Santiment explained that despite the general correction in the crypto market, some assets have seen a notable increase in network growth.
This growth is particularly evident in the rise in new wallet creation rates.
According to Santiment, this increase in new wallet creation rates indicates that interest in related projects and potential use cases are expanding. Projects such as Baby Doge (BABYDOGE), Maker’s DAI, and SushiSwap’s versions on both Ethereum and BNB are among the assets that stand out in terms of network growth. The list also includes LEO, TURBO, and MOG.
Additionally, stablecoins such as TrueUSD (TUSD), Frax Finance (FRAX), and Tether (USDT) are also part of this trend.
Could be paving the way for a rise
Santiment notes that network growth is one of the necessary elements for long-term market value growth. The addition of new users and wallets to the network indicates that projects are reaching a wider audience and potentially seeing more adoption. However, it remains unclear whether this growth will continue and how it will be reflected in price movements.