Data analytics firm Santiment has revealed that several lesser-known cryptocurrencies experienced a massive influx of new users last week. The surge is measured by a significant increase in the number of newly created wallets, suggesting a potential upswing in interest and value.
Top Performers: A 10x Wallet Surge
Four altcoins led the pack, each seeing a more than 10x increase in new wallets created within a single week:
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IQ.wiki (IQ): This AI-powered project focused on blockchain and cryptocurrency information saw a staggering 2,500% increase in new wallets. Currently ranked 430th, it boasts a market cap of $154 million.
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CARV (CARV): A modular data layer for gaming and AI, CARV experienced an 1,800% jump in new wallet creation. Holding the 474th spot, its market cap is over $130 million.
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Frax (FRAX): This DeFi ecosystem offering stablecoins and other financial products saw a 1,283% increase in new wallets. Ranked 155th, it has a market cap exceeding $647 million.
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Safe (SAFE):
A smart contract wallet emphasizing security through multi-signature transactions, SAFE witnessed a 931% rise in new wallet creation. Currently ranked 191st, its market cap is around $478 million.
Other Notable Mentions
Several other crypto projects also showed significant growth in new wallets, including Power Ledger (POWR), Raydium (RAY), Metal (MTL), SmarDEX (SDEX), and DevvE (DEVVE).
What Does it Mean?
Santiment suggests that this kind of network growth often precedes price increases. They advise patience, waiting for Bitcoin to stabilize before potentially investing in these projects. However, they emphasize that this is not financial advice. Always conduct thorough research before investing in cryptocurrencies.
