Top 5 strongest coins in terms of address activity
Assets covered: SLP, SNT, NEXO, SAND, MANA
Metrics used: Active Addresses 24h
Charts Layout: https://app.santiment.net/charts/aa-trends-july-2021-6410
There has been a wild period in the past 48 hours.
Which of large ERC-20 coins seem to be exhibiting sustained strength in terms of their active addresses activity?
First, we will use a screener to remove low volume coins and ones with coinmarketcap rank below 200. To leave active coins and sort them by Daily Active Addresses change last day. Strongest DAA uptrend on top of the list. This screener: https://app.santiment.net/s/gVM8fucm
Second, we'll open each coin from this list and apply "Active Addresses 24h" metric to it.
Well, let me save your time and present top 5 tokens with strongest address activity trend.
1. Small Love Potion
A spike in SLP address activity is very impressive. It's absolute value is overwhelming! 32K Ethereum addresses interacting with this coin daily. Creating a strongest bullish divergence with price dropping 10% last day.
Active addresses growing along with price. It's a good sign. Nothing worrying here.
On one hand, we can see a nice bullish divergence between increasing address activity and relatively stagnant price. On another hand, active addresses could break their uptrend and drop from here.
4. The Sandbox
What do we see here. Some sort of a pattern. 1) Address activity spikes once in few days. 2) Price tops before. If history repeats itself, current uptick is a sign of ongoing price correction.
Addresses spike looking like finished already. Perhaps looking like a top sign, according to it's historical patterns. Price might be in danger.
You might want to have a look at up to date data on a chart layout: https://app.santiment.net/charts/aa-trends-july-2021-6410
And the screener: https://app.santiment.net/s/gVM8fucm
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.