Litecoin and Dogecoin are leading the charge in altcoin user adoption, boasting the highest number of active wallets. Chainlink, meanwhile, shows promising growth potential, echoing Ethereum’s past price trends.
The altcoin market cap has experienced significant fluctuations recently. After peaking at $1.082 trillion on July 21, it dropped to $1 trillion by July 25, though it has since rebounded slightly above the $1 trillion mark.
Santiment, a cryptocurrency market intelligence platform, has highlighted the growth in non-empty wallets for notable altcoins over the past decade.
Altcoin adoption: Leaders and laggards
Litecoin and Dogecoin have emerged as frontrunners in user adoption among major altcoins, showcasing a strong and expanding holder base. According to Santiment, Litecoin, often referred to as “Bitcoin’s silver,” leads with around 8.08 million non-empty wallets, indicating broad acceptance among investors. Dogecoin follows with 6.69 million non-empty wallets, reflecting robust user engagement despite its meme coin origins.
Santiment’s analysis also shows significant growth in non-empty wallets for several altcoins, indicating rising user adoption. XRP and Cardano are notable mentions, with 5.24 million and 4.48 million wallets, respectively. Shiba Inu, another popular meme coin, has 1.39 million wallets, highlighting its popularity.
Potential surges for LINK and DOGE?
Discussions around altcoins often focus on their market trajectories. Chainlink, with 722,000 non-empty wallets, is trading at about $13.02, down 5.7% in the past day. Analysts see parallels between Chainlink’s current chart pattern and Ethereum’s 2021 trajectory, suggesting potential for significant gains.
One analyst noted that Chainlink’s chart alignment with Ethereum’s makes him bullish on Chainlink.
Dogecoin, trading at $0.1249 with a 6.4% decline, has seen accumulation by crypto analyst Ali, who believes in its long-term potential. Ali noted that Dogecoin often consolidates in a descending triangle, rallies by 140% to 230%, then retraces before entering a bull run.
CryptoQuant data shows neutral Relative Strength Index (RSI) readings for both Chainlink and Dogecoin, with Chainlink’s RSI at 55 and Dogecoin’s at 65. Despite recent declines, many Dogecoin holders remain profitable.
