The cryptocurrency market is known for its fast-paced nature, with prices and adoption changing rapidly. This can lead to previously unknown projects quickly rising in value under the right circumstances, benefiting their holders. In a recent observation by crypto analysts from Santiment’s SanBase PRO subscription platform, it was noted that Loom Network (LOOM), Frontier (FRONT), and ImmutableX (IMX) were among the top-performing cryptocurrencies of the week.
The performance of these cryptocurrencies can be attributed to the growing demand for new crypto wallet addresses being created in their respective networks. According to Santiment, if this network growth is maintained, it could lead to further price rallies for these assets.
Loom Network saw the highest price appreciation among the analyzed projects, with a 145% increase and 304 new addresses created in the week. At the time of writing, LOOM is trading at $0.11 with daily gains of 5.36% in the last 24 hours.
Frontier had lower network growth compared to the other two projects, with 43 newly created addresses. However, this did not prevent the token FRONT from experiencing significant weekly gains of 138%. FRONT is currently priced at $0.35, with a small retrace of 1.77% in the last 24 hours.
ImmutableX, on the other hand, has the highest market capitalization among the analyzed projects. It registered a 29% price appreciation in the last seven days, with 174 new addresses contributing to its network growth. However, IMX lost 6.9% in the day, almost erasing half of the reported gains. It is currently priced at $0.61.
It is worth noting that these three cryptocurrencies have comparatively low market caps and liquidity compared to more established projects in the market. This makes them more susceptible to high volatility and quick changes in price.
As with any investment in cryptocurrencies, it is important to remember that investing is speculative, and there is always risk involved. This article does not constitute investment advice, and readers should perform their own research before making any investment decisions.
