Santiment, a cryptocurrency analytics firm, recently studied three altcoins – Pepe (PEPE), Fetch AI (FET), and Ethereum Name Service (ENS) – noting a common trend in the growth of their networks. All three coins showed an increase in the creation of new wallets concurrently. According to Santiment analysts, the sharp rise in the number of new wallet addresses typically indicates either fear of missing out (FOMO) triggered by rising prices or expectations of bullish market movements.
Fetch AI (FET), which has formed alliances with two other altcoins focused on artificial intelligence, has experienced a significant surge in wallet numbers. Analysts attribute this growth to the impact of these partnerships.
The project unexpectedly decided to burn 5% of its supply. Analysts also predict increased volatility for FET, especially with the initially planned mergers with OCEAN and AGIX in June, now postponed to July 15, 2024. They caution that significant market fluctuations for FET may be observed in the period leading up to the rescheduled merger date.
