Prominent research firm Santiment says a handful of low-end altcoins are seeing a drastic increase in the number of new wallets created in the past week.
In a thread on the social media platform X, Santiment says artificial intelligence (AI) related crypto project IQ.wiki (IQ) leads the pack after seeing a massive increase in network growth, with a 2,500% increase in new wallets created in the last seven days.
IQ banknotes itself as the “primary source of objective, high-quality knowledge on the internet today for all things related to blockchain and cryptocurrencies.” The project uses AI to scale its content and summarize wiki articles.
IQ is the 430th largest crypto project with a market capitalization of $154 million at the time of writing.
Next up is CARV (CARV), which saw an 1,800% increase in the number of new wallets created in just one week, according to Santiment. CARV is a modular data warehouse designed to enable users to control their data in gaming and AI spaces. The project is the 474th largest crypto with a market capitalization of over $130.78 million at the time of writing.
As number three comes Frax (FRAX), a decentralized finance (DeFi) ecosystem that offers stablecoin, liquid staking and other financial products. According to Santiment, FRAX saw a 1,283.33% growth in the number of new wallets created in a one-week period.
FRAX is the 155th largest crypto project with a market capitalization of more than $647 million.
In fourth place comes Safe (SURE) with a 931.58% increase in the number of new wallets created. Safe is a smart contract wallet that aims to protect users’ crypto assets by requiring multiple signatures (multisig) to process transactions. SAFE is the 191st largest crypto asset with a market capitalization of $478.69 million.
Other crypto projects that saw a significant increase in the number of new wallets created in the past week include peer-to-peer energy platform Power Ledger (POWR), automated market maker Raydium (BEAM), payment processing token Metal (MTL), decentralized exchange SmarDEX (SDEX) and layer-1 protocol DevvE (IT HAS TO).
According to Santiment, a project with flashing network growth usually precedes the price rally.
“With rising utility comes rising market value, given enough time. Be patient, wait for Bitcoin to generate profits to be redistributed, and take advantage of projects like these.”
