Cryptocurrency analysis firm Santiment's analysts recently delved into three altcoins, namely Pepe (PEPE), Fetch AI (FET), and Ethereum Name Service (ENS), highlighting a common trend among them. The analysts observed a significant surge in network growth across these altcoins, particularly in the number of newly created wallets. This uptrend in wallet numbers is seen as either driven by fear of missing out (FOMO) as prices soar or as indicative of a potential bullish momentum.

The surge in wallet numbers for ENS was specifically attributed to FOMO resulting from price increases. Conversely, FET made headlines for its collaboration with two other AI-themed altcoins, leading to a notable token merger. This partnership fueled an increase in wallet count for FET as well. Analysts cautioned about expecting high volatility in FET's trajectory, especially in anticipation of a merger date originally planned for June but shifted to July 15, 2024.

Note: This analysis does not constitute investment advice.