Data from Santiment suggests that three altcoins have seen particularly notable bullish action in their address activity recently.
Render, Aave and Maker are altcoins that are currently seeing very active addresses
In a new job on X, on-chain analytics company Santiment discussed Altcoins are currently experiencing a significant increase in network activity.
The relevant measure on the chain here is the “Daily active addresses”, which records the total number of addresses of a given asset that participate in transaction activity on a daily basis. This indicator naturally takes into account both senders and recipients.
When the metric value is high, it means that many addresses or users are currently making movements on the network. Such a trend implies that interest in the cryptocurrency is currently high.
On the other hand, the low indicator suggests that investors might not be paying much attention to the asset as the blockchain is not seeing too much activity.
Now here is a chart that shows the trend of daily active addresses for three different altcoins, Render (RNDR), Aave (AAVE) and Maker (MKR), over the past two months:
Looks like the value of the metric has been rising for all three of these coins | Source: Santiment on X
As seen in the chart above, daily active addresses have recently seen a sharp increase for these three altcoins. This increase in user activity is due to the strong growth in the market. recovering.
Increased address activity alongside a price increase is not unusual for a cryptocurrency, as investors tend to find this type of price action exciting. Therefore, they are more likely to make some moves.
An increase in daily active addresses could even be seen as a prerequisite for any rally. sustainablebecause the growing number of users provides the fuel a surge needs.
Historically, price movements that failed to attract enough attention quickly lost momentum. Thus, Maker, Aave, and Render could be set to see some bullish action in the future as they have seen their indicator register an increase recently.
From the chart, it is evident that the jumps were not too big in the case of MKR and Aave, but RNDR stood out as it saw strong growth in the metric. Therefore, it would seem that the attention was particularly strong for the altcoin.
It now remains to be seen whether the increase in daily active addresses will eventually benefit the prices of these altcoins or not.
MKR Price
At the time of writing, Maker is trading around $2,950, up more than 30% from last week.
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
