Solana, Popcat, Raydium, and more: Cryptocurrencies to watch this week
The crypto market is bracing for a pivotal earnings week, as the performance of the stock market is likely to impact digital assets as well. The leading cryptocurrency, Bitcoin, remains steady at $68,000, where it has hovered for the past week, as traders await earnings reports from major tech companies. These results could set the tone for Bitcoin’s next price movement, providing insight into broader market sentiment.
With that in mind, here’s a look at which cryptocurrencies are worth keeping an eye on this week.
Solana (SOL)
Solana, regarded as a competitor to Ethereum, has experienced significant growth over the years, driven by its speed and efficiency. User activity on the Solana blockchain has surged, making it a popular platform for hosting decentralized applications.
In its latest “State of Crypto” report, venture capital giant Andreessen Horowitz (a16z) commented on Solana’s prospects, stating that the network’s growth is just beginning and its current price does not fully reflect its potential.
Currently, Solana is trading at $177, which is an over 6% growth in the past week.
Popcat (POPCAT)
Amid the rise of meme culture in the crypto space, Popcat, a Solana-based cryptocurrency, has gained significant traction, reflecting broader market movement. The token has displayed a strong bullish trend, driven by heightened investor interest and increased market activity.
Currently, Popcat is trading at $1.55, with more than 17% growth in a week.
Raydium (RAY)
Raydium, a decentralized exchange built on Solana, recently outpaced Ethereum in daily fee collections, highlighting a growing trend in its network usage. In a 24-hour span from Sunday to Monday, Raydium collected $4.12 million in fees, surpassing Ethereum’s $3.55 million. This surge has also boosted Raydium’s native token, RAY, and the ongoing momentum suggests the potential for RAY to reach even higher levels.
Currently, Raydium is trading at $3.28, a 38% increase in a week.
THORChain (RUNE)
THORChain is a decentralized liquidity protocol that allows users to exchange assets across multiple blockchain networks.
THORChain recently integrated with Ledger Live, enabling users to swap assets like Bitcoin and Ether directly within the security of their Ledger hardware wallets. This integration allows for seamless, cross-chain transactions without the need for wrapped tokens, ensuring users retain full custody of their assets throughout the process. The core idea behind this integration is to facilitate the exchange of cryptocurrencies across different blockchain networks using THORChain’s decentralized technology.
Currently, THORChain is trading at $5.65, an over 13% growth in a week.
Jupiter (JUP)
Founded in 2021, Jupiter is a decentralized cryptocurrency exchange platform built on the Solana blockchain that serves as a bridge for asset transfers to Solana.
Earlier this month, Jupiter announced a staking rewards program for its active users, meaning users who participate in staking will receive token rewards. Staking involves locking up digital assets in a contract to support the blockchain’s network by validating transactions. In return, users earn additional tokens as rewards as they contribute to the security and functionality of the blockchain.
Currently, Jupiter is trading at $1.05 with more than a 10% jump in the past week.