Prominent analytics firm Santiment says a handful of low-cap altcoins are seeing a drastic rise in the count of new wallets created over the past week.
In a thread on the social media platform X, Santiment says the artificial intelligence (AI) related crypto project IQ.wiki (IQ) leads the pack after seeing a massive rise in network growth, with a 2,500% surge in new wallets created in the last seven days.
IQ bills itself as the “primary source of objective, high-quality knowledge on the internet today for everything 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 cap of $154 million at time of writing.
Next up is CARV (CARV), which saw a 1,800% increase in the number of new wallets created in just a week, according to Santiment. CARV is a modular data layer designed to enable users to control their data in the gaming and AI spaces. The project is the 474th-largest crypto with a market cap of over $130.78 million at time of writing.
Coming in at number three is Frax (FRAX), an ecosystem in the decentralized finance (DeFi) space that offers stablecoin, liquid staking and other financial products. According to Santiment, FRAX witnessed 1,283.33% growth in the number of new wallets created over a one-week period.
FRAX is the 155th-largest crypto project with a market cap of more than $647 million.
In fourth place is Safe (SAFE) with a 931.58% rise 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 cap of $478.69 million.
Other crypto projects that saw a significant surge in the number of new wallets created in the past week include the peer-to-peer energy platform Power Ledger (POWR), automated market maker Raydium (RAY), payment processing token Metal (MTL), decentralized exchange SmarDEX (SDEX) and layer-1 protocol DevvE (DEVVE).
According to Santiment, a project flashing network growth typically precedes price rallies.
“With rising utility comes rising market values, given enough time. Be patient, wait for Bitcoin to provide profits to be redistributed, and capitalize on projects like these.”
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