network right now. Such a trend implies that interest in cryptocurrency is currently high.

On the other hand, the low indicator suggests that investors may not pay much attention to the asset as the blockchain doesn’t see too much activity.

Now, here is a chart that shows the trend in the Daily Active Addresses for three different altcoins, Render (RNDR), Aave (AAVE), and Maker (MKR), over the past couple of months:

Maker Altcoin Address Activity

Looks like the value of the metric has been rising for all three of these coins | Source: Santiment on X

As is visible in the above graph, the Daily Active Addresses has seen a surge for all three of these altcoins recently. This increase in user activity has come for these assets as the market has been recovering.

Address activity going up alongside an increase in the price isn’t unusual for any cryptocurrency, as investors tend to find such price action exciting. Hence, they are more likely to make some moves.

A rise in the Daily Active Addresses could even be considered a prerequisite for any rally to be sustainable, as the increasing number of users provides the fuel a surge needs.

Historically, price moves that have failed to amass enough attention have run out of steam before too long. As such, Maker, Aave, and Render could be set up to see bullish action in the future, as they have seen the metric register an increase recently.

From the chart, it’s apparent that the jumps haven’t been too big in the case of MKR and Aave, but RNDR has stood out as it has enjoyed sharp growth in the metric. Therefore, it would appear that attention has been particularly strong for the altcoin.

Related Reading: Bitcoin Reclaims $63,000 As Institutional Buyers Return On Coinbase

It now remains to be seen if the rise in the Daily Active Addresses will end up benefiting the prices of these altcoins or not.

MKR Price

At the time of writing, Maker is trading around $2,950, up more than 30% over the past week.

Maker Altcoin Price Chart

The price of the coin seems to have been sharply going up in recent days | Source: MKRUSD on TradingView
Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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