XRP, Shiba Inu, and Band experienced significant spikes in new wallet creation.
XRP reached a market value of $2.49, its highest since January 2018.
XRP wallets holding 1M-10M XRP tokens accumulated 679.1M XRP in three weeks.
Network activity surged dramatically for several altcoins, particularly XRP, Shiba Inu, and Band Protocol, signalling an uptick in user engagement. This surge, observed on Sunday alone, showed impressive growt,h with 22,357 new wallets for XRP, 7,548 for Shiba Inu, and 35 for Band Protocol.
https://twitter.com/santimentfeed/status/1863661821036527814
Such spikes often indicate increased euphoria in the market, though they can lead to price volatility in the short run. However, over the long term, this level of network growth is a positive indicator of rising utility on each project's blockchain.
The network growth data underscores the increasing number of newly created addresses, reflecting expanding user bases for all three cryptocurrencies. Notably, the sharp increase in new addresses for XRP and Shiba Inu towards the end of November suggests both projects are experiencing a growing influx of participants.
This trend aligns with significant price movements, as evidenced in the accompanying candlestick charts. The surge in new wallet addresses for Band Protocol, along with Shiba Inu, further underscores a pattern of heightened activity across the board.
XRP's performance stands out in particular, as it recently reached a market value of $2.49, its highest since January 8, 2018. In the last three weeks, wallets holding between 1 million and 10 million XRP tokens accumulated an additional 679.1 million XRP, now valued at $1.66 billion.
Source: X
The number of non-empty XRP wallets also crossed the 5.5 million mark, setting a new record for the token. This dramatic increase in activity highlights the growing confidence in XRP from large institutional holders and smaller retail investors.
The significant rise in XRP's price coincides with these accumulation trends, signalling a potential shift in market sentiment. Investors appear to capitalize on XRP's increasing utility and network growth, marking a key moment in its development.
Similarly, the rise in wallets holding smaller amounts of XRP points to broader retail interest, further signalling optimism for the token's future trajectory.
