Keep an eye out for these coins
For a few weeks in a row, the cryptocurrency market has remained in decent shape as the price of Bitcoin has held above the $28,000 mark, and investors seem to be showing support at the current levels. There have also been several positive developments for other crypto assets, which have improved the performance of some of these tokens.
This week we are looking at Injective (INJ), Curve DAO Token (CRV), THORChain (RUNE), Enjin Coin (ENJ) and Chiliz (CHZ). When selecting these assets, we considered several factors, including positive technical developments, significant news events, and notable price changes.
Key points to remember
- Injective (INJ) was one of the top performers this week with a 14% price increase, likely due to the project launching its first Solana deployment for the Cosmos network.
- The Curve DAO (CRV) token also performed well, posting a rise of around 10%, possibly due to strong trading volumes in the first quarter of 2023.
- THORChain (RUNE) rose 12%, possibly also due to its strong first quarter results.
- Enjin Coin (ENJ) Focused on Gaming and Non-Fungible Tokens (NFTs) Surged 11% After Announcement of New Enjin platform soon.
- Chiliz (CHZ) rose 10% as investors anticipated the launch of the public version of Chiliz 2.0, which will help brands and sports teams better engage with fans.
The finance-focused project Injective (INJ) stands out as the biggest gainer this week, registering a 14% increase in value. This price spike could be attributed to Injective's planned launch of the first Solana deployment for Cosmos, a Layer-2 solution that increases throughput speed and reduces fees on blockchain networks.
The project offers a simplified toolkit for creating Web3 applications for finance. Developers who are familiar with Solana tools and language can now write and deploy their applications to the Cosmos ecosystem through Eclipse without the need to learn new programming languages or tools. Cosmos is a decentralized network of interoperable blockchains. The launch will bring the Solana development environment to the Cosmos ecosystem.
Injective also launched a $150 million ecosystem fund to accelerate the adoption of interoperable infrastructure for decentralized finance, also known as DeFi. The project has raised investments from several notable entities, including billionaire entrepreneur Mark Cuban. INJ is priced around $5.80, down from $5.44 a week ago (see chart below).
Curve DAO Token (CRV)
Automated market maker Curve Finance's Curve DAO (CRV) token gained around 10%, likely due to its strong performance in Q1 2023. The platform executed $32.9 billion in trade volume on Ethereum during the quarter, according to crypto research firm Blockworks Research, a volume that dwarfs competitors Curve Finance.
During the first quarter, the token gained 78% in price, suggesting that the uptrend has been building for some time. CRV recently changed hands for about 99 cents, down from 90 cents a week ago (see chart below).
The THORChain (RUNE) settlement layer also had a good first quarter, which could be the reason for its 12% price increase. The network said it recorded total volume of $1.22 billion, with a 30% growth in cash. It also collected $1.92 million in liquidity charges.
THORchain is a Cosmos-based blockchain protocol and can be used to trade assets like Bitcoin and Ethereum on other networks. Projects associated with Cosmos may experience price increases due to overall progress made by the Cosmos ecosystem. RUNE is valued at around $1.60, down from $1.43 last week (see chart below).
Enjin Coin (ENJ)
Enjin Coin (ENJ) rose 11% shortly after the announcement of a new Enjin platform. The project's new platform focused on games and NFT will make it easier for game developers to create collections and tokens.
Enjin is also finalizing public access to NFT.io, a marketplace powered by the Enjin ecosystem. At the start of this week, ENJ is trading around 43 cents, down from 37 cents a week ago (see chart below).
Chiliz (CHZ), a project focused on the sports and entertainment industry, saw a token rise of around 10% as anticipation for the public release of Chiliz 2.0 increases. Chiliz 2.0 is an evolution of the original Chiliz channel and will allow sports brands and franchises to create a Web3 ecosystem that will allow them to better interact with fans.
The new chain is a fork of the BSC chain and will be interoperable with Ethereum in the future. CHZ is priced around 12.9 cents, down from around 11.8 cents last week.
As of the date of writing this article, the author does not own any of the assets discussed here.
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