Santiment recently released a list of the top 10 altcoins based on their development activity over the past 30 days.
Ecosystems are being built
As 2023 kicks off, the crypto industry continues to regroup after the devastation of the FTX crash, as development teams in primary blockchain networks build and expand their ecosystems.
Additionally, projects that bring together a large number of developers who use their time and expertise voluntarily can indicate a positive overall growth of the project, so the time devoted to the development of these projects can be considered a rather expensive resource.
Top 5 altcoins with the highest growth
Polkadot (DOT) and Kusama (KSM) share the lead for the most development events on GitHub as of January 25, according to data provided by Santiment. Working on the proof-of-stake mechanism, Cardano (ADA) ranked third in the development activity ranking with 337 points.
For those unaware, GitHub is cutting-edge software that facilitates collaboration between individual programmers and groups of programmers working on a single project. This platform is increasingly used in the crypto industry and is used by a wide range of people around the world, from coding experts to beginners. For example, this system is used by all emerging crypto startups to facilitate the interconnection of different concepts and programs.
Decentraland (MANA), Status (SNT), and Cosmos (ATOM) have completed the top five cryptos thanks to their development activities recorded on Github. Meanwhile, Filecoin (FIL), Internet Computer (ICP), Ethereum (ETH), and Concordium (CCD) rounded out the top 10 cryptocurrencies list.
Does token price mimic developer activity?
It should be noted, however, that Kusama is Polkadot’s sister chain for experimental development and early-stage deployments, and therefore shares the same score for development effectiveness. Cardano, on the other hand, has been in the top three for the last few months in a row. This was positively reflected in the price of Cardano (ADA), which has seen a roughly 50% increase in the last 30 days and an 8% increase in the last seven days.
cryptocoin.com As we mentioned, Decentraland, a leading Web3 metaverse project, has seen a 73% price increase recently, which has brought the altcoin back to its pre-FTX crash level. Other projects mentioned in the list, such as ICP, ATOM and FIL, have also witnessed significant increases in their valuations in the past weeks, with increases of 53%, 45% and 78%, respectively.
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