Key Takeaways:
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The article examines the top 10 biggest crypto gainers in Q1 2023 from the top 300 cryptocurrencies by market cap.
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FLEX Coin saw an increase of 5,064%, where reasons could be due to the issuance of the Recovery Value USD (rvUSD) token to solve the liquidity problem and news that FLEX would be the utility token of the new bankruptcy claim exchange, OPNX.
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Conflux rallied by 1,726% due to the recent Chinese crypto narrative and partnerships with leading Chinese companies like Telecom and Little Red Book.
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SingularityNET increased by 812%, where the rise is likely attributed to the recent AI token narrative and the partnership with Cardano blockchain to create a SingularityNET-Cardano bridge.
This article was updated in April 2023 to reflect price movements of Q1 2023.
In 2023, we’ve seen the total crypto market capitalization rise from $831.8 billion on January 1 rise to approximately $1.24 trillion by March 31.There’s been an influx of new
narratives, such as artificial intelligence, Bitcoin Ordinals, as well as the rise of interest in Chinese crypto, and these have impacted the prices of their related cryptocurrencies, in some instances contributing to a rise of over 1,000%.
At CoinGecko, we’ve prepared a list of the 10 best-performing coins with the largest gains based on price movements this quarter.Join us as we look into each of these coins and what makes each of them unique.
Do note that this list is for educational purposes and not meant to be taken as financial advice.Please see
[below](#9) for more information around the methodology of how we identified these coins.
Flex Coin (FLEX) – 5,064%
FLEX Coin (FLEX) is the native token of the CoinFLEX exchange.CoinFLEX operates a cryptocurrency derivative exchange and yield protocol, with decentralized finance (DeFi) offerings including yield products, like flexUSD (an interest-generating stablecoin) and an Automated Market Maker (AMM).
Industry heavyweights, such as Polychain Capital and Dragonfly, back the exchange.
In August 2022, CoinFLEX applied for
restructuring after it failed to recover a debt of almost $84M from a client.The debt forced it into a liquidity crisis, ending in freezing withdrawals.Part of its restructuring plan was issuing a Recovery Value USD (rvUSD) token to solve the liquidity problem.
Additionally, the exchange issued most of its shares to customers and embraced a community-based business model, giving users 65% equity.
These restructuring efforts were the primary reasons for FLEX’s meteoritic rise from around $0.05 on 1 January to $2.90 on 31 March – a growth of 5,064%.The growth was also attributed to the
news that FLEX would be the utility token of the new bankruptcy claim exchange, OPNX, jointly created by CoinFLEX and Three Arrows Capital founders.
Conflux (CFX) – 1,726%
Conflux (CFX) is a native token of the Conflux network – it’s used to pay transaction fees, rent storage, participate in network governance, and reward miners.Conflux network is a Layer 1 (L1) blockchain on a mission to solve the blockchain trilemma of decentralization, security, and scalability.Its Tree-Graph consensus mechanism leverages the parallel processing of blocks and transactions to minimize confirmation times and raise transaction speeds significantly.
In Q1 2023, CFX’s value grew from around $0.02 on 1st January to $0.4 on 31st March – an increase of 1,726%.This growth is likely attributed to the recent
Chinese crypto narrative and Conflux partnerships.Since the beginning of 2023, Conflux network has struck major partnerships with leading Chinese companies, such as Telecom and Little Red Book (the Chinese version of Instagram).
Besides partnering with big companies, it has also embarked on other noteworthy partnerships.For example, it
partnered with China Telcom to create blockchain-based SIM cards (BSIM).For the Alchemy Pay partnership, Conflux will offer an easy fiat on-ramp payment solution to help the masses buy digital assets using local currencies directly.
Today, we are excited to announce that we have partnered with— Conflux Network Official (@Conflux_Network)
[@AlchemyPay]to provide an easy fiat on-ramp payment solution that enables users to purchase cryptocurrencies using local fiat currencies.
[#Conflux]
Read our full announcement here:
[February 24, 2023]
SingularityNET (AGIX) – 812%
SingularityNET (AGIX) is the native token for the SingularityNET exchange – a decentralized artificial intelligence (AI) marketplace.The exchange uses the potential of blockchain technology to offer unlimited access to trading algorithms and apps.
It’s on a mission to provide Artificial General Intelligence (AGI) – ensuring a fair distribution of power, value, and technology globally.
In Q1 2023, AGIX saw an increase of 812%, growing from around $0.04 on 1st January to $0.4 on 31st March.The growth was attributed to the recent
AI token narrative.AI-based cryptocurrencies saw price gains after the launch of OpenAI’s ChatGPT in November 2022.In addition, when Microsoft invested $10B in ChatGPT in February, AI-based tokens picked up more momentum.Google’s 300M investment in the AI startup, Anthropic, further drove the narrative.
Apart from the AI narrative, SingularityNET’s
partnership with the Cardano blockchain to create a SingularityNET-Cardano bridge may also have contributed to AGIX’s recent spike.
— SingularityNET (@SingularityNET)
[#SingularityNET]’s partnership with [#Cardano]is central to our future direction, and migration to the Cardano blockchain got well underway in 2022
Read more on our busy year
[#BuildingOnCardano]in our end of year report: [#AI] [#CardanoCommunity] [#blockchains] [pic.twitter.com/b4gUitFAqR] [January 12, 2023]
The Cardano community also passed a proposal to spend $500,000 in funding AI-based projects, strengthening the collaboration between SingularityNET and Cardano.
Kaspa (KAS) – (444%)
Kaspa (KAS) is the utility token fueling all activities in the Kaspa ecosystem, including incentivizing miners.Kaspa is a proof-of-work (PoW) blockchain that leverages the GHOSTDAG protocol.
Unlike legacy blockchains, GHOSTDAG doesn’t orphan parallel blocks.It lets them coexist and be ordered in consensus, increasing blockchain security.
Kaspa functions like Bitcoin but with some major differences.For instance, instead of using a linear network to maintain transaction records, Kaspa leverages a DAG – a directed graph without cycles.The feature lets the network handle several blocks instantaneously, making it much faster and more scalable than the
Bitcoin blockchain.
Another unique feature that makes Kaspa stand out from the crowd is its capacity to support high blocking rates while maintaining the same level of security as PoW blockchains.It also leverages the kHeavyHash hashing protocol, which is highly energy-efficient compared to other PoW algorithms like Bitcoin’s SHA-256.These unique features, coupled with Kaspa’s reputable team, caught the attention of crypto investors.
It’s also caught the attention of exchanges, and one reason for the token’s growth could be its listing on the HotBit exchange.
JOE (JOE) – 353%
JOE (JOE) is the native currency of Trader Joe, a decentralized exchange (DEX) built on the Avalanche network.
The exchange supports various DeFi services, like swapping, staking, and yield farming.Trader Joe has seen exponential growth since its launch in June 2021, recording almost $4B in total value locked (TVL).
It claims to leverage a community-centric approach and prioritize innovation, speed and safety.The exchange aims to offer a one-stop-shop DeFi experience and integrate extra revolutionary products without downgrading user security.
Trader Joe offers modern DEX features coupled with a user-friendly interface, transaction speedy and low-cost transaction charges.You can offer liquidity by contributing to its yield farms and generate rewards in the form of JOE tokens, which you can further stake to earn staking rewards.
In Q1 2023, JOE rose from $0.13 to almost $0.6 – a 353% increase.One reason for the surge could be Trader Joe’s V2’s Liquidity Book, which uses a constant sum price formula (X+Y=K) rather than the usual AMM formula of (X*Y=K).This allows liquidity providers to concentrate their funds in a specific price range instead of spreading them across the full price spectrum.
Alchemy Pay (ACH) – 350%
Alchemy Pay (ACH) is an ERC-20 token that powers the Alchemy Pay infrastructure – it’s used to pay for transaction fees and generate rewards.Alchemy Pay is a hybrid payment infrastructure that enables customers to use digital assets and fiat currencies to make transactions and purchases.It offers its own Point of Service Terminal (PoST) and payment infrastructure for merchants and vendors, enabling them to build their payment systems on top of Alchemy Pay.
Besides supporting crypto and fiat payments, it supports multiple business models, including Customer-to-Business, Business-to-Business, Customer-to-Customer, and Enterprise Level transactions.
On February 20,
Alchemy Pay released support for Google Pay, allowing Android phone users to buy crypto with their credit and debit cards, resulting in a price spike.Since then, Alchemy Pay has also embarked on expansion plans within Asia.
Stacks (STX) – 338%
Stacks is a crypto project on a mission to unlock the full potential of the Bitcoin network by bringing
smart contracts and dApps to Bitcoin.
It’s designed as a Layer 1 solution that utilizes Bitcoin as its base layer.The Stacks token (STX) powers the performance of smart contracts, transaction processing, and registration of new cryptocurrencies.
Stacks considers the features that make Bitcoin function and seeks to expand its functionality beyond Satoshi Nakamoto’s vision, but without the need to hard fork or alter the original network.It achieves this by leveraging a Proof-of-Transfer (PoX) consensus mechanism to link directly with the Bitcoin network.Stacks uses a simple syntax, smart contract coding language known as Clarity, which is easily accessible.
Miners commit their BTC to create new STX tokens, which can be staked to earn BTC rewards.
STX rallied by 338% in Q1 2023.
This significant increase was linked to the craze surrounding
Bitcoin Ordinals, which are texts, videos, or images inscribed into satoshis – the smallest unit of BTC.In other words, Ordinals are NFTs built on the Bitcoin blockchain.STX’s rally may also be attributed to the Stacks 2.1 March upgrade, designed to improve and strengthen its performance.
inSure DeFi (SURE) – 329%
inSure DeFi is a community-based blockchain insurance firm where you can insure your digital assets by purchasing
SURE tokens using fiat or other digital currencies.inSure works by distributing asset ownership risks through a liquidity pool.
It determines insurance premiums using a Dynamic Pricing Model that uses Chainlink.The funds needed to back the risks are based on the market value of SURE tokens and the users’ demand for insurance services.
In Q1 2023, SURE rallied by 329%.For users to insure their crypto portfolio, they need to purchase or acquire SURE tokens from available exchanges, and as SURE is listed on multiple cryptocurrency platforms, these exchange listings likely also contributed to its rise.
FLOKI (FLOKI) – 308%
In June 2021, Elon Musk
tweeted that he would rename his Shiba Inu dog “Floki.” The tweet led to the birth of the Floki Inu token (FLOKI).
While FLOKI started as a dog-named token, much like Dogecoin (DOGE) and Shiba Inu (SHIB), a closer analysis shows that it’s much more than that.FLOKI has already developed multiple flagship crypto projects with mass adoption, including:
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Valhalla – A gaming
metaversewhere you can mint and trade digital assets.
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FlokiPlaces – An NFT and merchandise marketplace.
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Floki University – A learning platform that aims to educate people about crypto, NFTs, DeFi, and the metaverse.
In Q1 2023, FLOKI rallied 308%, possibly due to
token burns, a listing on KuCoin, and Elon Musk, whose dog-themed tweets tend to send related memecoins pumping.
The new CEO of Twitter is amazing— Elon Musk (@elonmusk)
[pic.twitter.com/yBqWFUDIQH] [February 15, 2023]
Artificial Liquid Intelligence (ALI) – 301%
The
Artificial Liquid Intelligence (ALI) token is used by the Alethea protocol to generate AI images, which are created based on user inputs.Its images can be used for digital art, advertising, or even video game assets.Alethea AI has also introduced CharacterGPT, which uses text-to-character creation to generate AI characters on the blockchain.
These AI characters exist as NFTs, and they can be upgraded by their holders, while generating and owning their own AI assets within the protocol.
Like SingularityNET, Artificial Liquid Intelligence’s token price increase of 301% is largely attributed to the AI token narrative, and the rise of interest in artificial intelligence.
Conclusion and Methodology
FLEX, CFX, AGIX, KAS, JOE, ACH, STX, SURE, FLOKI, and ALI are the top 10 best-performing cryptos of 2022.One notable trend is the interest in narratives such as artificial intelligence, Chinese tokens, and Bitcoin Ordinals, which have contributed significantly to the impressive price performance of their related cryptocurrencies.
This list is derived based on the price movements of cryptocurrencies within the top 300 list on CoinGecko from January 1 to March 31 2023.Some tokens may be excluded due to rebranding and token upgrading.
Josiah Makori
Josiah is a tech evangelist passionate about helping the world understand Blockchain, Crypto, NFT, DeFi, Tokenization, Fintech, and Web3 concepts.His hobbies are listening to music and playing football.
Follow the author on Twitter
@TechWriting001.
