The post PEPE, FET See Sharp Growth In Adoption: Rally Soon? appeared on BitcoinEthereumNews.com.

On-chain data shows PEPE and FET are among altcoins that have seen a sharp growth in their addresses recently, a sign that may be bullish. PEPE, FET, & ENS Have Enjoyed Sharp Network Growth Recently According to data from the on-chain analytics firm Santiment, three altcoins have seen a sudden spike in their Network Growth. The “Network Growth” here refers to an indicator that keeps track of the number of addresses coming online for the first time on a given blockchain. New address creation can occur due to new investors coming into the cryptocurrency or old ones who had sold earlier returning. Existing users creating additional addresses for a purpose like privacy also contribute to the growth of the network. In general, though, some net adoption happens when the indicator registers a rise in value. As such, the Network Growth can be considered a measure of the user influx the asset receives. When the indicator has a high value, it means the users are currently creating a large amount of new addresses, a potential sign that the asset appears attractive. On the other hand, low values imply the interest in the coin may be low currently as few new investors are joining the network. Now, here is a chart that shows the trend in the Network Growth for three assets, Pepe (PEPE), Fetch.ai (FET), and Ethereum Name Service (ENS), over the last few months: Looks like the value of the metric has been high for all three of these assets | Source: Santiment on X As the above graph shows, all three of these assets have seen a spike in Network Growth recently, suggesting that many addresses have just made their first transactions on these networks. The indicator is 4,196 for PEPE, 231 for ENS, and 1,598 for FET. Thus,…

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Filed under: News - @ July 4, 2024 11:18 am