Tremendous surge in activity across three altcoin projects, according to Santiment data

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Cryptodnes2024/07/04 00:55

By:Cryptodnes

Cryptocurrency analysis firm Santiment recently studied three altcoins — Pepe (PEPE), Fetch AI (FET), and Ethereum Name Service (ENS) — noting a common trend in the growth of their networks.

All three coins saw growth in the creation of new wallets at the same time.

According to According to Santiment analysts, a sharp increase in the number of new wallet addresses usually indicates either fear of missed opportunities (FOMO) caused by rising prices or expectations of a bullish market movement.

In case of Fetch AI (FET) it has formed alliances with two other altcoins focused on artificial intelligence, which has led to a significant increase in the number of wallets. Analysts attribute this growth to the impact of collaboration.

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They also predict increased volatility for FETs, especially with initial planned merger with OCEAN and AGIX in June, which is now postponed to July 15, 2024.

Analysts caution that the period leading up to the merger's scheduled date could see significant market volatility for FET.

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