Five altcoins see new-wallet surge as crypto sells off

On June 3 five altcoins — DeXe, Ethena, LayerZero, Litentry and Worldcoin — recorded their highest new-wallet activity in at least three months, according to on-chain analytics firm Santiment. The increase in fresh addresses came as Bitcoin and Ethereum each fell more than 13% during the week and the broader market declined.

Santiment’s network-growth metric counts addresses that interact with an asset for the first time. Market analysts use that measure to gauge new interest and early adoption of tokens.

The five tokens represent different functions within the crypto ecosystem: DeXe focuses on governance, Ethena issues a synthetic dollar, LayerZero supports cross-chain interoperability, and Litentry and Worldcoin are tied to identity services.

Market context for the activity included a weekly drop of more than 13% in Bitcoin, which traded below $65,000, and a roughly 13.6% decline in Ethereum. The total crypto market value fell by more than 10% to about $2.1 trillion. Exchange-traded fund outflows and a disclosed Bitcoin sale by MicroStrategy were cited as factors that weighed on 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.”

Worldcoin drew particular attention: WLD rose about 79% over the past week. Market participants have proposed near-term price targets, including projections around $5 and $10.

Santiment and other on-chain analysts view repeated increases in network growth as a stronger indicator of sustained adoption than an isolated daily spike.