As a seasoned crypto investor with several years of experience under my belt, I’ve learned to pay close attention to on-chain metrics like Daily Active Addresses when trying to gauge the health and potential growth of various altcoins. Santiment’s recent analysis of Maker (MKR), Aave (AAVE), and Render (RNDR) based on this metric has piqued my interest.
As a crypto investor, I’ve been keeping an eye on the latest data from Santiment, and I’m excited to share that I’ve noticed some noteworthy bullish signs in the address activity of three particular altcoins.
Render, Aave, & Maker Are Altcoins Seeing High Active Addresses Currently
In their latest update on platform X, Santiment, the cryptocurrency analysis company, talked about the altcoins experiencing a notable increase in on-chain activity.
As a crypto investor, I closely monitor the “Daily Active Addresses” metric as it provides valuable insights into the level of activity for a particular cryptocurrency. This on-chain figure represents the total count of unique addresses engaging in daily transactions with that asset, encompassing both senders and receivers in the process.
As a researcher studying network activity, I’ve observed that when a metric’s value is elevated, it signifies an increased number of addresses or users actively transacting on the cryptocurrency network. This surge in activity suggests heightened enthusiasm and engagement within the crypto community, potentially indicating a period of high interest in cryptocurrencies.
From my perspective as a researcher, when the activity level is low on a particular asset within a blockchain network, it implies that investors might not be heavily engaged with it due to its relatively inactive nature.
Behold, this chart illustrates the development of the Daily Active Addresses for three distinct altcoins – Render (RNDR), Aave (AAVE), and Maker (MKR) – during the last few months.
The graph clearly shows a notable rise in the number of daily active addresses for each of these altcoins over the past period. This uptick in user engagement can be attributed to the market’s recent recovery.
It’s normal for cryptocurrency activity to rise in tandem with price increases, as investors find such market movements stimulating and may be inclined to take action.
As a data analyst, I would interpret a growing trend in Daily Active Addresses as a crucial indicator for a potential sustainable rally. The influx of new users signifies the necessary fuel that can ignite and sustain any market upward momentum.
Previously, price fluctuations that didn’t garner sufficient interest often lost momentum quickly. Consequently, Maker, Aave, and Render might experience a bullish trend going forward since this particular metric has been on the rise lately.
Based on the chart’s analysis, the price changes for MKR and Aave have been relatively modest. However, RNDR sets itself apart with noticeable gains in the given metric. This indicates a significant focus or interest from the market towards this particular altcoin.
It’s yet uncertain whether the increase in Daily Active Addresses will ultimately result in price growth for these altcoins.
MKR Price
At the time of writing, Maker is trading around $2,950, up more than 30% over the past week.
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2024-07-17 09:12