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The 10 best performing cryptocurrencies of the moment
The cryptocurrency market has been in a downtrend over the past 7 days, with the market cap falling from $2.37 trillion to $2.27 trillion. However, there are of course individual cryptocurrencies that continue to produce returns for their investors.
This article highlights the 10 best performing cryptocurrencies over the last 7 days according to Coinmarketcap, as well as some insights into what exactly might be driving the price.
Top 10 Most Profitable Cryptocurrencies of the Week
Let’s take a look at this week’s top-performing cryptocurrencies. Our list of the biggest winners in crypto is taken from the top 300 results on Coinmarketcap, eliminating some of the projects that may be extremely volatile or subject to particularly high risks for cryptocurrency traders, although many projects on this should still be considered very risky .
1. Popcat (POPCAT)
This week’s top performing coin is, unsurprisingly, a cat-based meme coin. POPCAT is hosted on the Solana blockchain and does not have or claim to have any particular utility, focusing solely on the entertainment value and speculative gains that meme coiners around the world love to chase.
POPCAT is currently up 72% in the last 7 days after some new stock listings added further liquidity to the market.
2. Mog Coin (MOG)
If you haven’t had enough of meme coins boasting cartoon cats as mascots, you’re in for a treat! Mog Coin (MOG) is another meme coin that ranks ninth on our list. It lives on the Ethereum network, although it can also act as a bridge between Ethereum and Bitcoin thanks to an integration with Multibit. The project website states that users can purchase goods and services with the coin.
MOG is up 59% this week. Cryptocurrency users should always be wary of speculative meme coins, but perhaps even more so in this case. In May this year, crypto.news wrote about how Mog Coin is potentially riddled with security flaws, which we have linked below.
3. Rollbit Coin (RLB)
RLB is the native cryptocurrency token for the casino and cryptocurrency exchange Rollbit, which offers various discounts and rewards to casino users who want to purchase the coin. This week, the coin has risen by 41%, and the price surge can be attributed to a recent announcement that the casino would be burning RLB tokens.
Token burns, where a project permanently destroys part of the token supply, can often lead to price increases due to the scarcity they create in the currency’s circulating supply.
4. Delisium (AGI)
Delysium describes itself as an “AI-powered virtual company” with a vision to host one billion users, as well as 100 billion virtual users. Bitget’s social data summary on Delysium indicates that a total of 34 users discussed Delysium in the last 24 hours.
The coin has grown 34% in the past week, on the back of news that the project is releasing Agent-ID, a system for introducing AI agents to the platform.
5. SingularityNET (AGIX)
SingularityNET (AGIX) is up 28% this week on news that AGIX to merge with FET and OCEAN tokensAll three projects involve artificial intelligence, a trending niche in today’s technology and financial investment markets.
SingularityNET describes itself as a “decentralized AI marketplace,” with its native AGIX token allowing users to vote on governance decisions.
6. Ocean Protocol (OCEAN)
Ocean Protocol aims to enable users to monetize their data and data-driven services. This concept of user-monetized data has been a hot topic since the rise of the Internet of Things (IoT), reinforced by scandals in traditional social media such as data leaks and perceived manipulation of online social feeds.
OCEAN is one of three tokens merging with AGIX and is now up 30% on the week.
7. Fetch.ai (FET)
Fetch.ai is the third token involved in the aforementioned merger. The project boasts partnerships and collaborations with major companies such as Bosch, as well as a potential smart city use case in the city of Munich, Germany. You can To learn more about Fetch.ai click here.
The project offers on-demand AI services, and its token increased by 30% this week.
8. Non-Playable Currency (NPC)
This humorously named project is a meme coin with little utility on paper, instead focusing on entertainment value. The NPC token plays on the idea of crowd mentality and people buying crypto tokens without thinking twice without researching them first, and the project’s motto is “I support the current token” in a play on words from a popular online meme.
The coin is up 29% in the last 7 days, likely due to unfounded rumors of a Binance listing. Readers should note that the project has disseminated various news articles online as part of its marketing efforts, and that there is currently no evidence of an imminent listing.
9. MIXING (MIXING)
WEMIX is a blockchain gaming platform. The site claims to be the world’s largest such platform and has over half a million users playing blockchain games.
The coin was removed from Bithumb, Upbit, Coinone and Korbit in 2022 after the exchanges accused Wemix of providing them with false information when applying for a listing. WEMIX is up 28% this week.
10. Wrapped Centrifuge (WCFG)
Wrapped Centrifuge is the Ethereum version of the Centrifuge network’s native CFG token. The Centrifuge project offers DeFi and investment services, allowing users to invest in crypto derivatives. CFG is not directly available on the Ethereum network, so users can instead purchase WCFG which is intended to represent and remain stable at the price of CFG.
WCFG is up 25% this week, as is, of course, the CFG token, with WCFG rising slightly.
Evaluating the best performing altcoins
When looking at the top altcoin gainers of the week, it can be tempting to simply buy a project that has increased in value a lot recently. Of course, there is no guarantee that the price will continue to rise. Many people often have the same idea of chasing trading volume, which can lead to the expectation that a coin will become oversold.
Experienced investors tend to carefully evaluate the underlying utility of cryptocurrencies’ top gainers, as well as the team’s reputation and track record of the project, beyond simply considering recent price action.
While many traders focus solely on the charts and watch the market in terms of the best performers in the cryptocurrency industry, the market is such that major players can bet against the grain and cause huge losses for retail traders trying to follow the price action.
For example, the best-performing cryptocurrency on this list is a meme coin with no stated utility. While prices can rise, these projects are extremely volatile and subject to sharp price swings, and many in the space view purchasing such coins as gambling rather than trading or investing.
Disclosure: This article does not constitute investment advice. The contents and materials on this page are for educational purposes only.