Cryptocurrency analytics firm Santiment has noticed a major surge in network activity for three altcoins.
Analysts at Santiment focused on three altcoins in an analysis published today.
According to analysts, Pepe (PEPE), Fetch AI (FET) and Ethereum Name Service (ENS) has undergone huge leaps in network development. There is an incredible increase in the graph number of new wallets generated by all three altcoins.
📈 Pepe, https://t.co/DoCdKzYGLdand Ethereum Name Service all have one thing in common – sudden huge spikes in network growth. When coins see a surge in new addresses being created, it is often related to FOMO because of climbing prices (like with ENS), or a potential breakout. pic.twitter.com/d6TRtosomK
— Santiment (@santimentfeed) July 2, 2024
Santiment analysts said when they see an increase in the number of new addresses being created, they believe it is due to FOMO or potential upside move.
However, they also added that the sudden increase in the number of ENS wallets was due to FOMO arising from the price increase.
On the other hand, FET is collaborating with two other altcoins in the field of artificial intelligence, the increase in the number of wallets is also due to this. Analysts also shared that they expect high volatility FET related:
“The merger date with OCEAN and AGIX was scheduled for June, but has been postponed to July 15, 2024. High volatility is expected before this date.”
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