XRP, Shiba Inu, and Band Protocol See Network Growth Surge: What This Means for Crypto Prices

• XRP and BAND saw the creation of 22,357 and 35 new wallets on Sunday, respectively.
• A massive 7,548 wallets were created on the meme coin project Shiba Inu.
• Santiment said that the rising number of wallets is bullish for the long term.

Many blockchain projects, including Shiba Inu (SHIB), XRP, and Band Protocol (BAND), have seen significant increases in their network activity, suggesting a jump in investors’ bullish sentiments. The network growth spikes were much higher than normal levels, and this means the prices could become volatile in the near future.

According to a post on X (formerly Twitter) by blockchain analysis platform Santiment, on Sunday alone, XRP added 22,357 new wallets, while 7,548 new wallets were created on SHIB, and BAND added 35 new wallets. The higher-than-normal activity levels point to higher prices, if the overall market sentiment remains bullish.

Santiment explained that the influx of new wallets “shows a high level of crowd engagement, mixed with a fair bit of euphoria,” adding that the increased retail engagement might make SHIB, XRP, and BAND volatile in the short term. But when it comes to the long term, this increasing network activity “is a promising sign of rising levels of utility on any asset’s blockchain,” the platform said.

At the time of publication, XRP trades at $2.69, up 13.21% in 24 hours; BAND is priced at $1.92, up almost 1% in the past day; and SHIB is trading at $0.00002934, down 5.34% in the same time period. 

XRP’s Price Explosion

XRP has shot up 441.18% in the last 30 days, claiming the third position in the crypto market. The digital asset has corrected 84 months of sideways price movement with a single bullish monthly candle, as seen in the chart below. The altcoin is already up 40% in December, thanks to the massive surge in buying volume.

Read also: XRP Climbs to Third Rank as Altcoins ALGO, SOL, THETA Surge

SHIB hit its eight-month high over the weekend due to the upcoming hard fork for Shibarium, which aims to enhance the scalability and efficiency of the L2 scaling solution, boosting the meme coin’s ecosystem. The hard fork is expected within the week.

BAND, a cross-chain data oracle platform, is up 92% in the past month after its recent integration with XRP Ledger. Price oracles went live on Ripple’s blockchain, allowing participants to use institutional-grade DeFi solutions.