These altcoins are seeing new address activity, firm says

Santiment data suggests that three altcoins have recently seen particularly notable bullish performances in their address activity.

Render, Aave, and Maker are altcoins that currently have a high number of active addresses

In a new send on X, on-chain analytics firm Santiment discussed Altcoins are currently seeing a significant increase in network activity.

The relevant on-chain metric here is “Daily active addresses,” which tracks the total number of addresses of a given asset that participate in some transaction activity each day. This metric naturally takes into account both senders and recipients.

When the metric value is high, it means that many addresses or users are making moves on the network at this time. Such a trend implies that interest in the cryptocurrency is currently high.

On the other hand, the low indicator suggests that investors may not pay much attention to the asset since the blockchain does not see much activity.

Here is a chart showing the daily active addresses trend for three different altcoins, Render (RNDR), Aave (AAVE) and Maker (MKR), over the last two months:

Looks like the value of the metric has been rising for all three of these coins | Source: Santiment on X

As can be seen in the chart above, daily active addresses have seen a surge for all three of these altcoins recently. This increase in user activity has occurred for these assets as the market has been in recovery phase.

Address activity rising alongside a price increase is not uncommon for any cryptocurrency, as investors tend to find such price action exciting. Thus, they are more likely to make moves.

An increase in daily active addresses could even be considered a prerequisite for any rally. sustainableas the growing number of users provides the fuel a wave needs.

Historically, price moves that have failed to attract enough attention have run out of steam before too long. Therefore, Maker, Aave, and Render may be set to see bullish action in the future, as they have seen the metric rise recently.

From the chart, it is clear that the jumps were not too big in the case of MKR and Aave, but RNDR stood out as it enjoyed strong growth in the metric. Therefore, it would seem that the attention was particularly strong for the altcoin.

It now remains to be seen whether the increase in daily active addresses will ultimately benefit the prices of these altcoins or not.

Price MKR

At the time of writing, Maker is trading around $2,950, up more than 30% from last week.

The price of the coin seems to have been sharply going up in recent days | Source: MKRUSD on TradingView

Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com

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