Over the past week, the Bitcoin and altcoin market has generally been on the decline. But meme coins, popular but risky cryptocurrencies that are sometimes portrayed in funny or animated memes, backed by avid online followers but with little or no real value, have seen massive price spikes. So, which altcoins should we pay attention to now? Here are the coins to watch out for, according to analyst Rahul Nambiampurath…
PEPE is the first among the altcoin projects that the analyst draws attention to.
This week, the analyst examined Pepe (PEPE), FLOKI (FLOKI), Stacks (STX), WOO Network (WOO) and TRON (TRX). When choosing these assets, he considered several factors, including positive technical developments, major news events, and significant changes in price. Based on this, PEPE ranked first on the list. Because, as we reported as Kriptokoin.com, meme coins were the stars of last week. None of them made a bigger profit than PEPE.
The price of the token, which has no value other than a meme, has more than doubled despite being well under a cent. Many question the token and the fact that the development team controls most of the supply. However, it still managed to record a 120 percent increase. But mostly, it seems that investors are in the token to make money fast. Binance also listed the token, which likely fueled the upside movement even more.
FLOKI (FLOKI) is one of the important altcoin projects of the week.
FLOKI is a not that popular meme coin even though it has been around longer than PEPE. The token probably “jumped the train” along with other meme coins. Thus, it increased by about 50 percent, as these tokens experienced a resurgence in the past week. The token was also listed on Binance, which may have contributed to the rising price. Unlike PEPE, FLOKI tries to provide other utilities such as use in a metaverse game. However, it seems that investors are more focused on the profits that a “meme coin season” can generate.
Stacks (STX)
Stacks (STX) coin has recorded a gain of over 10%, possibly due to the increase in the use of NFT on the Bitcoin network. Crypto enthusiasts are issuing NFTs on Bitcoin, and STX is benefiting from that. Stacks offers a Bitcoin layer for smart contracts that includes decentralized finance (DeFi) and NFTs, among other things. With smart contracts, developers provide instructions that enable the creation of decentralized applications.
Bitcoin Ordinals used in Minting are somewhat similar to NFTs in that they provide data to create unique assets on Bitcoin. These are individual satoshis created directly on the Bitcoin network. It contains only the media necessary to create the data NFT. It does not require an additional token or chain.
WOO Network (WOO)
The WOO Network (WOO) token is up more than 6% over the week. One reason for the rise is that it lists the popular SUI token on its platform without any fees. Another reason for the price hike seems to be making changes to the network’s community ambassador program, WOO Force.
TRON (TRX)
TRON’s TRX coin is up about 3%, possibly due to an announcement regarding a strategic collaboration with Huobi and BitTorrent. The theme of the collaboration is a “Memeverse carnival”. The collaboration aims to support the development of meme coins and their ecosystem.
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