Five altcoins hit three-month new-wallet highs amid selloff

Santiment reported on June 3 that five altcoins — DeXe (DEXE), Ethena (ENA), LayerZero (ZRO), Litentry (LIT) and Worldcoin (WLD) — recorded their highest new-wallet activity in at least three months as the broader crypto market fell. The data showed a rise in first-time addresses interacting with those tokens during a period of heavy selling.

Santiment counts network growth as the number of addresses that interact with an asset for the first time. Market analysts use that metric to measure new interest and adoption. The spikes covered several sectors: governance for DeXe, a synthetic dollar for Ethena, cross-chain interoperability for LayerZero, and identity-focused projects for Litentry and Worldcoin.

The fresh-wallet activity occurred as major cryptocurrencies declined. Bitcoin fell more than 13% over the week and slipped below $65,000, while Ethereum dropped about 13.6% in the same period. The total crypto market value declined by over 10% to roughly $2.1 trillion. Santiment cited ETF outflows and a disclosed Bitcoin sale by MicroStrategy as factors affecting market sentiment.

Santiment wrote, “The fact that these spikes occurred during or immediately after a market dip is particularly noteworthy, as it suggests traders may have been viewing the pullback as an opportunity to accumulate.” The firm added that past network-growth surges have sometimes been followed by mid-term relief rallies, but a single observation does not establish a trend.

Worldcoin stood out among the five tokens, rising roughly 79% over the past week. Arthur Hayes suggested a $10 price target for WLD, and a note from Maelstrom projected a nearer-term $5 level by August.

Santiment noted that follow-through activity and broader market conditions will determine whether the new-wallet spikes lead to sustained price changes.