Last week was a positive one as Bitcoin broke $20,000 and multiple altcoins were priced in double digits. But there is still a long way to go before reaching the old peaks. In this article, let’s examine SAND and altcoin, which Investopedia analyst Rahul Nambiampurath is following closely for the coming days.
5 altcoins to watch in the coming weeks
Dogecoin (DOGE) had the best performance of the month, rising over 150% since last week. Its price is currently trading around $0.1408. In this process, it left Cardano and Solana behind in terms of market price. DOGE currently ranks eighth by market cap. The rise in its price triggered a massive wave of liquidations last weekend.
The Dogecoin rally is due to Elon Musk’s acquisition of Twitter. Musk is DOGE’s biggest supporter. At the same time, companies accept payments with cryptocurrencies. The entrepreneur recently hinted that Twitter could integrate crypto payments. In the middle, crypto whales have also largely bought DOGE and the team is working on a Layer2 scaling solution.
Shiba Inu (SHIB)
Dogecoin wasn’t the only chest coin that caught the attention of investors last week. The Shiba Inu (SHIB) has seen a 22% price increase over the past seven days. While not quite impressive, it still stands out compared to the rest of the market. SHIB started last week at $0.00001021 and finished at $0.00001488.
We can list a few catalysts for the SHIB rally. Chest coins often tend to go hand in hand. It is the most recognizable after DOGE in SHIB. The chest token also saw a high token burn rate, which may have triggered a spike. Token burning reduces supply and therefore increases value. The project’s highly anticipated Layer 2 scaling solution, Shibarium, also raises hopes for a price increase.
Ethereum, the largest smart contract platform, also experienced a significant leap, up 15% from last week. The reasons why this happens are not as clear as with chest coins. However, CFTC Leader Rostin Behnam said he thinks ETH is a commodity and this may have played a role. The total value of Ethereum, a measure of how much funds are put into DeFi protocols, is also increasing in lockdown. Currently about $32 billion. ETH is currently trading at $1,592.28.
NFT and gaming-focused Blockchain Flow also had a strong week, gaining 17%. We can attribute Flow’s growth to several technological developments. Recently, new tools have been released to enhance Flow and use smart contract language. The update was created by the DZone developer community called Cadence. Flow now also supports NFT Tweet Tiles that show information about NFTs more clearly on Twitter. FLOW is currently trading at $1.67.
Sandbox is another well-known blockchain platform focused on gaming with metaversal working with recognized artisans. The network’s native token SAND has seen a 19% price increase since last week. This momentum is positive news for those who strongly believe that the future will include metaverses. SAND is currently trading at $0.885. The project is now collaborating with Gucci to launch the GucciVault metaversal. Koindeks.comAs you follow, Binance US has also announced a list of SAND tokens.