What does the network growth index of CHZ, MANA and ENJ say about NFT space?

Social analysis is a great way to learn market trends and predict which tokens or altcoins are gaining a niche for themselves. Lately, the altcoin space has been doing well as many predict the old season. But that’s not the case, at least not yet.

The area that has seen a lot of prominent movement, however, is the NFT market, where the three largest ERC20-NFT “blue chips” – Chiliz (CHZ), Decentraland (MANA) and Enjin (ENJ) – are making some strides.

What does the network growth index of CHZ MANA and

Source: Sanbase

The DeFi space has been doing well since early 2021, although the ecosystem is showing few signs of cooling. It recently reached a new milestone: the total number of unique addresses finally reached 3 million. In fact, the total market capitalization of the top 100 DeFi tokens started growing rapidly in mid-January and peaked in mid-May before the market sold out.

Additionally, DeFi has generated interesting spikes on Google Trends that follow DeFi’s cumulative market capitalization chart. Many experts argue that the rise of DeFi has made non-fungible tokens (NFTs) more liquid, allowing users to view them as a more realistic investment option.

1626579836 462 What does the network growth index of CHZ MANA and

Market capitalization of the 100 best DeFi-Coins | Source: Coin Gecko

What’s wrong with the blue chip NFT?

The price movements of CHZ, MANA, ENJ are almost coordinated. CHZ is up 35% from the bottom and MANA is up 70%. In particular, CHZ saw a 3,690% increase between February and March, and ENJ rose from $ 0.50 in February to $ 3.2 a month.

1626579837 877 What does the network growth index of CHZ MANA and

CHZ price table | Source: Tradingview

More recently, DeFi has picked up pace after Jack Dorsey announced that Square was starting a company focused on “decentralized financial services” with Bitcoin. Many in the industry also see the growth of NFT as evidence of how this financial sector can lead to promising developments such as the introduction of Web 3.0.

The above three NFT tokens have significantly increased the number of active addresses. A June 30 surge related to the issuance of UFC tokens on Chiliz put CHZ at the forefront of on-chain addressing activity. The other two tokens were up around 30% over the same period. At the time of going to press, the number of active CHZ addresses also rose sharply.

CHZ MANA ENJ

Company address: CHZ (Pink), MANA (red), ENJ (Yellow) | Source: Sanbase

While metrics like active addresses and whale gathering paint a good picture for all three, the network growth metric seems to tell a worrying story. Likewise, the trading volumes, as they are decreasing. Most notably, CHZ has more active whales than MANA and ENJ, although whale activity appears to be declining in CHZ. Its network growth index is almost stationary, while the price increases show a lack of confidence in the strength of the network.

CHZ MANA ENJ

Network development index: CHZ (Pink), MANA (red), ENJ (Yellow) | Source: Sanbase

CHZ MANA ENJ

Whale trade: CHZ (Pink), MANA (red), ENJ (Yellow) | Source: Sanbase

The slowdown in network growth across the DeFi board is due to the many negative news so far. Recently, the DeFi Education Fund announced the liquidation of half of the 1 million UNI tokens donated through UNI governance. Likewise, ChainSwap’s cross-chain bridge was attacked for the second time in 8 days, just a week ago.

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What does the network growth index of CHZ, MANA and ENJ say about NFT space?

Social analysis is a great way to learn market trends and predict which tokens or altcoins are gaining a niche for themselves. Lately, the altcoin space has been doing well as many predict the old season. But that’s not the case, at least not yet.

The area that has seen a lot of prominent movement, however, is the NFT market, where the three largest ERC20-NFT “blue chips” – Chiliz (CHZ), Decentraland (MANA) and Enjin (ENJ) – are making some strides.

What does the network growth index of CHZ MANA and

Source: Sanbase

The DeFi space has been doing well since early 2021, although the ecosystem is showing few signs of cooling. It recently reached a new milestone: the total number of unique addresses finally reached 3 million. In fact, the total market capitalization of the top 100 DeFi tokens started growing rapidly in mid-January and peaked in mid-May before the market sold out.

Additionally, DeFi has generated interesting spikes on Google Trends that follow DeFi’s cumulative market capitalization chart. Many experts argue that the rise of DeFi has made non-fungible tokens (NFTs) more liquid, allowing users to view them as a more realistic investment option.

1626579836 462 What does the network growth index of CHZ MANA and

Market capitalization of the 100 best DeFi-Coins | Source: Coin Gecko

What’s wrong with the blue chip NFT?

The price movements of CHZ, MANA, ENJ are almost coordinated. CHZ is up 35% from the bottom and MANA is up 70%. In particular, CHZ saw a 3,690% increase between February and March, and ENJ rose from $ 0.50 in February to $ 3.2 a month.

1626579837 877 What does the network growth index of CHZ MANA and

CHZ price table | Source: Tradingview

More recently, DeFi has picked up pace after Jack Dorsey announced that Square was starting a company focused on “decentralized financial services” with Bitcoin. Many in the industry also see the growth of NFT as evidence of how this financial sector can lead to promising developments such as the introduction of Web 3.0.

The above three NFT tokens have significantly increased the number of active addresses. A June 30 surge related to the issuance of UFC tokens on Chiliz put CHZ at the forefront of on-chain addressing activity. The other two tokens were up around 30% over the same period. At the time of going to press, the number of active CHZ addresses also rose sharply.

CHZ MANA ENJ

Company address: CHZ (Pink), MANA (red), ENJ (Yellow) | Source: Sanbase

While metrics like active addresses and whale gathering paint a good picture for all three, the network growth metric seems to tell a worrying story. Likewise, the trading volumes, as they are decreasing. Most notably, CHZ has more active whales than MANA and ENJ, although whale activity appears to be declining in CHZ. Its network growth index is almost stationary, while the price increases show a lack of confidence in the strength of the network.

CHZ MANA ENJ

Network development index: CHZ (Pink), MANA (red), ENJ (Yellow) | Source: Sanbase

CHZ MANA ENJ

Whale trade: CHZ (Pink), MANA (red), ENJ (Yellow) | Source: Sanbase

The slowdown in network growth across the DeFi board is due to the many negative news so far. Recently, the DeFi Education Fund announced the liquidation of half of the 1 million UNI tokens donated through UNI governance. Likewise, ChainSwap’s cross-chain bridge was attacked for the second time in 8 days, just a week ago.

At home at home

According to AMBCrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

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