With a few exceptions, the crypto market continues to decline. Bitcoin briefly dropped below $16,000, worrying investors. The last few days have exposed more financial mismanagement at FTX. As a result, it kept investors away from centralized exchanges. Crypto expert Rahul Nambiampurath examines 5 altcoin projects with surprises this week.
First altcoin project ApeCoin (APE)
ApeCoin (APE) has become one of the top earners in the last seven days, with the APE token up 16%. The altcoin is currently trading at around $2.99. There is no specific development or explanation that promotes this development. The only plausible reason for the increase in price is that the project has announced that it has no existence in FTX. Accordingly, it revealed that treasury assets are held in segregated custody accounts through Coinbase Custody.
Second project Lido DAO (LDO)
The Lido DAO (LDO) token saw a 12% price increase over the week. The probable reason behind the price increase is that Lido’s staking yield increased by 10% annually. This is an all-time high since Ethereum Merge took place. As you know from Kriptokoin.com, Lido DAO provides a liquid staking solution for the Ethereum network. Users use their Ether to secure the network where they receive a deduction from transaction fees. The LDO token is a governance token that is also used to reward events. The altcoin price is hovering around $1.10.
Third altcoin THORChain (RUNE)
The market capitalization of THORChain (RUNE) increased by over 10% to reach approximately $395.2 million. THORChain is a decentralized liquidity protocol that allows users to exchange assets between different networks. RUNE, native token for governance purposes. The altcoin is currently changing hands at around $1.13. The fact that FTX is encouraging users to switch to decentralized alternatives is probably what’s behind the growth. Meanwhile, RUNE is also expected to launch on Trust Wallet in a few days.
When you think of football, Chiliz (CHZ) comes to mind.
Chiliz (CHZ) token price increased by 10% last week to become one of the top earners. With the FIFA World Cup underway, it’s clear why CHZ is so popular right now. Based on fan tokens, the project is surviving the football frenzy that created tokens for clubs in the past. Also, the project allocates a total of 38 million CHZ to give up to $10,000 to those who have CHZ in FTX. The CHZ token is currently trading at around $0.196.
Latest altcoin project Synthetix (SNX)
The Synthetix (SNX) token is up 10% over the week. The reasons are the same as with ThorChain. The FTX incident propelled investors from centralized exchanges towards decentralized alternatives. SNX is currently trading at around $1.62. Synthetix is a decentralized derivatives liquidity protocol that supports synthetic assets, including commodities such as precious metals, cryptocurrency indices, fiat currencies, and other assets. The SNX token is used as collateral to create these synthetic assets.
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