Upward Trend in Network Growth for PEPE, FET, & ENS
Recent data from Santiment indicates that three altcoins, including PEPE and FET, have experienced a notable increase in Network Growth. This metric tracks the number of new addresses appearing on a blockchain, signaling potential bullish activity.
The creation of new addresses can result from fresh investors entering the market, previous investors re-entering, or existing users generating additional addresses for various reasons such as privacy.
Network Growth values reflect user adoption levels, with higher values indicating increased address creation and potential attractiveness of the asset to investors. Conversely, low values suggest lower interest in the coin.
Displayed below is a graph illustrating the recent Network Growth trends for PEPE, Fetch.ai (FET), and Ethereum Name Service (ENS):
All three assets have experienced a significant uptick in Network Growth, indicating a surge in new users transacting on these networks. Notably, PEPE currently leads in user adoption with a Network Growth indicator of 4,196.
While rapid adoption is generally favorable for cryptocurrencies in the long run, short-term implications can vary. Intense user activity could suggest FOMO in the market, potentially leading to price spikes or bubbles.
Amidst these developments, ENS has seen a 9% increase in the past week, hinting at potential FOMO around the asset. Conversely, the decline in prices for PEPE and FET combined with increased Network Growth may signal bullish market sentiments.
PEPE Price Analysis
As of the latest update, PEPE is trading at approximately $0.00001043, reflecting an 18% decrease over the previous week.
