Cryptocurrency investors often have differing views on how vital it is to constantly innovate and evolve cryptocurrencies. Some might argue that the dev team isn’t important for an entity that currently works as intended with minimal issues. But the truth is that development activity is a critical metric to consider when evaluating a cryptocurrency. In this article, we will share the list of altcoins that attract the most attention in terms of developer activity.
Santiment: These altcoins are leaders in developer activity
Providing cryptocurrency data, Santiment tracks development activities as a metric to evaluate cryptocurrencies. It’s important for an asset’s team to keep track of the raw number of Github activities. However, this can be quite misleading. Many updates may be unnecessary. Also, some Github tools count each Slack message one by one, making their raw count meaningless. To address this, Santiment filters out excess data and ignores routine updates or Slack conversations that don’t contribute to an asset. There are three things to consider when an asset has high rates of development activity:
- The team behind the project believes that the project will be successful.
- The project provides more features.
- The project is less likely to be an exit scam.
🧑‍💻 Top 3 #crypto asset development activity: notable #github commits, past 30 days:
T1) #Polkadot $DOT
T1) #Kusama $KSM
3) #Cardano $ADARead our insight on the top 20 as we explore why notable #github activity tracking can be such a great aid. 👇https://t.co/gZHahGsIcb pic.twitter.com/vq0clhjALw
— Santiment (@santimentfeed) April 27, 2023
According to Santiment, there are 20 leading assets in terms of development activity in the last 30 days. These are generally established and developing projects. It is noteworthy that 17 of these 20 assets are in the top 100 market capitalization.
The projects on the list are not new
It should also be noted that all the projects on this list have been around for over a year. In the past six months, some assets have seen growth, while others have seen a decline. For example, Ethereum (ETH) experienced a price increase of 26%, while Flow (FLOW) experienced a price drop of 47%. All the projects on this list have also been in existence for over a year. Now let’s examine the price returns of each of them over the last 6 months:
- Vomiting (KSM): -12% Change
- Polkadot (DOT): -8% Change
- Cardano (ADA): +2% Change
- Cosmos (ATOM): -9% Change
- Hedera (HBAR): +1% Change
- Internet Computer (ICP): +5% Change
- Status (SNT): -6% Change
- Ethereum (ETH): +26% Change
- Decentraland (MANA): -14% Change
- Vega (VEGA): -17% Change
- Aptos (APT): +14% Change
- Chainlink (LINK): -1% Change
- IOTA (MIOTA): -23% Change
- Flow (FLOW): -47% Change
- Osmosis (OSMO): -37% Change
- MultiversX (EGLD): -18% Change
- Avalanche- BNB Chain (AVAX): +2% Change
- Avalanche (AVAX): +2% Change
- Filecoin (FIL): +1 Exchange
- Uniswap (UNI): -18% Change
A significant difference emerges when comparing the top 1-10 most developed assets with the top 11-20 most developed assets in the last six months. The average price change of the top 1-10 assets was -3%, while the average price change of the top 11-20 assets was -14%. This indicates a correlation between development activity and price performance. While development activity is a crucial metric, it is not the only metric to consider when evaluating a cryptocurrency. Investors should also consider other metrics such as market cap, trading volume, and overall market sentiment. With this, cryptocoin.comAs we have also reported, development activity can be an important factor to keep in mind when making investment decisions.
