According to @StakeWithPride on Twitter, the upcoming Midnight airdrop is set to distribute tokens to millions of Cardano (ADA) wallets, which could significantly inflate the number of active wallets as tracked by analytics firms like Messari. This event is likely to cause a short-term spike in on-chain activity metrics, which many traders use as bullish signals for ADA price action (source: @StakeWithPride, Messari). However, such increases may not reflect genuine organic usage, potentially leading to misleading trading signals if the wallet activity is solely a result of the airdrop. Traders should exercise caution and differentiate between airdrop-driven wallet activity and sustained user engagement when making trading decisions.

According to @adamscochran on Twitter, many crypto projects use vanity metrics such as total value locked (TVL), fake partnerships, and reported active wallets to create a perception of progress, due to the incompatibility of 'Internet capital markets' with the real challenges faced by startups. This suggests that traders should scrutinize these metrics carefully, as they are often used to attract mercenary capital and may not reflect genuine growth or sustainability (source: @adamscochran via Twitter). Understanding the true fundamentals behind these metrics is crucial for trading decisions and risk management in the crypto market.

According to @bolsaverse, the Monad network currently hosts over 150 million active wallets, highlighting the significance of maintaining activity in wallets that received testnet MON. This strategy becomes particularly pertinent if these wallets house a soulbound NFT for platforms like Twitter or Cipher, signaling potential future value and engagement opportunities.

According to Santiment, Chainlink is experiencing significant dip buying by key stakeholders with 1,659 daily transactions over $100K, marking a high since 2023. Additionally, there are 9,531 active wallets, the most in four weeks. Traders should monitor Chainlink as altcoins begin to rebound.