Top Trending Crypto Assets on DEXTools
Today, DEXTools features show outstanding crypto assets generating momentum across various cryptocurrency exchanges. These tokens capture the attention of the global crypto community not only because they feature on DEXTools but also because they have unique and compelling attributes. We delve into an analysis of the top trending coins, presenting valuable insights to assist our readers in making more informed decisions within the market. We also follow up on our previous reports.
The Impact of Macroeconomic Developments
The global stock market is on its longest losing streak in two years. This downturn was further exacerbated by the anticipation of oil prices surging to $100 per barrel, heightening concerns surrounding persistently high global interest rates. There was a brief pause in the US Dollar strength in the money markets. Wednesday’s decline in US crude oil inventories caused concerns about another possible supply-side shock. This development is coming exactly when the global economy can least afford it. These macroeconomic developments have huge impacts on the crypto market. They determine investors’ confidence and which assets become the most trending cryptocurrencies.
1. Wrapped Ether (WETH)
Wrapped Ether (WETH) is a tokenized version of the cryptocurrency Ethereum (ETH). Wrapped tokens are digital assets that mirror the value of the original cryptocurrency and can be changed back to the initial coin at any time. Almost all leading blockchain networks have their equivalent of wrapped tokens.
These tokens operate on a mechanism similar to stablecoins, where dollar-pegged stablecoins can be redeemed for fiat currency. The primary issue addressed by wrapped tokens is the limited interoperability between different blockchain networks. Native coins from one blockchain cannot be directly used on another blockchain.
Wrapped tokens resolve this problem by tokenizing the original cryptocurrency and adhering to the token standard of the specific blockchain. On Ethereum, most fungible tokens adhere to the ERC-20 standard, established in 2015. This standardization introduced a consistent set of rules for tokens on the Ethereum network, simplifying the launch of new tokens and making them comparable.
Core functions that all ERC-20 tokens must adhere to include totalSupply, balanceOf, transfer, transferFrom, approve, and allowance. However, Ether itself does not comply with the ERC-20 standard. Wrapped Ethereum, or WETH, was developed to enhance interoperability between blockchains and enable the use of Ether in decentralized applications (dApps).
Wrapped tokens, including WETH and WBTC, enable tokens to exist on multiple blockchain networks. For example, an investor who wants to hold Ether but use it on the Avalanche blockchain would utilize Wrapped Ethereum, maintaining price exposure to ETH without relying on the Ethereum network. This practice enhances blockchain networks’ liquidity and capital efficiency, as assets can be wrapped and deployed across various chains.
Bitcoin is especially popular for this purpose, as it is considered a “safe haven” asset in the cryptocurrency world. Investors can retain their Bitcoin while utilizing it for yield farming or other DeFi activities through wrapping. Additionally, wrapping tokens can lead to reduced transaction times and lower fees, particularly in the case of Ethereum, which faces high gas fees. Wrapping Ethereum on another blockchain allows for lower-cost trading.
2. Nakamoto.Games (NAKA)
Nakamoto Games (NAKA) has seen a price increase today, currently at $0.584718. Over the past 24 hours, it has experienced a 4.42% price increase, although it has declined by -0.24% in the past 7 days. Nakamoto Games has a circulating supply of 65 million NAKA tokens, resulting in a market capitalization of $38,101,837.
If you’re interested in purchasing Nakamoto Games, you can do so on centralized cryptocurrency exchanges. BingX is among the most popular crypto exchanges where NAKA is traded, with the NAKA/USDT trading pair showing a trading volume of $88,382.46 in the last 24 hours. Other options for selling NAKA include MEXC and KuCoin.
Nakamoto Games (NAKA) has seen a recent increase in daily trading volume, with a trading volume of $4,861,239 over the past 24 hours, marking a 2.80% rise from the previous day. The all-time high for Nakamoto Games (NAKA) occurred on October 30, 2021, when it reached $6.71. The current price is 91.26% lower than this all-time high.
3. Quadrant Protocol (eQUAD)
The price of Quadrant Protocol (EQUAD) has also increased today. It sells at $0.00955379 at the time of this report. Over the past 24 hours, it saw a modest price increase of 0.40%, although it has declined by 4.67% in the past 7 days. Quadrant Protocol supplies 540 million EQUAD tokens, resulting in a market capitalization of $5,188,492.
For those interested in buying EQUAD tokens, they are available on various exchanges. Uniswap V2 (Ethereum) is one of the most popular exchanges for buying and trading EQUAD, with the EQUAD/WETH trading pair showing a trading volume of $20,586.58 in the last 24 hours. Other notable options include OpenOcean and ProBit Global.
Regarding daily trading volume, the Quadrant Protocol has experienced a significant increase, with a trading volume of $21,340.54 over the past 24 hours. This represents a substantial rise of 2,109.10% compared to the previous day, indicating recent heightened market activity.
The all-time high for the EQUAD token was seen on December 28, 2022, when it reached a price of $0.059844. Currently, the price is 84.03% lower than this all-time high. On the other hand, the all-time low for EQUAD was recorded on November 26, 2019, at $0.00014214. The current price is significantly higher, marking a 6,621.60% increase from the all-time low.
Quadrant Protocol (EQUAD) holds a market capitalization of $5,188,492 and is currently ranked #1128 on CoinGecko. Market capitalization is calculated by multiplying the token’s price by its circulating supply, which in the case of EQUAD is 540 million tokens available for trading.
Hot Take: The Crypto Market Continues to Evolve
The crypto market is constantly evolving as new tokens and projects emerge to address various challenges and enhance interoperability between blockchains. Wrapped tokens like WETH and NAKA are gaining popularity due to their ability to bridge different blockchain networks and improve liquidity and capital efficiency. These tokens provide investors with more options for utilizing their assets while minimizing transaction costs.
As the market continues to develop and mature, it’s crucial for investors to stay informed about trending cryptocurrencies and macroeconomic factors that impact market sentiment. By understanding these dynamics and conducting thorough research, you can make more informed decisions and navigate the crypto market with confidence.
By
By
By
By