cryptos

The crypto markets endured another down day with the total market cap regressing 1.7% in the last 24hrs to a total of $922.30 billion.

However, there still remains value across the market with a number of coins revealing interesting and important updates over the weekend and performing well over a longer period.

At the time of writing top two coins Bitcoin (BTC) and Ethereum (ETH) are both down in the last 24hrs and over the last seven days, with BTC still trading below $19,000 and ETH around $1,300.

Most of the top 20 coins have pulled back in the last 24hrs, with Ripple (XRP) the biggest loser, down nearly 10% – however, that comes after a strong September which has seen it make gains of 30% in the past seven days and peaks of more than 50% in the past month.

Maker (MKR)

Maker is one of the oldest DeFi protocols and one of the best DeFi lending protocols, using the Ethereum blockchain to make loans based on the DAI stablecoin.

MKR acts as the governance token for the organization that manages the stablecoin, and remains one of the top cryptos with the most potential, while DAI has been regularly in the top 10 by market cap in its own right.

The core of the protocol is the Maker Vaults, where users can deposit their crypto as collateral and generate DAI against it as a loan.

There is an annual stability fee and minimum collaterization ratio to protect against over-collaterization, but MKR and DAI promise to keep an individual’s purchasing power high in the face of rising inflation without risking crypto assets.

With global news including a stunning drop in the value of Pound Sterling and the US Federal Reserve increasing rates to 3.15%, investors appear to be heading to MKR and DAI.

Twitter account Whale Stats, which tracks the top 500 ETH whales, also revealed that both DAI (6th) and MKR (10th) are in the top 10 holdings in those wallets.

Cryptoassets are a highly volatile unregulated investment product.

ApeCoin (APE)

ApeCoin is the governance token of the Bored Ape Yacht Club NFT collection, one of the most sought after and valuable NFT collections on the market.

BAYC NFTs currently have a floor price of around 83ETH (approx $110,000) and during the NFT peak of 2021 regularly sold for millions.

ApeCoin has had a bullish September after it revealed its staking plans, with owners of Bored Apes, Mutant Apes and Bored Ape Kennel Club NFTs able to stake their coins for huge returns.

Annualized Perecentage Yields (APYs) have been predicted at around 300% – if certain thresholds from the project are met – with giddy investors predicting returns of up to $500 a day.

However, previous projects to promise such high APY on their coins – the likes of CyberKongz and Metroverse two such examples – have resulted in pump and dumps with holders selling off after the locked staking period ended.

Indeed, many social media commentators and Bored Ape holders are predicting a ‘sell the news’ event for APE.

Cryptoassets are a highly volatile unregulated investment product.

Tamadoge (TAMA)

Tamadoge is a new crypto project that sold out its presale in less than eight weeks and will have its Initial Exchange Offering (IEO) on September 27, with the coin set to list on OKX at 11am UTC.

OKX is the second-largest exchange by volume and will also support TAMA on its DEX from 5pm UTC – meaning the coin has centralized and decentralized exchange listings and will be open to global investors.

With $19 million raised and a huge amount of buzz on social media, the TAMA token IEO is expected to see the price pump and become one of the hottest cryptos on the market.

Tamadoge is a new play-to-earn and NFT project that sees holders of TAMA mint NFT pets, built in the style of 90s craze Tamagotchi.

Players can buy digital treats, toys and food from the pet store to care for and grow their adults, with the adult pets then doing battle against other players to move up a global leaderboard for prizes and rewards.

Later in the roadmap, the 3D pets will have an augmented reality app released, allowing holders to take their pets into the real world to explore, while other Tamaverse related P2E games are also in development.

The TAMA token also promises meme coin-like potential for returns. Listing for just $0.03, TAMA has strict tokenomics and a supply of just 2 billion tokens.

The supply is much smaller than Dogecoin (DOGE) and Shiba Inu (SHIB), which have current supplies of 130 billion and 550 trillion, respectively.

Half of the token supply was sold during the presale phase and 20% is heading to exchanges for liquidity, with the final 30% to be unlocked over 10 years to ensure the project’s continued development.

Unlike those two coins, TAMA will also be deflationary with 5% of all pet store transactions being burned.

Filecoin (FIL)

Filecoin, a decentralized file sharing protocol, has had a very strong weekend and is up around 10% since Thursday ahead of the FIL Singapore conference. The project is a decentralized file sharing protocol that has seen a nearly sevenfold growth of data suppliers in 2022.

At the conference on Monday, co-lead Colin Evran said they have seen a near-sevenfold growth of data suppliers this year and also claimed the network’s storage providers were increasing at a rate of 20% each month – 7,000 new developers are also building on the blockchain.

filecoin chart

The FIL token enables users to buy and sell computer storage in a decentralized fashion, allowing data to be stored away from centralized providers such as Amazon Web Service (AWS)

According to project founder Juan Benet, around 20,000 individuals are storing 50,000,000 data objects to run decentralized apps (dApps).

The large growth of the project also comes ahead of a major launch in early 2023 with FIlecoin Virtual Machine (FVM).

FVM is a software platform that developers could use to build dApps on the Filecoin network, with testing due to start on November 28.

Cryptoassets are a highly volatile unregulated investment product.

Related

Tamadoge - The Play to Earn Dogecoin

Our Rating

Tamadoge
  • '10x - 50x Potential' - CNBC Report
  • Deflationary, Low Supply - 2 Billion
  • Listed on OKX, Bitmart, LBank, MEXC, Uniswap
  • Move to Earn, Metaverse Integration on Roadmap
  • NFT Doge Pets - Potential for Mass Adoption
Tamadoge