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After a positive start to the month, many top cryptocurrencies have trended sideways this week.Bitcoin (BTC) is down around 1% in the past seven days, and, as is often the case, other top cryptos are similarly in the red.
But according to CoinMarketCap data, some top 100 cryptos have posted gains.Most notably, STEPN (GMT) is up over 45% this week and has seen even more significant price increases in the past three months.Here are this week’s top gainers:
1.STEPN (GMT) — up 45% this week Some are already calling STEPN the next Shiba Inu (SHIB) , referring to its extraordinary price gains.
It is up almost 2,000% since early March.In addition to the big price jump, the other thing STEPN has in common with SHIB in its early days is that it’s a top trending crypto on CoinMarketCap.However, that’s where the similarities with Shiba Inu end.STEPN already has a lot more utility.
The STEPN app lets runners, joggers, and even walkers earn crypto tokens while exercising.Dubbed a move-to-earn model, it’s a new twist on the play-to-earn gaming model that brought Axie Infinity (AXS) so much success last year.
The project won a Solana (SOL) hackathon and has some big name backers.These include Sequoia Capital, Alameda Research, Binance, and others.Indeed, its listing on Binance is one reason for its recent success.
Users buy NFT sneakers on the app, which uses GPS to track their activity.Different sneakers have different attributes, and earning tokens give exercisers the wherewithal to upgrade their sneakers.
2.0x (ZRX) — up over 20% this week 0x is a behind-the-scenes crypto that supports various decentralized exchanges and non-fungible tokens (NFTs) .ZRX is the native and governance token for 0x.
It has a good team behind it and aims to create a “tokenized world where all value can flow freely.” A big driver for its recent growth is the announcement of a 0X partnership with Coinbase’s new NFT marketplace .
3.Decred (DCR) — up over 20% this week Decred is one of several Bitcoin copycats that aim to improve on aspects of the original digital currency.Launched in 2016, it uses a combination of proof-of-work and proof-of-stake models to validate transactions and has a community-focused governance model.
The most likely reason for its price jump is investor excitement over a May hard fork.The planned update aims to make Decred less susceptible to miner pump-and-dump schemes.It would also incentivize investors to stake their DCR .
Should you invest? If you’re considering buying any of this week’s top gainers, there are a few things to consider.Firstly, neither STEPN nor Decred are listed on many top U.S.cryptocurrency exchanges .They are available on KuCoin and Gate.io, but both sites operate in somewhat of a gray area for U.S.
residents.0x is available from Coinbase , Gemini, Kraken, and Binance.US, making it more accessible to U.S.-based investors.
Secondly, it’s wise to be cautious about buying cryptos that have just made big jumps.They may see further price increases, but if market speculation has fueled their upward trajectory, they may also drop back quickly.As with any investment, pause and research each project’s fundamentals and long term potential.
It’s always useful to pay attention to the top crypto gainers.Not only might you discover new projects that are worth a place on your watchlist, but you might also get a better sense of new trends that could impact the crypto market.However, it’s also important to keep a long-term perspective and avoid buying the latest hot crypto only because you’re scared of missing out.Remember, investors who bought Shiba Inu at its height in October could be looking at losses of 70% today.If you base your investment decision on the way a project might perform in the coming five to 10 years, you’re less likely to lose money on today’s favorite crypto-of-the-day.
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Emma Newbery owns Bitcoin, Axie Infinity, and Solana.The Motley Fool owns shares of and recommends Bitcoin.
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