While the current market collapse has had its triggers dating back to the decoupling of the UST stablecoin from Terra and the Fed’s actions in the face of rising inflation, Bitcoin (BTC), Ethereum (ETH) and most altcoins have received a huge blow in response. While BTC fell 5.91% to $21,238 last week, ETH fell 4.95% to $1,160.
While the losses are likely global, there are altcoins that have grown relatively over the past week as the slump deepened. This article discusses these tokens, including STEPN (GMT), Synthetic (SNX), Solana (SOL), Chainlink (LINK), and Choise.com (CHO).
Each of these tokens is sampled based on performance, and they represent different aspects of the blockchain economy, including non-fungible tokens (NFTs), Oracle, decentralized finance (DeFI), and centralized-decentralized finance (CeDeFi).
This analysis highlights the trends of the past week along with the fundamentals driving the growth of each of these coins/tokens.
Basics of how these tokens perform
Choise.com MetaFi Token (CHO)
At the time of writing, the Choise.com project’s MetaFi token CHO is up 148% in the last 24 hours and more than 180% in the last 7 days. Choise.com is a MetaFi platform that combines CeFi and DeFi services.
The Choise.com protocol promises to make DeFi offerings easier and more accessible for retail and institutional investors. CHO shows ample potential to make it a valuable asset, and if it goes through with adoption, it could take another step above $1.24 ATH.
Web3 STEPN Lifestyle App (GMT)
STEPN is a self-proclaimed “Web3 lifestyle app” with GameFi elements on the Solana blockchain. As a fitness platform, it operates on “Move-to-Earn” which it combines with elements of Play-2-Earn as it claims to gamify healthy living.
It is currently changing hands at a price of $0.7426 and up 29.43% last week (here and below, June 21 prices). With its perceived resilience, GMT will no doubt take advantage of its growing popularity to chart more ambitious growth in the near future.
DeFi Synthetix protocol (SNX)
Synthetix is a decentralized financial protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. The protocol allows users to be exposed to a wide variety of assets without holding them directly.
SNX is up 8.02% in the last 24 hours at the time of writing and is trading at a price of $3.36. It was one of the biggest gains of the past week, rising 69.82% to close the gap to a 90-day high at $8.11. If Synthetix continues this bullish momentum, the price could reach $6 in the coming weeks.
Solana Layer 1 protocol (SOL)
Solana hosts many DeFi, NFT and Metaverse protocols as it is considered to be one of the working blockchain networks looking to replace Ethereum.
With its growing ecosystem, the demand for SOL tokens has continued to soar and the protocol has helped it hold its own against the forces trying to take it down. Solana is up 27.35% last week.
Oracle Chainlink Protocol (LINK)
Chainlink is the first Oracle protocol in the digital currency ecosystem that connects blockchain protocols in search of data that may be needed for DApp development and functionality.
Priced at $6.68, LINK is a long way from its ATH of $52.88, but is easily among the best performers of the week, up 18.67% at the time of writing. The token has a price target of $12 for the end of the third quarter.
Key points to remember
While there are over 15,000 coins and tokens listed on CoinMarketCap, there are a handful of coins worth holding during this crypto winter. Investors looking for coins can start their research from these profiled coins, bearing in mind their resistance in times of market downtime.