Santiment, a cryptocurrency analysis company, has highlighted the significant increase in network activity for three altcoins in its recent analysis. The altcoins in question are Pepe (PEPE), Fetch AI (FET), and Ethereum Name Service (ENS), all of which experienced a remarkable surge in their network growth simultaneously. The charts depicting the number of newly created wallets for these altcoins have seen a tremendous rise.
According to Santiment analysts, when there is an uptick in the number of new addresses being created, it usually indicates either FOMO (fear of missing out) due to rising prices or a potential bullish movement. However, they also noted that the sudden surge in wallet numbers for ENS was driven by FOMO resulting from the increasing prices.
Furthermore, FET is teaming up with two other altcoins that focus on artificial intelligence, which has contributed to the increase in the number of wallets for this particular altcoin. The analysts anticipate high volatility for FET, stating, “Expect crazy volatility leading up to this date,” referring to the planned merger with OCEAN and AGIX on July 15, 2024.
It is important to note that this analysis does not constitute investment advice. If you are interested in investing in over 300 cryptocurrencies, you can register with Binance exchange using this link to avail a 20% commission discount.
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