Topperforming cryptocurrencies at present
The cryptocurrency market has experienced a decline over the past week, with the total market cap dropping from $2.37 trillion to $2.27 trillion. However, there are still some individual cryptocurrencies that have provided returns for their investors.
This article showcases the top 10 performing cryptocurrencies of the week, according to Coinmarketcap, and provides insights into the factors that may be driving their prices.
Top 10 Crypto Gainers of the Week
Let’s take a closer look at the top-performing cryptocurrencies this week. The list includes the biggest winners from the top 300 results on Coinmarketcap, excluding projects that are extremely volatile or high-risk for crypto traders. It’s important to note that many of the projects on this list still carry significant risk.
1. Popcat (POPCAT)
The best-performing coin this week is POPCAT, a meme coin based on cats. It operates on the Solana blockchain and is primarily focused on entertainment value and speculative gains. POPCAT has seen a 72% increase in price over the past 7 days, thanks to new exchange listings that have added liquidity to the market.
2. Mog Coin (MOG)
Mog Coin is another meme coin featuring cartoon cats as its mascot. It is built on the Ethereum network and can also bridge between Ethereum and Bitcoin through an integration with Multibit. While the project claims to allow users to purchase goods and services with the coin, it’s important to exercise caution when dealing with speculative meme coins. Mog Coin has seen a 59% increase in price this week.
3. Rollbit Coin (RLB)
RLB is the native crypto token for the Rollbit cryptocurrency casino and exchange. It offers discounts and rewards to users of the casino who purchase the coin. The recent surge in price, up 41% this week, can be attributed to the announcement of a token burn by the casino. Token burns can often lead to price increases due to the scarcity they create in the circulating supply of the currency.
4. Delysium (AGI)
Delysium is an “AI-powered virtual society” aiming to host one billion users. The coin has seen a 34% increase in price this week due to the release of Agent-ID, a system for introducing AI agents on the platform. However, it’s worth noting that only 34 users have discussed Delysium in the past 24 hours, according to Bitget’s social data summary.
5. SingularityNET (AGIX)
SingularityNET is up 28% this week following the announcement of a merger with the FET and OCEAN tokens. All three projects involve AI and have gained attention in the financial investment and technology markets. SingularityNET describes itself as a “decentralized AI marketplace” and allows users to vote on governance decisions using its native AGIX token.
6. Ocean Protocol (OCEAN)
Ocean Protocol aims to enable users to monetize their data and data-based services. The rise of the internet of things and data privacy concerns have made user-monetized data a hot topic. OCEAN, one of the tokens merging with AGIX, has seen a 30% increase in price this week.
7. Fetch.ai (FET)
Fetch.ai, another token involved in the merger, has partnerships and collaborations with major companies like Bosch. It offers AI services on demand and has a potential smart city use case in Munich, Germany. FET has seen a 30% increase in price this week.
8. Non-Playable Coin (NPC)
NPC is a meme coin that focuses on entertainment value rather than utility. It plays on the concept of mob mentality and mindless buying of crypto tokens without proper research. The coin has seen a 29% increase in price over the past 7 days, possibly due to rumors of a Binance listing. However, readers should be aware that the project has been actively promoting itself through various news articles, and there is no evidence of an upcoming listing at this time.
9. WEMIX (WEMIX)
WEMIX is a blockchain gaming platform claiming to be the largest in the world, with over half a million users playing blockchain games. The coin has seen a 28% increase in price this week. It’s worth noting that WEMIX was delisted from several exchanges in 2022 due to accusations of providing false information during the listing application process.
10. Wrapped Centrifuge (WCFG)
Wrapped Centrifuge is the Ethereum version of the CFG token native to the Centrifuge network. The Centrifuge project offers DeFi and investing services, allowing users to invest in crypto derivatives. WCFG has seen a 25% increase in price this week, in line with the increase seen in CFG token.
Assessing the Best Performing Altcoins
When considering the top gainers of the week, it’s tempting to invest in projects that have seen significant price increases recently. However, it’s important to thoroughly assess the underlying utility of these cryptocurrencies, as well as the reputation of the team and the project’s track record. Relying solely on recent price action may not provide a complete picture of a project’s potential.
It’s also important to remember that major players in the market can go against the flow and cause losses for retail traders. Meme coins, in particular, are highly volatile and subject to severe price swings. While prices may increase, investing in such coins is often viewed as gambling rather than trading or investing.
Please note that this article is for educational purposes only and does not constitute investment advice.
