While Bitcoin is having a bit of a rough patch, some altcoins are having their moment in the sun, experiencing positive vibes in terms of network utility, active address counts, whale activity, and social sentiment!
The crypto market has been on a bumpy ride for the past eight weeks, prompting many retail investors to either step back or temporarily freeze their assets, waiting for better days. But amidst this sea of red, some altcoins are quietly making a splash, according to insights from on-chain intelligence platform Santiment.
Who are these stealthy contenders, you ask? Well, heavy hitters like Ripple (XRP), Binance Coin (BNB), Tron (TRON), and Stellar (XLM) are sneaking up on Bitcoin, gaining some serious momentum and even showing price dominance in certain areas.
Taking a closer look at on-chain activities, Santiment noticed that certain crypto projects are experiencing boosts in network utility, active addresses, whale activity, and more. Their Activity Matrix, which tracks data for 114 well-known crypto assets across eight categories, is catching the action over three months.
Santiment hints that some of these projects might just have what it takes to turn things around soon. While many assets are seeing their network activity dip to yearly lows—thanks to retail traders biding their time—some, like Pepe (PEPE), Chainlink (LINK), and Shiba Inu (SHIB), are bucking the trend.
“Sadly, it seems this price trend might stick around for these projects more than others,” Santiment points out. “But, ideally, we'd see a sudden surge in whale transactions or network growth during a market-wide downturn.”
In Santiment's Activity Matrix, some standouts include Dogecoin (DOGE), Pax Gold (PAXG), Magic Token (MAGIC), Audius (AUDIO), Uma (UMA), Joe (JOE), and Threshold (T).
DOGE is leading the pack with the highest rise in address activity, meaning more unique users are hopping on its network, making transactions left and right. Meanwhile, PAXG is shining in network growth, hinting at future utility booms. Magic Token is catching big fish with the most transactions over $100,000, signaling major players are taking notice.
Audius is riding high on positive social waves, while Uma is stealing the show on social media. PAXG is also a front-runner for exchange outflows, and Joe and Threshold are climbing the ranks in Mean Dollar Invested Age and Age Consumed categories, respectively.
So, while Bitcoin takes a breather, these altcoins are stealing the spotlight, each with its own story of growth and potential. Keep an eye on these movers and shakers—they might just surprise you!
