As an experienced analyst in the crypto market, I have seen firsthand how unpredictable and volatile this space can be. While it’s exciting to see individual cryptocurrencies yielding returns for their investors despite the overall market downturn, it’s crucial to approach each investment opportunity with caution.
Over the past week, the overall value of the crypto market has decreased, dropping from a total worth of $2.37 trillion to $2.27 trillion. Yet, it’s important to note that certain specific cryptocurrencies are still generating profits for their investors.
In this article, we showcase the ten cryptocurrencies with the best performance over the past week based on Coinmarketcap’s data, and provide some explanations for their price movements.
Table of Contents
Top 10 crypto gainers of the week
Let’s examine the most successful cryptocurrencies of the past week. We’ve compiled a list of the top performers, drawn from the first 300 results on Coinmarketcap. Some projects have been excluded due to their extreme volatility or high risk levels for crypto investors. However, keep in mind that many of the remaining projects should still be considered as carrying significant risks.
1. Popcat (POPCAT)
It’s no surprise that the most successful cryptocurrency of the past week is a meme coin themed around cats, known as POPCAT. This digital asset makes its home on the Solana blockchain and proudly offers no specific functionality or purpose beyond providing amusement value and fueling the speculative frenzy cherished by meme coin enthusiasts.
Over the past week, the value of POPCAT has surged by 72%, largely due to the addition of new exchange listings which have significantly increased the coin’s market liquidity.
2. Mog Coin (MOG)
If you’re still fond of meme coins featuring feline mascots, you’ll be intrigued by Mog Coin (MOG)! Ranking ninth on our list, this Ethereum-based meme coin boasts an added advantage of interoperability with Bitcoin through Multibit integration. According to the project website, Mog Coin enables users to buy goods and services using the coin.
MOG has experienced a significant surge of 59% over the past week. However, investors in cryptocurrencies need to exercise caution, particularly when it comes to speculative meme coins like Mog Coin. As a reminder, crypto.news published an article in May detailing potential security vulnerabilities with this coin. (Link provided below)
3. Rollbit Coin (RLB)
As an analyst, I’d rephrase it as follows: I analyze Rollbit, a cryptocurrency platform featuring its native token RLB. This week, RLB has seen a significant price increase of 41%. The surge can be linked to a recent announcement made by the casino that they will destroy, or burn, a certain amount of RLB tokens from circulation. Historically, such actions have led to an increase in token value due to the reduced supply in the marketplace, creating scarcity and potentially raising the price.
4. Delysium (AGI)
Delysium characterizes itself as a “virtual society powered by AI,” aiming to welcome one billion real users and an additional hundred billion virtual users. According to Bitget’s social data analysis, there were discussions about Delysium from a total of thirty-four users in the past twenty-four hours.
In the past week, the value of the coin has surged by 34%, fueled by the exciting announcement that the project will soon launch Agent-ID – a new feature enabling the integration of artificial intelligence agents onto their platform.
5. SingularityNET (AGIX)
SingularityNET’s AGIX token has experienced a 28% growth this week due to the upcoming merger with FET and OCEAN tokens. These three initiatives focus on artificial intelligence (AI), a highly sought-after sector in today’s financial investments and technology trends.
As an analyst, I would describe SingularityNET as a decentralized platform where artificial intelligence (AI) services and solutions are bought and sold. The AGIX token serves as the currency for users to participate in the platform’s decision-making process through voting on governance matters.
6. Ocean Protocol (OCEAN)
Ocean Protocol focuses on enabling individuals to earn revenue from their data and data-related offerings. This user-generated data monetization trend gained significant attention following the proliferation of the Internet of Things (IoT) and the ensuing controversy surrounding data breaches and perceived manipulation in social media platforms.
OCEAN is one of three tokens merging with AGIX, and is now up 30% for the week.
7. Fetch.ai (FET)
Fetch.ai is the third player in the mentioned merger. This project boasts significant partnerships and collaborations with industry giants like Bosch, along with a potential application in the smart city initiative of Munich, Germany. For more information on Fetch.ai, please check it out here.
The project offers AI services on demand, and its token is now up 30% this week.
8. Non-Playable Coin (NPC)
This quirkily titled initiative is a lighthearted take on meme coins, offering scant practical usage but rich in amusement. The NPC token satirizes the concept of herd mentality and the tendency of individuals to blindly purchase cryptocurrencies without conducting proper research, encapsulated by its tagline “I back the present token,” which is a humorous spin on a widely-used internet meme.
Over the past week, the value of the coin has risen by approximately 29%. This increase could be due to speculative rumors, which have yet to be confirmed regarding a potential Binance listing. However, it’s important to mention that the project has been actively promoting news articles as part of their marketing strategy. At present, there is no verified information indicating an imminent listing on Binance.
9. WEMIX (WEMIX)
WEMIX is a leading global platform for blockchain gaming. It boasts a user base of over 500,000 players engaged in various blockchain games on the site.
In 2022, WEMIX coin was removed from Bithumb, Upbit, Coinone, and Korbit due to accusations from these exchanges that WEMIX had provided them with misleading information during their application process for listing. However, WEMIX has experienced a growth of 28% over the past week.
10. Wrapped Centrifuge (WCFG)
As a Centrifuge network analyst, I’d explain it this way: On the Ethereum blockchain, there’s a token called Wrapped Centrifuge (WCFG), which functions as the Ethereum-compatible version of Centrifuge Finance (CFG) tokens native to the Centrifuge network. Centrifuge is an innovative DeFi platform that provides investing services for crypto derivatives. Since CFG isn’t directly accessible on Ethereum, investors can opt for WCFG instead, which aims to mirror and maintain stability in value equivalent to CFG.
WCFG is up 25% this week, as, of course, is CFG token, with WCFG rising slightly higher.
Assessing the best performing altcoins
When exploring the week’s top-performing altcoins, it’s easy to be drawn to projects that have experienced significant price increases recently. However, investing based on recent gains comes with no assurance of continued growth. The allure of high trading volumes can lead some investors to anticipate a coin becoming undervalued, potentially resulting in an oversold condition.
Intelligent investors carefully examine the practical value of leading cryptocurrencies, along with the standing and past achievements of their development teams and projects, in addition to taking a glance at recent market trends.
Instead of solely concentrating on charts and identifying top-performing cryptocurrencies, it’s essential to recognize that significant market participants have the power to go against the trend and inflict substantial losses on retail traders attempting to ride price waves.
The cryptocurrency at the top of this list is a meme coin that doesn’t have any declared use-case. Although its value may rise, these types of projects are notoriously unstable and can experience significant price fluctuations. Many people in the crypto community consider investing in such coins as a form of gambling rather than a strategic trading or investment move.
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2024-06-27 19:52