CoinGecko recently released its list of the Top 10 Trending Coins in the US. In this post, I'll cover the basics of what you need to know about this month's hottest cryptos so that you can stay on top of all the latest crypto news.
Polkastarter
In first place, we have Polkastarter. Polkastarter is a decentralized protocol that allows new cryptocurrency projects to raise capital to finance their operations. It stands out among its competitors by offering cross chain token pools an supporting a variety of auction formats as well as whitelisted pools. Staking the native POLS token allows users to be able to vote and submit proposals as well as earn a portion of staking rewards that are distributed every 24 hours.
Safemoon
I fully acknowledge that Safemoon is a very divisive project, and covering it here should not be taken as my endorsement. That being said, it is listed as the #2 trending coin in the US, so I think its important to have a general understanding of what the coin does. Safemoon is a deflationary token that imposes a 10% tax on every transaction. Of this tax, 5% is distributed to holders of Safemoon. The other 5% is split betwen BNB and Safemoon and deposited to liquidity pools on PancakeSwap.
Doge
At this point, Doge needs no introduction. The meme coin is up over 19,000% for the year and seems to keep increasing in price as well as popularity. This week was a big week for Doge as Elon Musk tweeted a poll asking users whether they would want Tesla to accept Doge as payment. Whether this was a serious survey of simply for entertainment, any mention of Doge by the Tech King seems to push the price higher.
Ethereum
In contrast to some of the other coins on this list (I'll let you imagine which one(s) I'm referring to), Ethereum has a strong following, solid value proposition, and is supported by a large amount of community support. Although it has seen recent challengers like the BINANCE Smart Chain, ETH remains the dominant smart contract chain and Dapp Radar shows that the vast majority of all DApps are still running on ETH. Despite the currently high gas fees, many projects continue to launch on Ethereum due to its high level of decentralization as well as the hope that ETH 2.0 will dramatically reduce transaction costs.
Bitcoin
Bitcoin, which is the oldest and most valuable (by market cap) cryptocurrency rounds out the top five. The coin, which is referred to as "digital gold" is seen by many as a safe haven asset and is currently trading at about $48,300.
FEG
Although this was supposed to be a Top 5 crypto list, I wanted to include FEG as a bonus feature because one of my gym buddies is a big fan of the coin. FEG, which stands for Feed Every Gorilla, is a coin that is designed to redesign the way DeFi is structured. The coin has a unique burning system that burns 1% of each trade and sends another 1% to the holders of FEG tokens. The program also plans to implement an all in one exchange that will give holders the ability to stake tokens and earn BNB or ETH directly, launch multi-asset weighted pools, and provide one-sided liquidity to liquidity pools.
Summary
The cryptocurrency world is always changing, and even in the course of a few weeks since I did the last "Top 5" list, I see so many new coins on the list. I like doing these "weekly roundup" videos as it gives me a way to learn a bit about some new coins. As with everything in crypto, different people will be interested in different coins and I'm not endorsing or dis-endorsing any specific coin. As always, thanks for reading, and nothing is financial advice.
References
https://www.coingecko.com/
https://www.polkastarter.com/
https://safemoon.net/whitepaper
https://twitter.com/elonmusk/status/1392030108274159619
https://dappradar.com/defi
https://fegtoken.com/
https://ethereum.org/
