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Altcoins, for the uninitiated, are alternative forms of cryptocurrencies that were launched after bitcoin’s (BTC) success as they introduce themselves as better substitutes for bitcoin. It’s pretty much evident as of late that they’ve gained a lot of traction from investors, not to mention that they surged substantially over the past year.
Altcoins doing good
It’s a known fact that the realm of cryptocurrencies has endured huge dips in prices in the past several months. Despite this, some altcoins still delivered as these brought huge returns to its investors as reports suggest that its prices rallied as much as 50,000 percent.
‘Axie Infinity’
Business Officer at the app-based crypto exchange platform CoinSwitch Kuber – Sharan Nair – commented that investors are eyeing to squeeze out those huge benefits from this type of digital assets similar to the early days of bitcoin. A very popular example of this is the Ethereum-based gaming token of “Axie Infinity.”
It was learned that the token has skyrocketed at an impressive 48,380 percent and has attracted millions of people who would love to play and at the same time earn some extra cash. It is said that a huge chunk of its playerbase can be found in the Philippines and Indonesia. Nonetheless, experts like the Giottus Co-founder and CEO Vikram Subburaj believe that “Axie Infinity” will be facing tough competition in the coming days as new play-to-earn titles are as of late popping up, thus slowing down its growth.
Terra-LUNA COIN
Another notable altcoin – Terra’s LUNA coin – that utilizes dollar-pegged stablecoins to power price-
stable global payment systems had a 6,000 percent gain in the past year. In line with this, the market analyst and crypto trader YouTuber Lark Davis recently uploaded a video detailing why LUNA will be a major contender for the bull run’s next leg.
He said that Terra has come a long way in the rankings by simply putting its sights on applications that they deem to be highly desirable.
He added that the important thing is building stuff that people want as he believes that Terra managed to do such. At the time of writing, Terra-LUNA’s market cap rank sits at 16th place with only three applications on the blockchain.
Let’s not forget the Shiba Inu-inspired token of dogecoin (DOGE) that soared 8,300 percent. A huge part of the meme token’s popularity is Tesla CEO Elon Musk’s tweets about it as he is very vocal supporting the coin. During his “Saturday Night Live” hosting gig, there were parts of the show where he talked about the dogecoin as some of the viewers saw it as cringe-inducing. Reports suggest that Musk is working alongside DOGE’s developers, though it’s not yet certain what they’re working on.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
