As per Santiment, development activity has picked up decisively since the start of the year which reflected the platform’s commitment to its targets. The price has evidently followed the uptick in development activity.However, on-chain indicators didn’t compliment the growth in development activity. The Network value to transactions ratio chased the higher values, as per Glassnode.
This suggested that the coin was overvalued and market cap did not justify network activity. The transaction count dipped after peaking in December. Furthermore, the interest among big addresses stayed flat throughout the last few days. This could be due to the prolonged period of low volatility that has gripped the wider crypto market.
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