The week from December 24 to 30 was unexpectedly successful for some cryptocurrencies — hardly anyone could have foreseen the soaring value of little-known coins up to 26 or even 35 times. The profitability of assets was influenced both by statements of cryptoinfluencers and systemic decisions of project management teams.
Here are five cryptocurrencies whose prices soared last week.
SORA Validator Token (VAL)
SORA (XOR) is a decentralized economic system. It implements a new way of building a parachain (external blockchain system) that connects to the Polkadot ecosystem with built-in tools focused on DeFi (decentralized finance).
VAL is a coin that is used to reward SORA participants – validators and nominators. The former are responsible for validating blocks in the network, while the latter nominate validators.
VAL jumped more than 3,500% after the December 29 update. On that day, it became known that SORA would participate in the Kusama parachain auctions. This is a scalable network of specialized blockchains built using the Substrate framework (the same one used by Polkadot).
Capybara is an internal token of the Capybara World metacomplex. CAPY was created based on Solana and was released on December 29.
The project’s Canadian team has already released seven games and has announced plans for an eighth (Capybara) and its own NFT. But Crypto News draws attention to the fact that the project has no “road map” and also to its small daily trading volume – about $125,000 at the moment of writing the article.
Immediately after its appearance, the asset went up sharply. In less than a day the growth made 3169%. Thus, the price of CAPY reached $0.009926.
But the rise in the price of the asset is not a guarantee of its success. Experts recommend in-depth study of such young projects before investing:
“You need to understand a few key things: how useful the asset is for the cryptocurrencies community, whether it is innovative, whether it solves existing problems. Rising prices are far from being an indicator that adding an asset to a cryptocurrency portfolio will ultimately prove worthwhile. It can be a temporary effect once it enters the market – as a rule, after some time the price stabilizes or drops to zero if the cryptocommunity does not see any real utility in it.”
Santa Floki (HOHOHO)
One of the leaders of the week was the meme-token Santa Floki (HOHOHOHO). Its rate grew by 2650%, and daily trading volumes reached $1.6 million.
As far as HOHOHO was concerned, American billionaire Elon Musk was not left out. On his Twitter, he shared a cute picture of his Shiba Inu puppy named Floki, which was signed “Santa Floki.”
Within hours after that, the unpopular meme-token surged 60 times in value. As of December 29, the asset is at $0.0000006277.
Another crypto-asset from the GameFi category whose price soared this week is the internal play-to-earn token of the NinjaFloki project. NJF is based on Binance Smart Chain.
On December 28, it became known about the completion of stages 1 and 2 of the project roadmap, as well as the addition of NJF to the CoinMarketCap aggregator list and the strengthening of the marketing campaign. Against this backdrop, the value of NinjaFloki rose nearly 1,500% to $0.00002349.
Another gaming crypto-asset that showed high profits this week is Agrofarm. It is an internal game coin of the Brazilian decentralized NFT-project of the same name.
Agrofarm was created by AgroCash in November 2021. Within two months of its launch, the description and quotation of the token appeared on CoinMarketCap, CoinGecko and other leading cryptoservices.
Over the past week, the value of FARM rose more than 720% to $0.03. The trading volume on December 30 is $644 thousand.