Keep an Eye on These Coins
Most cryptocurrencies' prices dropped in the latest week. Bitcoin earlier was looking like it might cross the $30,000 mark, but it's remained no higher than $27,000 at the start of a new week.
Investors likely will have to wait longer before the overall crypto market picks up. However, a few tokens stood out, posting double-digit gains amid positive developments. This week, we examine Render Token (RNDR), Synthetix (SNX), Mask Network (MASK), Injective (INJ), and XRP (XRP). In selecting these assets, we have considered several factors, including beneficial technical developments, significant news events, and noticeable changes in price.
- Render Token (RNDR) is up by 30%, as some holders believe Apple’s Mixed Reality headset will help boost the adoption of the Render project and its features.
- Synthetix (SNX) increased by more than 10%, likely because of a proposal to add the popular meme coin PEPE to its ecosystem.
- Mask Network (MASK) is 13% higher, possibly in connection with an investment in The Open Network.
- Injective’s INJ token rose by 11% after announcing a non-fungible token (NFT) collaboration.
- The price of Ripple's XRP token advanced by nearly 10%, as some investors perceive the Securities and Exchange Commission (SEC)-Ripple legal battle as starting to favor Ripple.
Render Token (RNDR)
Render Token (RNDR) was the latest week’s biggest gainer, advancing by 30%. This was likely due to the fact that Apple is believed to be releasing its highly anticipated Mixed Reality (MR) headset soon, news that is bullish for Render Token because the project offers a decentralized network for graphics-processing unit (GPU) applications used in the virtual reality and metaverse industries. Many in the crypto community believe anticipation about Apple's reveal will boost Render adoption.
As a metaverse token, RNDR could see more developers and users flock to the network for applications in Apple’s MR ecosystem. RNDR is trading at around $2.40, after being priced at about $1.86 last week (see chart below).
Synthetix (SNX) has gained more than 10% in price, possibly because of a proposal that would add the popular meme coin PEPE to its ecosystem. Synthetix Improvement Proposals (SIP) 2014 and 2015 would add multiple new cryptocurrencies, with PEPE as one of them.
PEPE is a meme token whose price jumped by more than seven times in the first week of May. The token, which is based on the popular frog meme, has caught the crypto community’s attention. With PEPE's addition to Synthetix, analysts believe that SNX will become more attractive, which may have contributed to the SNX price rise. SNX is changing hands at around $2.40, having traded at $2.09 last week (see chart below).
Mask Network (MASK)
Mask Network (MASK) is up by 13%, most likely due to the fact that the team announced it had invested in The Open Network (TON). TON is focused on uniting various blockchain networks into an open network. It is an open-source platform that was once spearheaded by Telegram. Mask Network now will focus on more deeply integrating TON’s technologies, and its investment will go toward further developing its decentralized social network.
MASK is priced at around $4.34, having been valued at $3.84 last week (see chart below).
Injective (INJ) is up by 11%, perhaps because it disclosed a collaboration with Dvision to launch NFTs for the metaverse. The announcement, which came as a surprise, will involve Injective launching contracts for items created in the metaverse.
The product will allow users to participate in NFT prediction markets. It will also provide access to gamified experiences through Injective’s portal on the Dvision Network. INJ is trading at around $6.91, having started last week at $6.25 (see chart below).
Ripple's XRP is up nearly 10%, likely because there is generally optimistic sentiment emerging about the status of its legal battle with the Securities and Exchange Commission (SEC). The SEC has accused Ripple of selling XRP in an unregistered security offering; as a result, the outcome of the court case against Ripple will have far-reaching consequences for the cryptocurrency industry. The case may be coming to an end after about three years.
Most recently, Ripple won the battle to make admissible in court documents with drafts and emails from the former SEC director of the Division of Corporation Finance who said that ether wasn’t a security. Admission of the documents could help sway the case in Ripple's favor. XRP is now priced at around 46 cents, rising from 42 cents last week (see chart below).
As of the date this article was written, the author does not own any of the assets discussed here.
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