Chainlink and Cardano have emerged at the forefront of a recent analysis by crypto intelligence agency Santiment, showcasing the altcoins with the most significant developer engagement over the last month. This revelation places Chainlink at the pinnacle with a developer activity score of 451.23, closely followed by Cardano (ADA) at 444.7 points. Such heightened developer interest in LINK suggests an acceleration in its efforts toward integrations and institutional onboarding.
Despite this promising developer engagement, the price responses of LINK and ADA remain modest, with LINK experiencing a 1% rise and ADA a 0.6% increase over the past week. This modest price movement comes amid broader market trends.
Chainlink (LINK) has seen a decrease of 1.71% in its price over the last day, bringing it to $18.02 at the press time. This change is also reflected in its market capitalization, which saw a similar decrease of 1.71%, bringing it to approximately $10.58 billion and placing Chainlink as the 14th largest cryptocurrency by market cap.
In a similar pattern, Cardano (ADA) has encountered a downturn of 1.95%, taking its price to $0.6222. Cardano’s market capitalization has decreased by 1.98%, now standing at about $22.13 billion.
Surprisingly, Status, an altcoin born out of the 2017 ICO craze, secured the third spot with a score of 434.5. Status aims to rival platforms like Telegram and Discord. After raising $100 million through its native token SNT in 2017, Status encountered numerous challenges in product delivery. Yet, a recent announcement highlighted the impending launch of its app’s beta and alpha versions.
The list also features other noteworthy altcoins such as Optimism (OP), Hedera (HBAR), Polkadot (DOT), Kusama (KSM), Internet Computer (ICP), Ethereum (ETH), and Cosmos (ATOM), all recognized for their dynamic developer communities.
Interestingly, Solana, despite its impressive growth in project numbers, TVL, and daily users, was not featured on Santiment’s list. This absence points to the complexity of using developer activity as a solitary metric for predicting price movements. Additionally, it underscores the breadth of factors, including Santiment’s specific methodology, that influence the evaluation of an altcoin’s market potential.
