u.today
Recent analytics report shows that the flagship cryptocurrency Bitcoin has left behind its rivals from the top 10 list — the original meme coin DOGE and Cardano’s native PoS token ADA.
The report shows that Bitcoin whales and smaller investors have been much more active recently than those of Dogecoin and Cardano.
Bitcoin beats DOGE and ADA by wallet activity
On-chain data aggregator Santiment has published a report about the recent activity of wallet owners who hold Bitcoin, Dogecoin and Cardano.
The tweet says that the number of non-empty Bitcoin wallets has been increasing at a rapid pace despite the high volatility, which has been causing “choppy prices.” As for leading altcoins, such as Dogecoin and Cardano, DOGE wallets grew earlier this year but have now flattened their rising curve.
As for Cardano’s ADA, Santiment says that it is “one of the few networks to see active wallets drop.”
📊 The total amount of non-empty #Bitcoin wallets are rapidly growing despite choppy prices. #Altcoin wallets for assets like #Dogecoin have flattened after enormous rises earlier this year. #Cardano is one of the few networks to see active wallets drop. https://t.co/itg9qMes7c pic.twitter.com/yrOlEQw3jy
— Santiment (@santimentfeed) April 27, 2024
Despite that data, another on-chain data company, cryptocurrency analyst and trader Ali Martinez, using Santiment data, has reported that over the past two weeks, a substantial drop in Bitcoin whales’ activity has been detected.
He suggested that a notable increase in Bitcoin whale transactions could contribute to boosting the Bitcoin price from the current $62,964 level.