The crypto market has been more cautious than ever in recent weeks. The market has been moving sideways with low liquidity for days without making any hard movements. In this article, you can find the 8 altcoins that took action with the recent announcements and the latest developments from the Blockchain world.
Altcoins waiting for important news in the week of May 22
Render Token (RNDR)
RNDR was one of the top earners last week, up 30%. This is probably because Apple has announced that it will launch the highly anticipated Mixed Reality (MR) virtual glasses. This announcement was of particular interest to Render Token. It is expected that the RNDR project will be a hub for graphics processing unit (GPU) applications used in the metaverse.
As a metaverse coin, RNDR could see more developers and users flock to the network for apps in Apple’s MR ecosystem. RNDR was trading around $1.86 last week. It is currently trading at around $2.52 with the latest increase.
Synthetix (SNX)
SNX has gained more than 10% in price, possibly due to a bid to add PEPE to its ecosystem. Synthetix Improvement Proposals (SIP) 2014 and 2015 add multiple new cryptocurrencies to the ecosystem, including PEPE.
Two SIPs are currently up for voting, proposing the addition of 8 new markets to Synthetix Perps:
SIP 2014 – PEPE, SUI, and BLUR
SIP 2015 – XRP, DOT, TRX, FLOKI, and INJIf approved, governance must then agree on parameters (fees, open interest, etc.) for each market.
— Synthetix ⚔️ (@synthetix_io) May 15, 2023
PEPE is a popular meme coin that gained more than seven times its value in the first week of May. The token, based on a frog meme, has caught the attention of the crypto community. Analysts say that with the addition of PEPE to Synthetix, SNX will become more attractive. This contributes to the SNX price increase. Traded at $2.09 last week, SNX is currently over $2.50.
Mask Network (MASK)
Mask Network (MASK) is up 13%, likely due to the team’s announcement of an investment in The Open Network (TON). TON is focused on consolidating various Blockchain networks into an open network. It is an open source platform once pioneered by Telegram. Mask Network will now focus on integrating TON’s technologies more deeply and its investment will go into further developing its decentralized social network.
Mask Network is thrilled to announce the investment in The Open Network (TON) @ton_blockchain as part of our building of the decentralized social network ecosystem.https://t.co/8iPQqUbu2s
— Mask Network (Bridge to #Web3) (@realMaskNetwork) May 16, 2023
MASK is currently $3.98, up from $3.84 last week. It slowly gathered new buyers throughout the week.
Injective (INJ)
Injective (INJ) is up 11%, possibly as it disclosed a collaboration with Dvision to launch NFTs for the metaverse. The announcement, which came as a surprise, will include Injective launch contracts for items created in the metaverse.
The product will allow users to participate in NFT prediction markets. It will also provide access to gamified experiences through Injective’s portal on the Dvision Network.
https://twitter.com/Injective_/status/1655341082706690049
XRP
XRP has gained about 10% over the past week. This is because of the supremacy it has achieved in the legal battle with the SEC.
Most recently, Ripple has won the battle to make court documents acceptable, with drafts and emails from the former SEC Corporation Finance Division director saying that Ether is not a security. Acceptance of the documents will help turn the case in Ripple’s favor. As Kriptokoin.com, we have included the latest developments from the SEC-Ripple case in this article.
Another win for transparency! Unredacted Hinman emails to be publicly available soon – stay tuned as the lawyers work through the mechanics to make that happen. https://t.co/o6puPypRHd https://t.co/qmaLVeQaP8
— Brad Garlinghouse (@bgarlinghouse) May 16, 2023
Technical analysis gives the green light on these 3 altcoins
Altcoin Sherpa shared in a tweet yesterday that it expects 20-50% gains from the altcoin market in the short term. The analyst named them Arbitrum (ARB), Sui (SUI), and Blur (BLUR) as examples. However, he warned that the possibility of ‘fixing’ reaching potential gains is still on the table.
I still think that many alts are short term bottoming. To be determined if this is any sort of trend reversal; I personally doubt it. Still, I think a 20-50% move up for many of these is coming (maybe further downside after that, though). $ARB $SUI $BLUR (I own some BLUR) pic.twitter.com/nQvHRByLq6
— Altcoin Sherpa (@AltcoinSherpa) May 23, 2023
You can take a look at the current price movements of ARB, SUI and BLUR prices on this page.
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