Crypto Analytics Firm Santiment: Bullish Signal Detected from Mid-Cap Ethereum and Solana Competitor

As per insights from blockchain analytics platform Santiment, a cryptocurrency ranked within the top 50 by market capitalization might be on the cusp of an upward movement.

According to data from the analytics platform, the native token of Aptos (APT), a blockchain equipped with smart contract capabilities, is potentially poised to achieve yet another significant increase in value. This comes in the wake of its collaboration with software giant Microsoft for joint ventures in artificial intelligence (AI) and web3 initiatives.

Following the announcement of its partnership with Microsoft to develop AI solutions for blockchain integration, Aptos has experienced a detachment from previous trends. The initial wave of FOMO (fear of missing out) among investors has now subsided. Nonetheless, the surge in trading volume and heightened developer engagement might indicate the potential for another notable surge in the token's value.

At the time of composing, Aptos is currently trading at $7.12, reflecting a growth of more than 7% over the course of the past seven days.

Santiment's analysis also reveals a relatively stronger performance from Shiba Inu (SHIB) when compared to other mid and low-cap altcoins. This shift in attention among traders towards the second-largest memecoin is becoming more prominent.

While the prices of various altcoins have experienced modest increases today, the majority of mid and small-cap cryptocurrencies are encountering challenges in gaining significant momentum over the weekly timeframe. Amid this context, Shiba Inu has emerged as one of the few areas of positivity. SHIB has surged by +19%, coupled with a noticeable rise in social activity volume.

Currently, Shiba Inu is trading at $0.0000118, showcasing an impressive surge of over 12% within the past 24 hours.

Regarding Ethereum (ETH), insights from Santiment indicate a noteworthy development. The ten most prominent addresses associated with the second-largest cryptocurrency based on market capitalization now collectively possess more than a third of the total supply.

The analytics firm points out, "Ethereum's top 10 addresses have been progressively expanding their holdings, accumulating an increasing portion of the overall coin supply. Over the span of five years, ownership by the largest 10 addresses has risen from 11.2% to a current 34.6% of the total ETH in circulation. This addition of 27.86 million ETH corresponds to a valuation of $51.6 billion."

Aug 12, 2023