Here are the various altcoins that Santiment has identified to have been the most trending cryptocurrencies of the past week. "Santiment analyzes top trending altcoins from last week."
Altcoins Like BONK Or SOL Saw Most Traction In Past Week
In a recent insight post, the on-chain analytics firm Santiment discussed some alternative cryptocurrencies that have gained attention in the past week. Santiment determines tokens to be "trending" based on significant attention received on social media in the past 24 hours.
The following chart displays the top altcoins for each day of the past week according to this metric:
From the graph, it is evident that the Solana-based meme coin BONK has garnered significant attention on social media platforms during this period. This can be attributed to its listing on the two largest cryptocurrency exchanges, Coinbase and Binance.
Injective Protocol (INJ) has also consistently appeared on the Trending Tokens list. According to Santiment, the altcoin's popularity stems from its rally and anticipation for an upcoming airdrop.
Solana (SOL), the sixth-largest cryptocurrency by market cap, has been a topic of discussion among social media users. The analytics firm notes that SOL's climb in ranks between December 11 and 17 is linked to several high-profile projects and partnerships, as well as its challenge to Ethereum's dominance in Web3.
Internet Computer (ICP) has also gained traction in the last week, with a surge of over 73%. However, the altcoin has experienced a significant decline after reaching a high above $11.5, and is currently trading around $9.75.
In summary, this week highlighted the impact of market catalysts, such as exchange listings and pivotal updates, on project sentiments and trading activities, as stated by the analytics firm.
BONK’s Exchange Listing Hype Has Observed Some Cooldown
After being listed on the mentioned platforms, the price of the meme coin BONK surged to a new all-time high above the $0.0000349 level. However, this surge was unsustainable, and profit-taking quickly caused the altcoin to fall back down.
Subsequently, BONK experienced a significant drop to the $0.0000206 mark. Below is a chart depicting the performance of the meme coin over the past month.
Despite experiencing a 41% drawdown from its peak, BONK has still gained over 56% in the past week, reflecting a significant return. Overall, in the past month, the meme coin has demonstrated profits of 617%, highlighting the substantial growth of the coin.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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