The recent momentum of the altcoin market has waned a bit as Bitcoin dropped to around $22,000 last week.
There are those outperforming the market
While this is an improvement from where the market was trading a few months ago, there may be a few more resistance points that must be overcome before the market enters a bull run. Still, there are some cryptocurrencies that outperform the market.
Investors chose SingularityNET (AGIX), Render Token (RNDR), MAGIC (MAGIC), Shiba Inu (SHIB) and The Graph (GRT) this week. When choosing these assets, they considered various factors such as positive technical developments, important news and noticeable changes in price.
These 5 altcoins chosen by investors
SingularityNET (AGIX)
SingularityNET (AGIX), a project focused on decentralized artificial intelligence, is fueling growing interest in the free chatbot ChatGPT. The project’s AGIX token has seen a 150% price increase per week, probably due to the curiosity and influx of ChatGPT users. The altcoin is priced at around 44 cents.
SingularityNET allows users to browse and pay for AI services using AGIX currency. It is basically a decentralized marketplace for AI and is seeing massive development in its ecosystem.
Render Token (RNDR)
The price of Render Token has increased by 51% in the last week, probably due to two major developments. First, the project implemented a new iconic model called the Burn Mint Equilibrium (BME). He also launched the Render Network Foundation, a non-profit organization “dedicated to maintaining the core Render Network protocol and growing its community and ecosystem.”
Render allows users to render 3D designs over a distributed network. The RNDR token is used to pay for the service. According to cryptokoin.com data, RNDR started at $1.19 last week and is currently worth around $1.90.
MAGIC (MAGIC)
MAGIC (MAGIC) is a metaverse project and, judging by the performance of such tokens, it continues to dominate the investment trends in the crypto market. MAGIC is a major source of the Treasure metaverse, the decentralized, NFT ecosystem built for metaverse projects. The MAGIC token has gained around 50% in the last week, possibly as a result of this continued interest in the metaverse.
There is also a growing audience for blockchain-based gaming ecosystems, which seems to have had a positive impact on the MAGIC token. The associated Trove marketplace and Treasure ecosystem are also recording more activity. MAGIC is now priced at around $2 after starting at around $1.29 last week.
Shiba Inu (SHIB)
Meme token Shiba Inu (SHIB) has been performing quite well for the past few months despite the crypto winter. The developers of the project continue their efforts to detail the ecosystem that results in more transactions on the network. SHIB’s burn rate also increased, helping the price to rise as well.
Together these actions led to an increase of more than 23% for SHIB. The project is starting to become a utility token rather than a meme token, which could bode well for him in the future. SHIB started at 0.000012 cents last week and is currently priced around 0.000014 cents.
The Graph (GRT)
The Graph (GRT) posted a price increase of more than 48%, probably thanks to positive growth in some of its key metrics. Cypto market intelligence provider Messari has released a report on the project showing that the number of active indexers, delegators and curators for GRT has increased quarter-on-quarter.
In a proof-of-stake (POS) network like The Graph, indexers are node operators motivated by earning financial rewards. Although the grantors are financially motivated, they are responsible for validating the blocks, securing the network, and the overall functioning of the blockchain. Curators use GRT to indicate which subgraphs are valuable for indexing.
Graph is an indexing protocol that provides information to users with data from multiple sources. The Graph team is also working to support new chains in the network. The GRT is currently priced at around 13 cents.
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