Cryptocurrencies To Watch: Week of October
Keep an Eye on These Coins
The cryptocurrency market had a good week last week as bitcoin crossed the $20,000 barrier and most other cryptocurrencies had double-digit increases. The market may seem to be moving towards a bullish period, but it will take a while for it to reach its highs.
This week, we’ll look into The Sandbox, Flow, Shiba Inu, Ethereum, and Dogecoin (DOGE) (SAND). The decision is made in light of recent developments that are favorable, noteworthy news stories, and price fluctuations, among other things.
KEY TAKEAWAYS
- The greatest gainer over the last week was DOGE, which had a gain of over 100% as a result of Elon Musk, a lover of Dogecoin, taking over Twitter.
- Another well-known meme currency, SHIB, increased by 22% because to a strong burn rate and interest in the Shibarium upgrade.
- Following comments by the CFTC Chair that he thinks ETH is a commodity, not a security, ETH increased by 23% to $1,636.
- As new tools for blockchain development were made available, the price of the FLOW token rose by 17%.
- Upon hearing that Gucci and Binance US were be collaborating, SAND witnessed a 19% increase.
Dogecoin (DOGE)
Dogecoin (DOGE), which has increased by more than 100% and is presently trading at roughly $0.14, has had the strongest performance over the last week. In terms of market cap, DOGE has beaten all other coins in the market and surpassed Cardano’s ADA, moving it up to eighth place. Over the last weekend, a sizable wave of liquidations was brought on by the token’s price increase.
Elon Musk‘s purchase of Twitter is to blame for the sharp increase in price. Tesla also accepts payments in DOGE, and Musk is well known to be a fan of the cryptocurrency. The businessman recently made a suggestion that Twitter may accept cryptocurrency payments. The team is developing a Layer2 scaling solution as well as substantial amounts of the currency have been acquired by crypto whales.
Shiba Inu (SHIB)
Investors were interested in other meme coins in addition to DOGE last week. Over the previous seven days, the price of Shiba Inu (SHIB) increased by 22%. Even while it isn’t nearly as remarkable, it still stands out from the competition. Last week, SHIB began trading at $0.0000099 and ended at $0.0000121.
There are several explanations as to why this may have occurred. SHIB is the second most popular meme coin after DOGE, and they frequently go hand in hand. The coin has a high burn rate, which may have contributed to the bullishness.4 Burning tokens drives up value by reducing supply. Shibarium, the project’s much awaited Layer 2 scaling solution, is also inspiring expectations of a price hike.
Ethereum (ETH)
Ethereum, the biggest platform for smart contracts, has also seen a considerable increase, rising by 23% over the previous week. As opposed to the meme coins, the reasons why this occurred are less obvious.
Rostin Behnam, the chair of the CFTC, stated that he believes that ETH is a commodity, which may have had some influence.
6 The amount of money invested in DeFi protocols is indicated by the total value locked in Ethereum, which has been rising. Currently, it is worth about $32 billion.
ETH was trading at $1,328 a week ago and is currently at $1,636.
Flow (FLOW)
The NFT token increased by 17%, while the gaming-focused blockchain Flow also had a successful week. The expansion of the token is probably due to a number of technical advancements.
There are new tools available for utilizing Flow’s smart contract language and for expanding on it. It was produced by the DZone development community and is known as Cadence. 8
NFT Tweet Tiles, which make information about NFTs on Twitter more obvious, are now also supported by Flow.
9 The price of the coin is now $1.72.
The Sandbox (SAND)
Another well-known blockchain network with a gaming-focused focus is The Sandbox, whose celebrity-friendly metaverse is widely used. Those who fervently think that metaverses will play a role in the future will be pleased with the 19% price increase for the SAND token. The price of the trade right now is about $0.73.
Gucci and the project are now working together to introduce the GucciVault in its metaverse. The SAND cryptocurrency will be listed on Binance US, too. 10
This article is not a suggestion by Investopedia or the author to invest in cryptocurrencies or other initial coin offerings (ICOs), as doing so is very dangerous and speculative. A skilled expert need to always be contacted before making any financial decisions because every person’s circumstance is different. No guarantees or claims are made by Investopedia on the timeliness or accuracy of the information provided here. The author does not currently possess any of the aforementioned cryptocurrencies as of the date this post was written.
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Cryptocurrencies To Watch: Week of October
Cryptocurrencies To Watch: Week of October
Cryptocurrencies To Watch: Week of October
Cryptocurrencies To Watch: Week of October
Cryptocurrencies To Watch: Week of October
Cryptocurrencies To Watch: Week of October
Cryptocurrencies To Watch: Week of October
Cryptocurrencies To Watch: Week of October