Here are the various altcoins that Santiment has identified to have been the most trending cryptocurrencies of the past week.
Altcoins Like BONK Or SOL Saw Most Traction In Past Week
In a new insight post, the on-chain analytics firm Santiment has discussed about some alts that have taken focus during the last week. Based on social media data, Santiment determines tokens to be “trending” if they have been receiving significant attention in the past 24 hours.
The below chart shows the top altcoins for each day in the past week on the basis of this metric:
Looks like certain coins have repeatedly appeared on these lists | Source: Santiment
From the graph, it’s visible that the Solana-based meme coin BONK has pretty much observed the highest amount of traction on social media platforms during this period.
The main reason behind the dog-themed coin being so trendy has been its listings on the two largest cryptocurrency exchanges in the sector, Coinbase and Binance.
Injective Protocol (INJ) has been another asset that has consistently appeared on the Trending Tokens list. Santiment explains that the source of the altcoin’s popularity lies in its rally and hype for an upcoming airdrop.
Solana (SOL), the sixth-largest cryptocurrency by market cap, has also been discussed by social media users. “Between December 11 and 17, SOL climbed the ranks, attributed to several high-profile projects and partnerships,” notes the analytics firm.
“The ecosystem’s growth and its challenge to Ethereum’s dominance in Web3 were hot topics among traders and enthusiasts,” adds Santiment. Solana has also enjoyed some sharp uptrend in the past day, as the asset has shot up around 11% during the period.
Unsurprisingly, Internet Computer (ICP) has also gained steam during the last week, as the asset has surged more than 73%. Since its high above $11.5, though, the altcoin has registered some significant decline, as it’s now trading around $9.75.
“In summary, this week spotlighted the power of market catalysts — from exchange listings to pivotal updates — and their profound impact on project sentiments and trading activities,” says the analytics firm.
BONK’s Exchange Listing Hype Has Observed Some Cooldown
Soon after the meme coin received its listings on the aforementioned platforms, the BONK price shot up towards a new all-time high north of the $0.0000349 level. This extraordinary surge proved to be unsustainable, however, as profit-taking quickly ramped up and the altcoin fell back down.
BONK has since registered a very significant drop to the $0.0000206 mark. Here is a chart that shows how the meme coin’s performance has looked like in the past month:
The price of the altcoin appears to have shot up recently | Source: BONKUSD on TradingView
Despite this drawdown of 41% from the top, though, BONK is still up more than 56% in the past week, which is an impressive return nonetheless. Overall in the past month, the meme coin is carrying profits of 617%, showcasing just how strong the coin’s recent rise has been.
Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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- Source: https://www.newsbtc.com/altcoin/santiment-breaks-down-trending-altcoins-week/
