Keep an Eye on These Coins

Last week was a positive one for the crypto market, as bitcoin broke $20,000, and most cryptocurrencies saw double-digit growth. It may appear that the market is entering a bullish phase, but it still has a long way to go before it reaches its highs.

This week we examine Dogecoin (DOGE), Shiba Inu (SHIB), Ethereum (ETH), Flow (FLOW), and The Sandbox (SAND). The selection is based on positive developments, significant news events, and noticeable price changes, among other factors.

Key Takeaways

  • DOGE was the biggest winner of the past week, with the token up by over 100% thanks to Dogecoin fan Elon Musk taking over Twitter.
  • SHIB, another popular meme coin, went up by 22% as a result of a high burn rate and anticipation for the Shibarium upgrade.
  • ETH jumped by 23% to $1,636 following remarks by the CFTC Chair that he believes it is a commodity, not a security. 
  • The FLOW token increased by 17% as new tools for development on the blockchain were released.
  • SAND saw a 19% jump upon news of a collaboration with Gucci and Binance US listing the token.

Dogecoin (DOGE)

The best performer over the last week has been Dogecoin (DOGE), which has jumped by more than 100% and is currently trading around $0.14. DOGE has outperformed all others in the market and has also overtaken Cardano’s ADA in terms of market cap, with the token now sitting at the eighth position. The rise in the token’s price triggered a massive wave of liquidations last weekend.

The massive surge in price is due to Elon Musk’s acquisition of Twitter. Musk is known to be a supporter of DOGE, and Tesla even accepts payments in the crypto. The entrepreneur has recently hinted that Twitter could integrate crypto payments. Meanwhile, crypto whales have also purchased large stashes of the token, and the team is working on a Layer2 scaling solution.

DOGE: TradingView.

Shiba Inu (SHIB)

DOGE wasn’t the only meme coin to catch the attention of investors last week. Shiba Inu (SHIB) saw a 22% price increase over the past seven days. While not quite as impressive, it still stands out compared to the rest of the market. SHIB started last week at $0.0000099 and finished at $0.0000121.

There are a few reasons why this might have happened. Meme coins tend to go hand in hand, and SHIB is the most popular one after DOGE. The token has also seen a high burn rate, which might have triggered a bullishness. Token burning decreases supply and thus increases value. The project’s highly anticipated Layer 2 scaling solution Shibarium is also eliciting hopes of a price increase.

SHIB: TradingView.

Ethereum (ETH)

The largest smart contract platform, Ethereum, has also experienced a significant jump, up by 23% from last week. The reasons for why this happened are not as clear as it was with the meme coins.

However, CFTC Chair Rostin Behnam said that he thinks ETH is a commodity, and this might have played a part. Ethereum’s total value locked, which is a measure of how much funds have been put into DeFi protocols, has also been increasing. It is currently at approximately $32 billion. ETH was at $1,328 a week ago and is now approximately $1,636.

ETHER: TradingView.

Flow (FLOW)

NFT and gaming-focused blockchain Flow also had a strong week, with the FLOW coin increasing by 17%. The token’s growth is likely to be attributed to several technological developments.

New tools for building on Flow and using its smart contract language have been released. Called Cadence, it was created by the DZone developer community. Flow also now supports NFT Tweet Tiles, which show information about NFTs more clearly on Twitter. The coin is trading at around $1.72.

FLOW: TradingView.

The Sandbox (SAND)

The Sandbox is another well-known gaming-focused blockchain platform, with its metaverse popular among celebrities. The SAND token saw a price increase of 19%, which will make those who believe strongly that the future will involve metaverses happy. Currently, the trading is priced at around $0.73.

The project is now collaborating with Gucci to launch the GucciVault in its metaverse. Binance US also announced a listing of the SAND token.

SAND: TradingView.

Investing in cryptocurrencies and other initial coin offerings (ICOs) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Because each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date when this article was written, the author does not own the cryptocurrencies mentioned above.