Recent on-chain data reveals that the population of XRP “shark” and “whale” wallets has surged to an all-time high, coinciding with a significant rise in blockchain activity.
The on-chain analytics company, Santiment, highlighted two key metrics in relation to the XRP network in a recent analysis. The first noteworthy measure is the “Supply Distribution,” which, among other things, provides insight into the number of wallets within a specific coin range.
The range of particular interest is wallets holding over 1 million coins – translating to roughly $2.2 million based on the current exchange rate. Such a significant amount is typically held by only large-scale investors, colloquially referred to as ‘sharks’ and ‘whales’. The influence of these entities can be considerable due to their substantial holdings and is thus worth monitoring.
Santiment’s chart showcasing the trend in Supply Distribution for these large-scale holders over the past year reveals an uptick in the number of wallets holding over a million XRP coins. This suggests that new high-value investors may have entered the network. The number of such wallets has now reached a record high of 2,708.
The second metric of interest is the ‘Daily Active Addresses,’ which represents the unique total number of wallets involved in transactions on the network daily, either as senders or receivers. This metric is primarily indicative of the activity of smaller, retail entities on the network.
The data shows a significant spike in the XRP Daily Active Addresses, with an average of 295,000 active addresses per day in the past week. This is a considerable increase from the 35,000 to 40,000 active addresses per day observed over the previous three months.
Santiment concludes, “The XRP ledger is demonstrating substantial growth, both in terms of usage and key stakeholder activity.” It remains to be seen how these network metric changes will impact the cryptocurrency’s price.
Yesterday, XRP’s price soared past the $2.33 mark. However, the bullish momentum seems to have subsided with the price dropping back to $2.20.
