ADA, AXS, MANA, ELON Showing Bullish Spikes in Onchain Metrics

In a recent tweet, prominent market tracker Santiment highlighted the noteworthy crypto projects that have led in various on-chain alpha metrics based on their performance observed since August. Specifically, Santiment highlighted about ten cryptocurrencies that recorded bullish spikes against their respective three-month average.

Notably, the metrics used to measure these bullish spikes include active addresses, network growth, whale transactions, shark/whale accumulation, social dominance, and exchange outflow.

The market tracker noted that in terms of active addresses representing unique network addresses, cryptocurrencies Axie Infinity (AXS) and AERGO have seen remarkable performance. AERGO also stood out in its three-month average network growth, which measures new addresses on the network.

Furthermore, Santiment noted that crypto assets AERGO, Smooth Love Potion (SLP), and ELON recorded spikes in whale transactions, specifically those involving $100,000 or more. Moreover, it disclosed crypto assets MC and GRT as the notable contenders in shark and whale accumulation. This metric assesses the ratio of an asset’s total supply held by wallets with approximately $100,000 to $1 million coins.

Another key metric, mean age, denoting the average age of coins held in wallets over time, exhibits strong performance in the case of AXS and the ten-billion dollar crypto project Cardano (ADA).

Also, Santiment mentioned Decentraland (MANA) and INJ tokens as the frontrunners in their social dominance metric. Notably, this metric calculates the share of the discussions in crypto media that is referring to a particular asset or phrase. Furthermore, regarding exchange outflow, reflecting the supply moving off exchanges, Santiment noted the MAGIC token as exhibiting a three-month bullish spike.