While the current market meltdown had its triggers which date back to the de-pegging of Terra’s UST stablecoin, and the Fed’s actions to the growing inflation, Bitcoin (BTC), Ethereum (ETH), and the majority of altcoins have taken a massive beating in response. While BTC fell 5.91% to $21,238 in the past week, ETH slumped by 4.95% to $1,160.
While the losses are presumably encompassing, there are altcoins that have maintained relative growth over the past week when the meltdown intensified. This article reviews these tokens which include STEPN (GMT), Synthetic (SNX), Solana (SOL), Chainlink (LINK), and Choise.com (CHO).
Each of these tokens is sampled based on the performance, and they represent various aspects of the blockchain economy including Non-Fungible Token (NFT), Oracle, Decentralized Finance (DeFI), and Centralized-Decentralized Finance (CeDeFi).
In this analysis, the trends showcased over the past week are brought into focus, and the fundamentals driving each of these coins/tokens’ growth.
Fundamentals driving these token’s performance
MetaFi token Choise.com (CHO)
At time of writing, MetaFi token CHO by Choise.com project is up 148% in the last 24 hours, and more than 180% over the last 7 days. Choise.com is a MetaFi platform that combines the CeFi and DeFi services.
The Choise.com protocol promises to make DeFi offerings simpler and more accessible for both retail and institutional investors. CHO is manifesting enough potential that makes it a worthy asset, and continued embrace may see it hit a new milestone above the ATH of $1.24.
Web3 lifestyle app STEPN (GMT)
STEPN is a self-styled “Web3 lifestyle app” with GameFi elements on the Solana blockchain. As a fitness platform, it operates on the “Move-to-Earn” which it combines with elements of Play-2-Earn as it claims to gamify healthy living.
It is currently changing hands at a price of $0.7426 and by 29.43% in the past week (here and further are the prices for June 21st). With its observed resilience, GMT is bound to capitalize on its growing popularity to chart a more ambitious growth forward in the near future.
DeFi protocol Synthetix (SNX)
Synthetix is a decentralized finance protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. The protocol permits users to gain exposure to a wide range of assets without directly holding them.
SNX is up 8.02% over the past 24 hours at the time of writing and is trading at a price of $3.36. It is one of the biggest gainers in the past week, rising 69.82% to close the gap in its 90-day high of $8.11. Should Synthetix continue on this bullish momentum, its price could hit $6 in the next couple of weeks.
Layer-1 protocol Solana (SOL)
Solana plays host to a lot of DeFi, NFT, and metaverse protocols as it is discussed as one of the functional blockchain networks seeking to displace Ethereum.
With its growing ecosystem, the demand for the SOL tokens has continued to rise and has helped the protocol maintain its stance against the forces seeking to pull it down. Solana is up 27.35% in the past week.
Oracle protocol Chainlink (LINK)
Chainlink is the first oracle protocol in the digital currency ecosystem which connects blockchain protocols with one another in search of data that can be necessary for DApp development and functionality.
At a price of $6.68, LINK is a far cry from its ATH of $52.88, but largely amongst the best performers for the week, rising by 18.67% at the time of writing. The token has a price target of $12 before the end of the third quarter.
While there are over 15,000 coins and tokens listed on CoinMarketCap, there are a handful of coins that are worthy of being held during this crypto winter. Investors looking out for coins can start their research from these profiled coins, taking note of how resilient they are during periods of market downtime.