What occurred
It has been one other week of robust buying and selling for a lot of altcoins. Solana (CRYPTO:SOL), Arweave (CRYPTO:AR), and OMG Community (CRYPTO:OMG) have been among the many beneficiaries of the bullish market momentum, with their tokens up roughly 17%, 45%, and 26%, respectively, as of seven:15 p.m. EDT on Friday, in accordance with knowledge from S&P Global Market Intelligence.
Along with bullish momentum within the total cryptocurrency space, Solana and Arweave seem to have gotten a lift from a brand new funding initiative for blockchain gaming. In the meantime, OMG Community token homeowners are set to obtain a brand new supplementary token, and that is creating pricing momentum.
Picture supply: Getty Pictures.
So what
Information hit on Friday that Solana was launching a $100 million enjoyable along side Lightspeed Ventures Companions and FTX to put money into blockchain-focused gaming studios. Just like Ethereum, Solana’s blockchain gives a community for different cryptocurrencies and decentralized finance purposes to be constructed upon.
Pleasure has been constructing about blockchain-based gaming, and Solana is without doubt one of the networks that appears to be most centered on supporting this potential new path for interactive leisure. Arweave is offering knowledge administration companies to Solana by way of its blockweave storage know-how, and its token additionally seems to have gotten a pricing increase from the brand new gaming fund announcement.
Switching gears, OMG Community’s token pricing beneficial properties over the past week seem to have been pushed by anticipation for the brand new cryptocurrency that token holders will quickly obtain. OMG Community homeowners are set to obtain a brand new crypto token that may be staked for rewards on Boba Community. That is set to happen on Nov. 12.
Now what
Solana, Arweave, and OMG Community’s respective tokens differ from many different cryptocurrencies within the sense that they’re used to help or transact for companies which can be particular to their networks and should not merely digital currencies. This will give them a stronger elementary valuation case in comparison with tokens that commerce merely primarily based on hypothesis or adoption, however traders ought to remember that they’re nonetheless comparatively high-risk investments and can seemingly proceed to see risky buying and selling within the close to time period.
This text represents the opinion of the author, who could disagree with the “official” suggestion place of a Motley Idiot premium advisory service. We’re motley! Questioning an investing thesis — even one in all our personal — helps us all suppose critically about investing and make selections that assist us grow to be smarter, happier, and richer.
