Santiment Breaks Down “Most Trending” Altcoins Of Past Week
December 19 2023 - 11:30AM
NEWSBTC
Here are the various altcoins that Santiment has identified to have
been the most trending cryptocurrencies of the past week. Altcoins
Like BONK Or SOL Saw Most Traction In Past Week In a new insight
post, the on-chain analytics firm Santiment has discussed about
some alts that have taken focus during the last week. Based on
social media data, Santiment determines tokens to be “trending” if
they have been receiving significant attention in the past 24
hours. Related Reading: XRP Gets Rejected Down: Analyst Predicts
Bottom Target The below chart shows the top altcoins for each day
in the past week on the basis of this metric: Looks like certain
coins have repeatedly appeared on these lists | Source: Santiment
From the graph, it’s visible that the Solana-based meme coin BONK
has pretty much observed the highest amount of traction on social
media platforms during this period. The main reason behind the
dog-themed coin being so trendy has been its listings on the two
largest cryptocurrency exchanges in the sector, Coinbase and
Binance. Injective Protocol (INJ) has been another asset that has
consistently appeared on the Trending Tokens list. Santiment
explains that the source of the altcoin’s popularity lies in its
rally and hype for an upcoming airdrop. Solana (SOL), the
sixth-largest cryptocurrency by market cap, has also been discussed
by social media users. “Between December 11 and 17, SOL climbed the
ranks, attributed to several high-profile projects and
partnerships,” notes the analytics firm. “The ecosystem’s growth
and its challenge to Ethereum’s dominance in Web3 were hot topics
among traders and enthusiasts,” adds Santiment. Solana has also
enjoyed some sharp uptrend in the past day, as the asset has shot
up around 11% during the period. Unsurprisingly, Internet Computer
(ICP) has also gained steam during the last week, as the asset has
surged more than 73%. Since its high above $11.5, though, the
altcoin has registered some significant decline, as it’s now
trading around $9.75. “In summary, this week spotlighted the power
of market catalysts — from exchange listings to pivotal updates —
and their profound impact on project sentiments and trading
activities,” says the analytics firm. BONK’s Exchange Listing Hype
Has Observed Some Cooldown Soon after the meme coin received its
listings on the aforementioned platforms, the BONK price shot up
towards a new all-time high north of the $0.0000349 level. This
extraordinary surge proved to be unsustainable, however, as
profit-taking quickly ramped up and the altcoin fell back down.
Related Reading: Bitcoin Crash To $38,000: Here’s What Could
Trigger It BONK has since registered a very significant drop to the
$0.0000206 mark. Here is a chart that shows how the meme coin’s
performance has looked like in the past month: The price of the
altcoin appears to have shot up recently | Source: BONKUSD on
TradingView Despite this drawdown of 41% from the top, though, BONK
is still up more than 56% in the past week, which is an impressive
return nonetheless. Overall in the past month, the meme coin is
carrying profits of 617%, showcasing just how strong the coin’s
recent rise has been. Featured image from Shutterstock.com, charts
from TradingView.com, Santiment.net
Internet Computer (COIN:ICPUSD)
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Internet Computer (COIN:ICPUSD)
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