Keep an eye on these coins
Last week, the cryptocurrency market was generally down, with one notable exception. Meme coins, popular but risky cryptocurrencies, sometimes depicted with comical or animated memes, which are supported by enthusiastic fans online but may have little or no intrinsic value, saw huge price increases.
key takeaways
- The PEPE meme coin was the biggest gainer this week, with its price more than doubling, while staying below 1 cent. Investors may have been buying it as a cash grab.
- The FLOKI token price increased by almost 50%, perhaps also benefiting from the recent high demand for meme coins.
- Stacks (STX) rose more than 10%, possibly as more non-fungible tokens (NFTs) were minted on Bitcoin, some of which use the Bitcoin layer of Stacks for smart contracts.
- WOO Network (WOO) surged more than 6% after listing the zero-fee SUI perpetual token.
- TRON's TRX rose more than 4% following the announcement of a strategic cooperation initiative with Huobi and BitTorrent.
The rise in these tokens is in stark contrast to the general drops experienced by most crypto tokens, although some of the assets have also risen in the past seven days.
This week we look at Pepe (PEPE), FLOKI (FLOKI), Stacks (STX), WOO Network (WOO) and TRON (TRX). In selecting these assets, we have considered several factors, including positive technical developments, important news, and notable price changes.
Pepper (PEPPER)
crypto coins were the stars of the last week, and there was no bigger winner among them than Pepe. The price of the token, which has no value except as a meme, more than doubled, though it remains well below a penny. While many have questioned the token and the fact that its development team likely controls a large part of the supply, it still managed to record a 120% increase.
The token is only a few days old, and there are reasons for investors to be skeptical of bogus behavior by the people who trade it. For the most part, it seems investors are looking for a quick buck. Binance has also listed the token, possibly further fueling the upward move. PEPE is trading around $0.000002193, after being priced at $0.000000696 last week (see chart below).
PEPE Price: TradingView
FLOKI (FLOKI)
FLOKI is another meme coin, although it has been around much longer than PEPE. The token rose by almost 50%, possibly riding the wave with other meme coins, as these tokens experienced a resurgence last week.
The token was also listed on Binance, which could have also contributed to the price increase. Unlike PEPE, FLOKI tries to provide other utilities, such as the use in a metaverse game. However, it seems that investors are more focused on the gains that a โmeme coin seasonโ could produce. FLOKI is also changing hands well below 1 center, at around $0.000049, having traded at $0.000033 last week (see chart below).
FLOKI Price: TradingView
Batteries (STX)
He Batteries (STX) The coin recorded a gain of more than 10%, possibly due to a significant increase in the use of NFTs on the Bitcoin network. Cryptocurrency enthusiasts have been NFT coinage in Bitcoin, and STX has benefited from this. Stacks offers a layer of Bitcoin for smart contractswhat includes decentralized finance (DeFi) and NFTs, among other things. With smart contracts, developers can create programmable instructions, which lead to decentralized applications.
Bitcoin ordinals used in minting are somewhat similar to NFTs in that they provide data that can be used to create unique assets in Bitcoin. They are individual satoshis that are created directly on the Bitcoin network. Your data includes the means necessary to create NFTs and does not require an additional token or chain.
STX was recently priced around 76 cents, up from 68 cents last week (see chart below).
STX Price: TradingView
WOO Network (WOO)
He WOO Network (WOO) token is up more than 6% for the week. One of the reasons for the increase may be that it included the popular SUI perpetual token on its platform with no fees attached.
Another reason for the price increase could be that the network made changes to its community ambassador program, WOO Force. WOO is changing hands at around 26 cents, after rising as high as 32 cents on Friday and starting last week at 25.73 cents (see chart below).
WOO Price: TradingView
TRON (TRX)
TRON TRX coin rose around 3%, possibly due to an announcement about strategic cooperation with Huobi and BitTorrent. The theme of the cooperation is a "Memeverse Carnival". The collaboration aims to support the development of meme coins and their ecosystems.
TRX was recently priced around 6.85 cents, up from 6.7 cents last week (see chart below).
TRX Price: TradingView
As of the writing of this article, the author does not own any of the assets discussed here.
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