After a Sunday surge, there is a bullish sentiment washing over the crypto market. Some tokens are performing exceptionally well. Here’s a shortlist of three we’ve singled out for their movement:
1. Shiba Inu: The second-most popular meme coin is in the news due to its token-burning mechanism. The burning of tokens helps to permanently remove some tokens from circulation, which should theoretically result in an increase in the price of the remaining tokens.
There are reports that the meme-inspired cryptocurrency’s burn rate has increased by more than 12,000%, and over 263 billion tokens have been burned since October 2021.
The news caused $SHIB.X to jump over 17%, trading at $0.00002877. Currently, the token sits at number 15 on the list of cryptocurrencies by market cap, with a trading volume of $2.8 billion over the past 24 hours.
2. Filecoin: Filecoin is a decentralized storage system that aims to “store humanity’s most important information.” This week, it launched a marketplace called FilSwan, a multi-chain platform that allows users to integrate data, computing, and payment in one place.
Over the past few months, Filecoin’s token ($FIL.X) has seen a clear downtrend, but now, it’s back on an uptrend due to the latest launch. $FIL.X traded at $26.10 today, up 18% today and 43% over the past seven days.
3. Waves: Waves is a multipurpose blockchain platform that supports decentralized applications (dApps) and uses ERC-20 smart contract technology. The token has been on the rise since Russia invaded Ukraine because its founder, Alexander Ivanov (also known as Sasha Ivanov), is from Ukraine. The blockchain network has received a tremendous amount of support from the world, which is why the native token, $WAVES.X, has gained over 230% during the past month.
$WAVES.X stands out due to a 23% increase in price in the past 24 hours, ranking 40 on the list of top cryptocurrencies. The current price per token is $39.12.