Keep an Eye on These Coins
After hints that it was on the verge of breaking into a strong bullish season, the cryptocurrency market has fallen back again to reside in the red over the past week. Investors may be unhappy that the market has still failed to break resistance levels, but at least some tokens have been performing unusually well.
This week, we focus on Oasis Network (ROSE), Mina (MINA), Hedera (HBAR), Lido DAO (LDO), and Rocket Pool (RPL). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable changes in price.
- Oasis Network’s ROSE token was one of the biggest gainers this week, with a price increase of 35%, probably thanks to stronger open interest.
- The MINA coin also made a sizable jump, of 32%, likely due to improvements in decentralization and security at the Mina network.
- HBAR's price went up 21% after Dell joined its governing council. The network’s ecosystem also has been experiencing growth.
- The LDO token's price increased by 16% amid rumors that the Securities and Exchange Commission (SEC) may ban staking services offered by centralized crypto platforms.
- The Ethereum staking-focused RPL token also rose, by 15%, as the network’s Shanghai upgrade in March gets closer.
Oasis Network (ROSE)
One of the biggest gainers of the week, the ROSE token of the Oasis Network, possibly benefited from multiple developments within its ecosystem and network. The primary reason for the price bump of about 35% might be the fact that the team on Feb. 2 released its roadmap for 2023, which described launches and improvements. There has also been a sharp increase in open interest, reaching nearly $30 million at Oasis.
Oasis Network is a scalability and privacy-focused network built using the Cosmos software development kit (SDK), which is a set of software tools and programs used by developers to create applications. The ROSE token is now priced at around 0.072 cent after beginning last week at 0.055 cent (see chart below).
Mina (MINA) was the next big gainer this week, with the token rising by about 32% to trade at around 93 cents. (see chart below). The price might have been boosted by the launch in late January of a proof of concept that would allow anyone to run a web node on a browser. A proof of concept is an exercise in which work is focused on determining whether an idea can be turned into reality. The effort may eventually allow anyone to run a lightweight node to help run blockchain applications across Web3 and mobile devices.
The effort is a part of Mina’s overall ethos of increasing accessibility and being the “world’s lightest blockchain.” The network makes use of the novel zero-knowledge proofs technology to power its smart contracts.
Heder’s HBAR price increased by roughly 21% after it said that Dell Technologies (DELL) would join the Hedera Governing Council. Dell will run its own node, build its own application, and help automate distributed ledger technology.
Hedera’s ecosystem has also posted growth in recent weeks, including the launch of a non-fungible token (NFT) series called Ashfall NFT. It also publicized the arrival of a metaverse fund valued at $1 million that focuses on Africa’s creative industry. The HBAR coin is now valued at about 0.081 cent, after being priced at 0.069 cent last week (see chart below).
Lido DAO (LDO)
The price of Lido DAO (LDO) gained by about 16% as users flocked to non-custodial means of staking Ether. Lido is a liquid staking platform for Ethereum and similar assets.
Coinbase (COIN) CEO Brian Armstrong recently tweeted that the U.S. Securities and Exchange Commission may consider banning staking for retail investors. In reaction to that, crypto users have flocked to self-custodial ETH staking services. LDO now stands at about $2.27. It was priced at about $2.04 last week (see chart below).
Rocket Pool (RPL)
Rocket Pool (RPL) advanced about 15% in price as Ethereum’s Shanghai upgrade in March approaches. The Shanghai upgrade for the Ethereum network is a hard fork that will let holders of ether (ETH), Ethereum's native token, unstake the assets for the first time, giving them greater access to their holdings. This week, the RPL token is valued at around $41.06 (see chart below).
The Shanghai upgrade will be a major milestone for the Rocket Pool network, which is a staking service for Ether that recently crossed $1 billion in total value locked in. Crypto users have increasingly locked funds into Ethereum and are eager to be able to unstake some of those assets.