Uniswap, Aave, Dogwifhat, and more: Cryptocurrencies to watch this week
September has historically been a tough month for the cryptocurrency market, with negative returns in eight of the past eleven years since 2013. This recurring pattern has made investors cautious during this time of year.
However, recent market signals indicate that this trend might be on the verge of changing. Growing optimism surrounds the possibility that the Federal Reserve could soon lower interest rates—a move that would likely inject fresh momentum into the crypto market.
If the expected rate cuts materialize, they could help the crypto market overcome its usual September slump and potentially deliver positive returns, breaking free from its historical struggles.
Let’s see what this week holds for crypto investors.
Uniswap (UNI)
Uniswap (UNI), the native token of the decentralized crypto exchange Uniswap, has seen a notable increase of over 4% in value over the past week. This surge can be largely attributed to Uniswap’s recent partnership with the popular NFT project, Pudgy Penguins, which was highlighted during Korea Blockchain Week. Pudgy Penguins, a collection of 8,888 distinctive NFTs launched on the Ethereum blockchain in August 2021, has garnered significant attention in the NFT space.
In a nod to the collaboration, Uniswap Labs has updated its X (formerly Twitter) account avatar to feature a playful penguin donning a unicorn hat, blending both brands’ mascots in a whimsical way.
As of now, Uniswap is trading at approximately $6 per token, reflecting growing investor interest driven by these recent developments.
Monero (XMR)
Earlier this year, Monero (XMR), a prominent privacy-focused cryptocurrency, faced setbacks when it was delisted from Binance and several other major crypto exchanges for failing to meet regulatory standards. This move led to a sharp decline in Monero’s price, raising concerns about its future.
However, despite these challenges, Monero has recently shown signs of resilience and growth. The cryptocurrency has experienced a surge in value in recent days, driven by the introduction of a new privacy feature called Full-Chain Membership Proofs (FCMP++). This advanced integration is designed to significantly bolster transaction security and privacy on the Monero network.
Over the past week, Monero has gained more than 9% in value, and it is currently trading at around $174 per coin, reflecting renewed confidence from investors amid the network’s continued development.
Aave (AAVE)
Aave’s (AAVE) bullish momentum is largely driven by the launch of Sky Aave Force, a strategic partnership between prominent DeFi titans Sky and Aave, designed to accelerate growth within the decentralized finance sector. The aim of this union is to bridge the gap between decentralized finance and traditional financial systems.
In addition to the positive sentiment generated by this partnership, on-chain data reveals a rise in both AAVE’s open interest and daily active addresses. As a result, Aave has seen nearly 5% growth over the past week, with the token currently trading at $132, reflecting the market’s growing confidence in the project’s future potential.
Mantra (OM)
Mantra (OM) is a specialized blockchain network dedicated to the issuance, trading, and secure management of tokenized real-world assets (RWAs). These assets encompass a wide range of categories, including real estate, private equity, artwork, and treasuries. By enabling the tokenization of these tangible assets, Mantra is bridging the gap between traditional finance and blockchain technology, offering investors a more accessible and secure way to diversify their portfolios.
Recently, Mantra Chain made headlines by partnering with MAG Group, a major real estate developer, to tokenize $500 million worth of real estate assets. This significant development has fueled a surge in Mantra’s cryptocurrency, OM, as investor interest intensifies and analysts are also predicting a potential price breakout.
With nearly 7% growth in the past week, OM is currently trading at $0.97, signaling strong market confidence and the possibility of even greater gains ahead.
Dogwifhat (WIF)
The recent surge in the Solana-based memecoin Dogwifhat (WIF) can be attributed to significant whale activity, indicating renewed investor confidence in the token’s potential. Over the past few days, one whale has accumulated over 9.57 million WIF tokens, valued at $13.59 million. This large purchase was followed by another whale who used 1.4 million USDC to acquire 643,832 WIF tokens, making them the largest holder with a total of 28.66 million tokens.
While Dogwifhat is still down nearly 10% over the past week, the coin has experienced a 6% uptick in the last 24 hours. Currently trading at $1.50, the cryptocurrency appears to be regaining momentum as investors eye its potential for further growth.