In anticipation of the FOMC meeting, Bitcoin started the week on a relatively high note at $38.4k. Binance exchange also made significant steps, as it contributed $500 million to Elon Musk's Twitter acquisition. Similarly, Gucci, the luxury fashion house, has announced that it will begin taking cryptocurrency payments in some of its American locations.
Following the FOMC announcement, BTC and altcoins soared, yielding traders good profits. BTC rose up to $40,000, but it appeared to be a bull trap, as BTC plummeted to $35,200, a 10-week low. This is the lowest level since February. Bitcoin is currently going for less than $36,000 at the time of writing. Moreover, the crypto fear and greed index currently has a value of 22, suggesting "extreme fear," as expected. This correlates to the Bull & Bear Index, which assigns a value of 0.128 to Bitcoin, signifying extreme bearishness.
.png)
With that, let's take a look at some of the cryptocurrencies that have gotten a lot of attention this week.
EverRise (RISE)
EverRise is a blockchain-based firm that aims to increase and simplify access to DeFi by delivering security and multi-chain solutions via an innovative ecosystem of decentralized applications. The security-focused DeFi project intends to incorporate blockchains, increase security, and unify DeFi.
EverBridge (trading platform), EverSwap (DEX), and EverWallet are only a handful of the EverRise ecosystem's components. The project, which has a Twitter following of over 90,000 people, recently announced the debut of the EverSwap Game. Earlier in February, the project expanded its infrastructure to include the Fantom and Avalanche blockchains, bringing the total number of blockchains to five.
Moreover, RISE has declined by more than 4% in the last seven days.
Key Metrics*
Price - $0.000954
Market cap - $60.9 million
Circulating supply - 63.88b RISE
Max supply - 71.6B RISE
CMC Rank - #439
ATH - $0.001800
More details about this project can be found here.
*Data as of May 6, 2022
Marshall Rogan Inu (MRI)
Marshall Inu, like other meme projects, is a lovable dog created to provide warriors with an extra source of revenue. This initiative claims to mix the worlds of Mixed Martial Arts (MMA) and meme coins in order to achieve good in the world. Furthermore, the meme token is utilized to reward fighters who put their bodies through a lot for entertainment.
Additionally, MRI was created on the Ethereum network and is a direct fork of another meme token known as Clifford Inu. Marshall Rogan Inu recently launched on the Binance Smart Chain network, causing its price to rise. A number of BSC investors were also drawn to the launch. Following that, the project went live on the decentralized exchange PancakeSwap.
Despite the general decline in the crypto market, MRI has gained 7% within the last seven days.
Key Metrics*
Price - $0.03297
Market cap - $30.7 million
Circulating supply - 1B MRI
Total supply - 1B MRI
CMC Rank - #3497
ATH - $0.199883
More details about this project can be found here.
*Data as of May 6, 2022
STEPN (GMT)
STEPN is a health and fitness application in the move-to-earn ecosystem. STEPN is also labeled as a Web3 lifestyle app, combining social-fi and game-fi aspects. Users of the app are kitted out with sneaker NFTs and are able to move around to earn tokens and NFT rewards. STEPN also includes a built-in wallet, exchange, marketplace, and rental system, allowing non-crypto users to utilize the platform.
The GMT token seems to have had a nice run from its inception in March, with a rapid increase of 34,000%. Furthermore, GMT is probably trending as a result of the project's sentiments. The rapid adoption of the STEPN app is also a factor.
After reaching an all-time high of almost $4 the previous week, the token plunged to around $2.4 this week, resulting in a more than 38% loss.
Key Metrics*
Price - $2.49
Market cap - $1.49 billion
Circulating supply - 600M GMT
Max supply - 600B GMT
CMC Rank - #55
ATH - $4.18
More details about this project can be found here.
*Data as of May 6, 2022
.png)
.png)
