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The crypto market is down over the last 7 days, with the market cap falling from $2.37 trillion to $2.27 trillion. However, there are individual cryptocurrencies, of course, that are still yielding returns for their investors.
This article highlights the top 10 performing cryptocurrencies over the last 7 days according to Coinmarketcap, as well as some insights into what exactly might be driving price.
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Top 10 crypto gainers of the week
Let’s take a look at the best performing crypto coins this week. Our list of biggest crypto winners are taken from the top 300 results on Coinmarketcap, removing some of the projects that may be extremely volatile or subject to especially high risk for crypto traders, although many projects on this should still be viewed as very risky indeed.
1. Popcat (POPCAT)
The top performing coin this week is, unsusprisingly, a cat-based meme coin. POPCAT is hosted on the Solana blockchain and does not have or claim to have any particular utility, focused solely on entertainment value and speculative gains that meme coiners everywhere love to chase.
POPCAT is currently up 72% over the last 7 days after some new exchange listings added extra liquidity to the market.
2. Mog Coin (MOG)
If you haven’t had enough of meme coins boasting cartoon cats as their mascot, you’re in for a treat! Mog Coin (MOG) is another meme coin that comes in ninth on our list. It lives on the Ethereum network, although it can also bridge between Ethereum and Bitcoin thanks to an integration with Multibit. The project site says that users can purchase goods and services with the coin.
MOG is up 59% this week. Crypto users should always be wary of speculative meme coins, but perhaps exceedingly so in this case. In May of this year, crypto.news wrote about how Mog Coin is potentially full of security flaws, which we’ve linked below.
3. Rollbit Coin (RLB)
RLB is the native crypto token for the Rollbit cryptocurrency casino and exchange, offering various discounts and rewards to users of the casino willing to purchase the coin. This week, the coin is up 41%, and the surge in price can be attributed to a recent announcement that the casino would burn RLB tokens.
Token burns, where a project destroys part of the token supply permanently, can often lead to increased prices due to scarcity they create in the circulating supply of the currency.
4. Delysium (AGI)
Delysium describes itself as an “AI-powered virtual society” with a vision to host one billion users, as well as 100 billion virtual users. Bitget’s social data summary of Delysium indicates that a total of 34 users have discussed Delysium in the last 24 hours.
The coin is up 34% in the last week, riding high on the news that the project is releasing Agent-ID, a system for introducing AI agents on the platform.
5. SingularityNET (AGIX)
SingularityNET (AGIX) is up 28% this week on news that AGIX will merge with the FET and OCEAN tokens. All three projects involve AI, a trending niche of today’s financial investment and technology markets.
SingularityNET describes itself as a “decentralized AI marketplace”, with its native AGIX token allowing users to vote on governance decisions.
6. Ocean Protocol (OCEAN)
Ocean Protocol aims to allow users to monetize their data as well as data-based services. This concept of user-monetized data has been a hot topic since the rise of the internet of things (IoT), bolstered by scandals in traditional social media such as data leaks and perceived manipulation of social feeds online.
OCEAN is one of three tokens merging with AGIX, and is now up 30% for the week.
7. Fetch.ai (FET)
Fetch.ai is the third token involved in the aforementioned merger. The project boasts partnerships and collaborations with major companies like Bosch as well as a potential smart city use case in the city of Munich, Germany. You can read more about Fetch.ai here.
The project offers AI services on demand, and its token is now up 30% this week.
8. Non-Playable Coin (NPC)
This humorously-named project is a meme coin with little on-paper utility, opting for entertainment value instead. NPC token plays on the idea of mob mentality and people mindlessly buying crypto tokens without researching them first, and the project motto is “I support the current token” in a play on words of a popular online meme.
The coin is up 29% over the last 7 days, possibly on unsubstantiated rumors of a Binance listing. Readers should note that the project has been seeding various news articles online as part of their marketing efforts, and that there is no evidence of any upcoming listing at this time.
9. WEMIX (WEMIX)
WEMIX is a blockchain gaming platform. The site claims that it is the largest such platform in the world, and that over half a million users are playing blockchain games.
The coin was delisted from Bithumb, Upbit, Coinone, and Korbit in 2022 after the exchanges accused Wemix of supplying them with false information during their listing application. WEMIX is up 28% this week.
10. Wrapped Centrifuge (WCFG)
Wrapped Centrifuge is the Ethereum version of CFG token native to the Centrifuge network. The Centrifuge project offers DeFi and investing services, allowing users to invest in crypto derivatives. CFG is not available on the Ethereum network directly, so users can buy WCFG instead which is intended to represent and remain stable to the price of CFG.
WCFG is up 25% this week, as, of course, is CFG token, with WCFG rising slightly higher.
Assessing the best performing altcoins
When considering the altcoin top gainers of the week, it can be tempting to simply buy into a project that has risen a lot in value recently. Of course, there is no guarantee that price will continue to rise. Many people often have the same idea to chase trading volume, which can result in the expectation of a coin becoming oversold.
Savvy investors tend to thoroughly assess the underlying utility of crypto top gainers as well as the reputation of the team and the project’s track record as well as simply considering the recent price action.
While many traders focus purely on charts and view the market in terms of crypto’s best performers, the market is such that major players can bet against the flow and cause major losses for retail traders trying to follow price trends.
For example, the highest performing crypto on this list is a meme coin with no stated utility. While prices may increase, these projects are extremely volatile and subject to severe price swings, and many in the space view purchasing such coins as gambling rather than trading or investing.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
This article first appeared at crypto.news
