Prominent analytics firm Santiment said a handful of low-cost altcoins have seen a sharp increase in the number of new wallets created over the past week.
Santiment said in a thread on social media platform) Related cryptocurrency project IQ.wiki (IQ) is leading the way after a significant increase in network growth. There has been a 2,500% surge in new wallets created in the past seven days.
IQ bills itself as “the leading source for objective, high-quality knowledge about everything blockchain and cryptocurrency-related on the Internet today.” The project uses AI to expand content and summarize wiki articles.
IQ is the 430th largest cryptocurrency project with a market capitalization of $154 million at the time of this writing.
Next is CARV (CARV), which saw an 1,800% increase in the number of new wallets created in just one week, according to Santiment. CARV is a modular data layer designed to give users control over their data in the gaming and AI space. The project is the 474th largest cryptocurrency with a market capitalization of over $130.78 million at the time of writing.
In third place is Frax (FRAX), an ecosystem in the decentralized finance (DeFi) space that offers stablecoins, liquid staking, and other financial products. According to Santiment, FRAX has seen a 1,283.33% increase in the number of new wallets created in one week.
FRAX is the 155th largest cryptocurrency project with a market capitalization of over $647 million.
In fourth place is SAFE, with a 931.58% increase in the number of new wallet creations. Safe is a smart contract wallet that aims to protect users’ cryptocurrency assets by requiring multiple signatures to process transactions. SAFE is the 191st largest cryptocurrency asset with a market capitalization of $478.69 million.
Other cryptocurrency projects that have seen significant surges in the number of new wallets created in the past week include peer-to-peer energy platform Power Ledger (POWR), automated market maker Raydium (RAY), payment processing token Metal (MTL), decentralized exchange SmarDEX (SDEX), and Layer 1 protocol DevvE (DEVVE).
According to Santiment, a project’s flash network growth typically precedes price increases.
“As utility increases, given enough time, market value will also increase. “Be patient, wait for Bitcoin to redistribute its profits, and take advantage of projects like this.”
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