Santiment reports: On-chain and social activity indicators of multiple altcoins have seen significant growth, with Dogecoin address activity growing

Santiment analysis report shows that despite the overall poor performance of the crypto market, some altcoins are showing significant growth in on-chain and social activities. The report pointed out that during the period when the price of Bitcoin fluctuated between $78,000 and $84,000, large-cap tokens such as XRP, BNB, Tron, and Stellar were quietly gaining momentum, with significant growth in on-chain and social activity indicators for multiple projects. Specific data is as follows:

Fastest growing address activity: Dogecoin (ranked 11th by market cap);

Fastest growing network: PAX Gold (ranked 83rd by market cap);

Fastest growing whale trading: Magic Token (ranked 558th by market cap);

Fastest growing sentiment indicator: Audius (ranked 242nd by market cap);

Fastest growing social dominance: UMA (ranked 251st by market cap);

Fastest growing exchange fund flow: PAX Gold (ranked 83rd by market cap);

Santiment's Activity Matrix model shows that the current market is overall "cool", with most network activity indicators low, which is considered normal after experiencing a sharp decline following reaching historical highs during the bull market cycle. Especially speculative assets like Pepe, Chainlink, and Shiba Inu are currently experiencing the "coldest" period of network activity this year.

The report explains that when the market is generally in a downtrend, ideally one should see a sudden increase in whale trading (indicating accumulation by large holders) or network growth (indicating an imminent increase in on-chain transactions). The improvement in these indicators may suggest that specific projects are about to reverse their decline, even though the overall market is still in an 8-week downward cycle.

Analysts say that although retail traders may have already exited the crypto market or temporarily stopped trading until market sentiment improves, some projects are showing positive signals, which may indicate potential candidates for a market rebound in the near future.