Cryptocurrencies to Watch: Week of Feb. 6

Keep an Eye on These Coins

The cryptocurrency market's recent momentum subsided a bit in the latest week as Bitcoin fell back to about $22,000. While that's an improvement from where the market was trading a few months ago, there may be a few more resistance points to break through before the market can enter a bull run. Still, there some crypto tokens are outperforming the market.

This week, we examine SingularityNET (AGIX), Render Token (RNDR), MAGIC (MAGIC), Shiba Inu (SHIB), and The Graph (GRT). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable changes in price.

SingularityNET (AGIX)

SingularityNET (AGIX), a project focused on decentralized AI, is feeding off growing interest in free chatbot ChatGPT. The project's AGIX token recorded a 150% jump in price in the week, possibly due to the curiosity and influx of ChatGPT users. The token is priced at around 44 cents (see chart below).

SingularityNET allows users to browse and pay for AI services using the AGIX currency. It is essentially a decentralized marketplace for AI and is seeing heavy development in its ecosystem.

Render Token (RNDR)

Render Token's price jumped 51% over the past week, probably because of two major developments. First, the project implemented a new tokenomics model called Burn Mint Equilibrium (BME). It also launched the Render Network Foundation, a non-profit that is “dedicated to maintaining the core Render Network protocol and growing its community and ecosystem.”

Render allows users to render 3D designs through a distributed network. The RNDR token is used to pay for the service. RNDR began last week at $1.19 and is now valued at around $1.90 (see chart below).

MAGIC (MAGIC)

MAGIC (MAGIC) is a metaverse project and this niche continues to dominate investment trends in the crypto market, judging by the performance of such tokens. MAGIC is an important resource of the Treasure metaverse, which is a decentralized non-fungible token (NFT) ecosystem built for metaverse projects. The MAGIC token added about 50% in value last week, likely as a result of this continued interest in the metaverse.

There has also been a growing audience for blockchain-based gaming ecosystems, and this seems to have had a positive effect on the MAGIC token. The associated Trove marketplace and Treasure ecosystem have also been recording more activity. MAGIC is now priced at around $2 after having started last week at about $1.29. (see chart below).

Shiba Inu (SHIB)

Meme token Shiba Inu (SHIB) has been performing fairly well over the last few months, despite the crypto winter. The project's developers are continuing efforts to flesh out the ecosystem, which has resulted in more transactions on the network. The burn rate of SHIB has also increased, helping push up the price as well.

Together, these actions have led to an increase of more than 23% for SHIB. The project is beginning to become more a utility token than a meme token, which could bode well for it in the future. SHIB started last week at 0.000012 cent and is now priced at around 0.000014 cent (see chart below).

The Graph (GRT)

The Graph (GRT) marked a price increase greater than 48%, probably thanks to positive growth in a number of its key metrics. Cypto market intelligence provider Messari released a report on the project that showed that the number of active indexers, delegators, and curators for GRT all increased quarter over quarter.

On a proof-of-stake (POS) network such as The Graph, indexers are the node operators, motivated by earning financial rewards. Delegators are responsible for validating blocks, securing the network, and the overall functioning of the blockchain, although they also are financially motivated. Curators use GRT to signal what subgraphs are valuable to index.

The Graph is an indexing protocol that provides information to users, with the data taken from multiple sources. The Graph's team is also working on supporting new chains on the network. GRT is currently priced at around 13 cents (see chart below).