Top 3 cryptocurrencies by GitHub development activity in past 30 days
Traders’ views on how crucial it is for cryptocurrencies to undergo constant innovation and improvement are often diametrically opposed. While some believe that it’s essential for a team of developers to work...
Traders’ views on how crucial it is for cryptocurrencies to undergo constant innovation and improvement are often diametrically opposed. While some believe that it’s essential for a team of developers to work on enhancing an asset’s functionality, others question the necessity of such efforts when the cryptocurrency is already functioning as intended with few problems.
The ongoing development of a cryptocurrency is typically seen as a bullish indicator for the market, as advancements in the network, blockchain technology, and the overall ecosystem. This can enhance the appeal of the asset to potential investors, who may see continuous innovation as a promising sign of future growth and potential returns.
When analyzing the top 3 cryptocurrencies based on development activity via notable GitHub commits over the past 30 days, it is noteworthy that Polkadot (DOT) and Kusama (KSM) (sharing the red line) occupy the top two spots and share a similar trendline.
On the other hand, Cardano (ADA) is experiencing a significant amount of development, but its trendline has not shown the same level of growth seen in most of the other projects on the chart over the past three years. Despite this, Cardano’s ongoing development efforts indicate that the project is committed to improving its network and ecosystem, which could still result in significant future growth.
Top 20 assets by GitHub development activity
It is not surprising to note that 17 out of the top 20 assets with high development activity are also among the top 100 in terms of market capitalization. This indicates a strong correlation between assets that have experienced significant long-term price gains and those that boast dedicated teams working towards advancing the asset’s presence in the market.
By constantly striving to improve the functionality, features, and overall ecosystem of their asset, these teams can help ensure that their project remains competitive and relevant, which can ultimately contribute to sustained price growth over time.
According to Santiment, when a project exhibits high and thriving development activity rates, there are three things that can be inferred with a certain degree of confidence. Firstly, the fact that people are actively working on the project suggests that there is a belief that it will be successful in the long run.
Secondly, a high level of development activity typically indicates that the project is regularly shipping new features and improvements, which can be a positive sign for the user experience and future growth potential.
Finally, when a project is frequently and consistently being developed, there is a lower probability that it is just an exit scam, rug pull, or other fraudulent scheme, as these projects often lack genuine development activity and rely on deceptive tactics to attract investors.
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