Quant, an Ethereum token, used to power Quant Network’s Overledger software showed tremendous growth over the past months. Furthermore, it has been showing positive numbers in its market capitalization and social media dominance as well.
Could this coin be the underdog asset that can boost the growth of a crypto investor’s portfolio?
Showing promise
According to a report by Santiment, a leading crypto analytics firm, QNT’s market capitalization had grown over the past few days. This uptrend in market capitalization was the result of various positive developments that QNT witnessed.
Consider this- QNT’s trading volume was the highest since September 2021. Additionally, QNT’s address activity has been consistent. This can be observed from the chart below.
Whales had also been observed lending a helping hand to QNT’s growth. Over the past five months, whale addresses holding up to $100 thousand have been observed to show their interest in the token. And, they have added 15.4% more to their addresses during this duration.
Some of QNT’s growth could also be attributed to its powerful presence in the social media landscape. Over the past month, QNT’s social media presence saw a massive spike.
Its social media engagements appreciated by 78.81% and its social mentions grew by 31.25% in the last 30 days.
The attention that QNT received from social media was largely positive. As can be seen from the image below, QNT’s weighted sentiment metric was on an uptrend since the past week.
Source: Santiment
If Quant Network managed to capitalize on its growing social media presence, the QNT’s price may grow even further.
Something to look at
However, there are a few things that investors should consider before getting into a trade. QNT’s velocity had shown high volatility over the past month, and it depreciated over the past few days. This implies that the QNT token had not moved across addresses over the past few days.
Another alarming factor could be the spike in the number of transaction volumes in the loss. Even though the losses were relatively low over the month, on 28 September, the number saw a spike, and 116 thousand transactions were reported as losses.
Source: Santiment
At press time, Quant was trading at $131.26 and had depreciated by 0.54% in the last 24 hours.
It remains to be seen whether the dip in Quant’s prices was a momentary hiccup on QNT’s road to the top or emblematic of a bearish future.
Readers are advised to be cautious and do their research before entering any trade.
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