XRP, SHIB, BAND witness sharp rise in new wallets, signaling investor engagement
SHIB and BAND see spikes in new wallets and activity
Santiment, a leading information and analytics platform, has reported significant network growth among several altcoins, indicating heightened investor interest and engagement. The report highlights XRP Ledger, Shiba Inu (SHIB), and Band Protocol (BAND) as projects demonstrating the most notable increases in new wallet creation.
On December 2, XRP saw the creation of 22,357 new wallets, SHIB added 7,548 wallets, and BAND registered 35 new wallets. These figures represent a substantial spike compared to the usual growth rates of each project, signaling an influx of new participants into their respective ecosystems.
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XRP reaches a historic milestone
Ripple’s XRP has reached a market value of $2.75, its highest price since April 8, 2018. This seven-year high reflects a renewed interest in XRP, driven by significant accumulation from institutional and retail investors. The surge comes amid a broader increase in activity on the XRP Ledger, solidifying the cryptocurrency’s status as a key player in the market.
The activity spike aligns with broader trends in the cryptocurrency market, where increased retail participation is fueling short-term price volatility. However, experts view the rise in active wallets and on-chain utility as a long-term bullish indicator. According to Santiment, heightened blockchain activity demonstrates growing interest in XRP’s core use cases, particularly as the cryptocurrency strengthens its position in remittance and cross-border payments.
SHIB and BAND show promising growth
Shiba Inu, another altcoin highlighted by Santiment, added over 7,500 new wallets to its network. The meme-inspired token has consistently attracted retail interest, and this recent spike indicates sustained community engagement. Meanwhile, Band Protocol recorded 35 new wallets, a significant figure for a project of its size, reflecting increased interest in decentralized oracle solutions.
Market implications
Santiment notes that these network growth spikes indicate crowd engagement, mixed with optimism and euphoria. While this may result in short-term price volatility, the increased utility and adoption of these blockchain networks point to a positive long-term outlook.
The rise in active wallets for XRP, SHIB, and BAND reflects a broader trend of growing retail and institutional interest in the crypto space. As market dynamics evolve, these developments may drive further innovation and adoption, reinforcing the resilience of these altcoins in a competitive market.
Earlier, it was reported that the altcoin market has reduced its reliance on Bitcoin dominance. Recent data shows that stablecoins are now playing a more significant role in shaping altcoin markets.
