Keep an Eye on These Coins
It's been a great week for the cryptocurrency market, with investors experiencing a significant boost that many feel has been a long time coming. Bitcoin surpassed the $21,000 mark, and nearly all tokens have posted substantial double-digit gains. Crypto's overall market capitalization exceeded $1 trillion again.
This week, we examine Aptos (APT), STEPN (GMT), Gala (GALA), Curve DAO (CRV), Flow (FLOW), and Shiba Inu (SHIB). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable changes in price.
- The Aptos (APT) token experienced a significant increase of around 90% that may be tied to development interest from platforms such as PancakeSwap and a collaboration with Metapixel.
- The STEPN (GMT) token's value doubled after updates related to the network's development.
- The GALA token from Gala Games experienced a rise of more than 16% amid an updated roadmap and a pay-by-burn update.
- The Curve DAO Token (CRV)'s price increased of more than 30% as a result of positive activity from "whales"—individuals or entities that hold large amounts of cryptocurrency.
- The Flow (FLOW) token had a more than 30% increase as it approaches a mainnet "spork," its version of a crypto token hard fork.
- The Shiba Inu (SHIB) token rose more than 16%, possibly because of its heightened burn rate and metaverse-related news.
Aptos was in the news last quarter, and it appears to be remaining popular. The APT token went up by more than 90% over the last week and is now trading at around $8 (see chart below).
That improvement was largely due to the fact that development interest on the network is growing—including from PancakeSwap, which is the top decentralized exchange (DEX) on Aptos. The project is also collaborating with Metapixel, focusing on "new technical ideas and solutions."
STEPN's (GMT) token nearly doubled in value amid several development updates related to the network. The Web3 app’s recent Town Hall meetup disclosed the developments, including upcoming partnerships; “Rainbow Sneakers,” which are part of the platform’s plans to allow users to earn GMT tokens; and additional utility for its "gems," which can be placed in the “sockets” of the app's sneakers to increase or boost a user's attributes.
The GMT token started last week at about 29 cents and is now priced at around 50 cents (see chart below).
Gala Games’ blockchain-based game ecosystem token GALA turned in one of the biggest increases this week. The token's value increased by more than 16% and is now priced at around 4.7 cents (see chart below). There are two potential reasons for this gain, both substantial developments.
The first is Gala's introduction of a new pay-by-burn update that will burn GALA tokens when a purchase is made on the Gala platform. The company also announced an updated roadmap on Jan. 14 that provided details on many significant upcoming features.
Curve DAO Token (CRV)
The Curve DAO Token (CRV) posted a hefty 30% increase in price in connection with positive "whale," or significant holder, activity on the network. One whale made a huge transaction of 14 million CRV, valued at about $7.6 million at the time, according to a tweet about the purchase.
Curve has also become one of the most active Ethereum tokens among the top 100 ETH whales. It’s a good sign for the project, which has been a mainstay in the market for a while. The CRV token was priced at 64 cents a week ago and is now hovering at around 84 cents (see chart below).
The Flow (FLOW) token experienced a greater than 30% jump in price after the announcement of a mainnet “spork”—Flow's version of a hard fork. The spork will take place in a few days, although the platform didn't specify a date.
The changes will bring faster transactional throughput, among other things. The team will announce more information on the milestone in the lead-up to the event. The FLOW token is currently priced at around $1.04 (see chart below).
Shiba Inu (SHIB)
Shiba Inu was up by a comparatively modest 16% in the latest week and is still valued at well under 1 cent per token. There are a few reasons why the price bump might have happened.
One is that the burn rate—the process by which users can remove tokens from circulation and reduce the number of coins in use—for the Shiba Inu token soared by 500% a few days ago. Another possible reason for its price rise is the fact that the project is preparing to open its WAGMI metaverse temple for the Shiba Inu community soon. The token is now trading for around $0.00001037 (see chart below).
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