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These Altcoins Are Seeing Fresh Address Activity, Firm Says

Published

4 months ago

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Data from Santiment suggests that three altcoins have recently seen particularly notable bullish action in their address activity.

Render, Aave, & Maker Are Altcoins Seeing High Active Addresses Currently

In a new post on X, the on-chain analytics firm Santiment discussed the altcoins currently witnessing a significant surge in network activity.

The relevant on-chain metric here is the “Daily Active Addresses,” which keeps track of the total number of addresses of a given asset that participates in some transaction activity daily. This indicator naturally takes into account both senders and receivers.

When the metric’s value is high, it means many addresses or users are making moves on the network right now. Such a trend implies that interest in cryptocurrency is currently high.

On the other hand, the low indicator suggests that investors may not pay much attention to the asset as the blockchain doesn’t see too much activity.

Now, here is a chart that shows the trend in the Daily Active Addresses for three different altcoins, Render (RNDR), Aave (AAVE), and Maker (MKR), over the past couple of months:

Maker Altcoin Address Activity

Looks like the value of the metric has been rising for all three of these coins | Source: Santiment on X

As is visible in the above graph, the Daily Active Addresses has seen a surge for all three of these altcoins recently. This increase in user activity has come for these assets as the market has been recovering.

Address activity going up alongside an increase in the price isn’t unusual for any cryptocurrency, as investors tend to find such price action exciting. Hence, they are more likely to make some moves.

A rise in the Daily Active Addresses could even be considered a prerequisite for any rally to be sustainable, as the increasing number of users provides the fuel a surge needs.

Historically, price moves that have failed to amass enough attention have run out of steam before too long. As such, Maker, Aave, and Render could be set up to see bullish action in the future, as they have seen the metric register an increase recently.

From the chart, it’s apparent that the jumps haven’t been too big in the case of MKR and Aave, but RNDR has stood out as it has enjoyed sharp growth in the metric. Therefore, it would appear that attention has been particularly strong for the altcoin.

It now remains to be seen if the rise in the Daily Active Addresses will end up benefiting the prices of these altcoins or not.

MKR Price

At the time of writing, Maker is trading around $2,950, up more than 30% over the past week.

Maker Altcoin Price Chart

The price of the coin seems to have been sharply going up in recent days | Source: MKRUSD on TradingView

Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com



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XRP Price To $28: Wave Analysis Reveals When It Will Reach Double-Digits

Published

7 hours ago

on

November 23, 2024

By


Crypto analyst Behdark has predicted that the XRP price can reach $28. This prediction follows his Elliot Wave theory analysis, which also showed when the crypto will reach this double-digit price target. 

When XRP Price Will Reach Double Digits

In a TradingView post, Behdark’s Elliot Wave theory analysis showed that the XRP price can reach double digits by 2026. The analyst’s accompanying chart showed that the first double digits target for XRP will be $15, after which the crypto could eventually rally to $28. Behdark also provided more insights into XRP’s current price action and why this rally could happen. 

XRP Price 1
Source: X

First, the analyst mentioned that the XRP price looks to be currently within a running triangle. In line with this, Behdark remarked that wave D might complete its movement by hunting the all-time high (ATH) at $3.84. He mentioned that there could be a price correction for wave E afterward. 

Once that XRP price correction happens, Behdrak predicts the next move will be the post-pattern movement targeting a level above $15. This is where the price target of $28 comes into the picture, as the analyst’s accompanying chart shows it is a feasible target for the crypto, although it might not happen in this market cycle. 

An XRP price rally to $28 would mean that the crypto would have a market cap of $2.8 trillion. However, Behdrak suggested that this was still feasible. He noted that his focus was on chart analysis and not fundamentals, even though fundamentals are reflected in the chart itself. 

Meanwhile, the analyst told market participants that if a clear and identifiable pattern emerges when the XRP price reaches wave E of the triangle, they could position themselves for the main move to double digits. 

A Confirmation Of This Double Digit Target

Crypto analyst Dark Defender also recently shared an Elliot Wave theory analysis, which showed that the XRP price could indeed reach double digits. Specifically, the analyst’s accompanying chart showed that XRP could rally as high as $18 when the wave 5 impulsive move occurs. 

XRP Price 2
Source: X

Interestingly, unlike Behdark’s chart, which showed that the rally to double digits would happen in 2026, Dark Defender’s chart showed that the rally to $18 could happen as early as mid-2025. Meanwhile, the analyst said that the XRP price is currently in the third wave, with the crypto expected to rally to $5 when this next impulsive move occurs. 

Afterward, the XRP price is expected to witness a corrective move that will cause it to drop to as low as $4. The next impulsive move after this could send XRP to the $18 target. 

At the time of writing, the XRP price is trading at around $1.55, up over 10% in the last 24 hours, according to data from CoinMarketCap. 

XRP price chart from Tradingview.com
Token price moves above $1 | Source: XRPUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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Crypto Trader Records $2.5M Profit With This Token, Here’s All

Published

12 hours ago

on

November 23, 2024

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A crypto trader made a $2.5M profit today by turning 13 SOL into 9,718 SOL through trading 76.46M FATHA tokens. The trader bought the tokens on Pump.fun, capitalizing on a rapid increase in FATHA’s market cap, which surged to over $60M. The trader sold the tokens at the peak, realizing a 750x return.

Trader Makes $2.5M Profit Trading FATHA Token

The crypto trader turned 13 SOL (around $3.3K) into 9,718.5 SOL, making a $2.5M profit by trading 76.46M Slopfather (FATHA) tokens. On November 23, the trader purchased the tokens on Pump.fun, and within 40 minutes, FATHA’s market cap surged to over $60M. After holding the tokens, the trader sold them at the highest point, securing a 750x return.

The trader capitalized on the rapid market shift and seized the opportunity to make a significant profit. As per solscan, 9,500 SOL was swapped for USDC and bridged to Ethereum, demonstrating how quickly substantial profits can be made in the volatile meme coin market. The trade reflects the growing influence of meme coins on the Solana blockchain.

On-chain data indicates that the wallet involved in this trade may belong to BT (@cooksassistant), who has traded 60 tokens over the past three days. With a win rate of 42.37%, BT has generated $2.7M in total profit.

FATHA Token Surge and Solana’s Meme Coin Boom

Slopfather (FATHA) token has surged to $0.03841, with a market cap of $38 million, allowing the crypto trader to book a massive profit. Its 24-hour trading volume is $156 million, reflecting a 4000% increase in the last 24 hours. This dramatic rise shows the growing demand for meme coins in the crypto market.

Solana’s blockchain is becoming a top platform for meme coin launches. Projects like PNUT, WIF, GOAT, and BONK are leading the way. Additionally, Arthur Hayes’ endorsement of the Solana-based FLOWER coin boosted interest, driving the growth of meme coins on Solana.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogecoin Price Forms Extremely Rare And Bullish High Tight Flag Pattern, What To Expect Next

Published

13 hours ago

on

November 23, 2024

By


The Dogecoin price, which has been on a consolidation trend since November 12, has given rise to a rare and bullish chart pattern known as the high tight flag. This pattern, which is like the bull flag, is setting up the Dogecoin price for a significant upward movement.

Analyst Highlights Bullish High Tight Flag Pattern For Dogecoin

Trader Tardigrade, known for his insightful technical analyses, pointed out that the Dogecoin price is currently forming a high tight flag pattern on the daily candlectick timeframe, which is a rarity in technical charting that often precedes explosive price movements. According to his post on social media platform X, the significance of this pattern lies in its implications of a “highly possible significant upward price movement.”

In his words: “#Dogecoin is forming High Tight Flag Pattern 🔥 ‘High Tight Flag Pattern’ stands out as a rare, BUT Extremely Bullish signal that indicates a highly possible significant upward price movement.”

First off, the emergence of this high tight flag pattern means the $1 level is inevitable for the Dogecoin price. The analyst further speculates that the combination of strong price momentum, growing market enthusiasm, and FOMO (fear of missing out) among retail investors is ultimately going to push the Dogecoin price to targets of $5 to $10.

Understanding The High Tight Flag Pattern

The high tight flag is a special bullish case of the bull flag pattern. Both patterns are characterized by a flagpole and a flag/handle. Unlike the bull flag, the formation of a high tight flag follows stringent criteria, which makes it somewhat rate. This criteria is characterized by a sharp price increase of at least 100% over a short period with a maximum of eight weeks. This rapid ascent forms the ‘flagpole’ of the price pattern. In the case of the Dogecoin price, the flagpole was formed over nine days from November 3 to November 12, where it registered a gain of about 180%.

Following this surge, the price enters a consolidation phase, moving sideways or slightly downward, creating the ‘flag/handle’. This consolidation usually retraces no more than 10% of the initial rise and lasts at least five days to a maximum of three weeks.

In the case of Dogecoin, the flag has been in play for the past ten days, with a handle depth of 10%. The pattern is considered complete when the price breaks out above the consolidation range, often leading to further gains.

At the time of writing, Dogecoin is trading at $0.3926, with a 1.88% gain in the past 24 hours. A run towards the first price target at $1 would translate to a 155% gain. Other price targets at $5 and $10 represent returns of 1,170% and 2,440%, respectively, from the current price.

Dogecoin price chart from Tradingview.com
DOGE price recovers to $0.4 | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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