While the current market meltdown has had its triggers dating back to the unpegging of the UST stablecoin from Terra and the Fed’s actions in the face of rising inflation, Bitcoin (BTC), Ethereum (ETH) and the majority of altcoins have taken a massive blow in response. While BTC fell 5.91% to $21,238 last week, ETH fell 4.95% to $1,160.
While the losses are likely global, there are altcoins that have maintained relative growth over the past week as the slump intensified. This article reviews these tokens which include STEPN (GMT), Synthetic (SNX), Solana (SOL), Chainlink (LINK) and Choise.com (CHO).
Each of these tokens is sampled based on performance, and they represent various aspects of the blockchain economy, including non-fungible tokens (NFTs), Oracle, decentralized finance (DeFI), and centralized-decentralized finance (CeDeFi).
In this analysis, the trends presented over the past week are highlighted, along with the fundamentals driving the growth of each of these coins/tokens.
Performance basics of these tokens
Choise.com MetaFi Token (CHO)
At the time of writing, the MetaFi token CHO by Choise.com project is up 148% in the last 24 hours and over 180% in the last 7 days. Choise.com is a MetaFi platform that combines CeFi and DeFi services.
The Choise.com protocol promises to make DeFi offerings easier and more accessible for retail and institutional investors. CHO is showing enough potential to make it a valuable asset, and continued adoption could see it take another step above the $1.24 ATH.
Web3 STEPN Lifestyle App (GMT)
STEPN is a self-proclaimed “Web3 lifestyle app” with GameFi elements on the Solana blockchain. As a fitness platform, it works on “Move-to-Earn” which it combines with elements of Play-2-Earn as it claims to gamify healthy living.
It is currently changing hands at a price of $0.7426 and up 29.43% last week (here and below, June 21 prices). With its observed resilience, GMT is bound to capitalize on its growing popularity to chart more ambitious growth in the near future.
DeFi Synthetix Protocol (SNX)
Synthetix is a decentralized finance protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. The protocol allows users to be exposed to a wide range of assets without holding them directly.
SNX is up 8.02% in the last 24 hours at the time of writing and is trading at a price of $3.36. It was one of the biggest gainers of the past week, surging 69.82% to close the gap to its 90-day high at $8.11. If Synthetix continues this bullish momentum, its price could hit $6 in the next couple of weeks.
Solana Layer 1 Protocol (SOL)
Solana hosts many DeFi, NFT and Metaverse protocols as it is considered one of the working blockchain networks seeking to displace Ethereum.
With its growing ecosystem, the demand for SOL tokens has continued to rise and has helped the protocol maintain its position against the forces seeking to bring it down. Solana is up 27.35% last week.
Oracle Chainlink Protocol (LINK)
Chainlink is the first oracle protocol in the digital currency ecosystem that connects blockchain protocols to each other in search of data that may be needed for DApp development and functionality.
Priced at $6.68, LINK is a far cry from its ATH of $52.88, but easily among the best performers of the week, rising 18.67% at the time of writing. The token has a price target of $12 before the end of the third quarter.
Key points to remember
Although there are over 15,000 coins and tokens listed on CoinMarketCap, there are a handful of coins worth holding during this crypto winter. Investors looking for coins can start their research from these profiled coins, taking note of their resistance during times of market downtime.
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Top Five Coins To Explode As The Market Falls | Cryptocurrency
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