Prominent analytics firm Santiment claims that a handful of small-cap altcoins are seeing a drastic increase in the number of new wallets created over the past week.
In a thread on social media platform X, Santiment claims that artificial intelligence (A.I.) related crypto project IQ.wiki (IQ) is leading the pack after seeing a massive increase in network growth, with a 2,500% increase in new wallets created in the last seven days.
IQ bills itself today as the “internet’s leading source of high-quality, objective knowledge for all things blockchain and cryptocurrencies.” The project uses AI to evolve its content and summarize wiki articles.
IQ is the 430th largest crypto project with a market cap of $154 million at the time of 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 gaming and AI spaces. The project is the 474th largest crypto with a market capitalization of over $130.78 million at the time of writing.
Coming in third is Frax (FRAX), an ecosystem in the decentralized finance (DeFi) space that offers stablecoins, liquid staking, and other financial products. According to Santiment, FRAX saw 1,283.33% growth in the number of new wallets created over a one-week period.
FRAX is the 155th largest crypto project with a market capitalization of over $647 million.
In fourth place is Safe (SAFE) with a 931.58% increase in the number of new wallets created. Safe is a smart contract wallet that aims to protect users’ crypto assets by requiring multiple signatures (multisig) to process transactions. SAFE is the 191st crypto asset with a market capitalization of $478.69 million.
Other crypto projects that have seen a significant increase in the number of new wallets created over the past week include peer-to-peer energy platform Power Ledger (POWR), automated market maker Raydium (RAY ), the Metal (MTL) payment processing token, decentralized exchange SmarDEX (SDEX), and DevvE layer 1 protocol (DEVVE).
According to Santiment, a plan for rapid network growth usually precedes price increases.
“As utility increases, so does market value, given enough time. Be patient, wait for Bitcoin to provide profits to redistribute, and capitalize on projects like these.
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