Several under-the-radar crypto assets are exploding in price despite a lingering downtrend across the markets.
Patriotic ConstitutionDAO has seen its native token PEOPLE leap by 61% this week. The project initially arose to crowdfund the purchase of a rare original copy of the United States Constitution but was ultimately unsuccessful during a Sotheby’s auction in November.
The PEOPLE altcoin has seen unexpected strength despite the project’s founders offering to refund the $47 million raised, minus gas fees. At time of writing the token is priced at $0.13.
Also shining this week is Decentralized Social (DESO), which aims to solve the scalability needs of social media platforms. The project has previously received funding from billionaire investor and crypto advocate Chamath Palihapitiya’s Social Capital and just this week was listed on the Coinbase Pro trading platform.
DESO has blasted higher, gaining 61% to trade at $153.54 as news of the Coinbase announcement spread.
Climate-neutral developer platform Near (NEAR) is up an impressive 30% this week, including a 10% rise today to $10.18.
The project’s website says that Near provides scaling solutions to help increase Web 3.0 adoption.
“The Creator Economy requires robust infrastructure including a set of intuitive developer tools, and an engaged, decentralized community.”
The final notable altcoin on the move this week is the cloud computing project FLUX (FLUX), which offers a comprehensive suite of developer-friendly tools for Web 3.0 and decentralized applications (DApps).
Native token FLUX can be used to buy resources, collateralize nodes, and fuel network transactions.
FLUX recently got a boost when popular crypto marketplace Binance announced the token would be available on its trading platform.
The creator of the Zelcore digital wallet and formerly known as Zelcash, FLUX has jumped by 37% over the past week to $1.78.
In contrast to these trending altcoins, leading crypto Bitcoin (BTC) has retraced by 7% over the same time frame to $47,311.
Second-ranked Ethereum (ETH) has also declined by 14% to $3,708, at time of writing.
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A decentralized cloud computing governance token is surging after being listed on crypto exchange giant Binance.
In a new announcement, Binance says that the native governance token of FLUX (FLUX), a comprehensive suite of developer-friendly application tools, will now be available for trading.
The news sent the altcoin’s price vertical, leaping 64% from $1.15 to $1.89 almost instantly. FLUX peaked as high as $2.49 but has since corrected back to $1.96 for an impressive 70% gain.
FLUX aims to provide the infrastructure developers require for Web 3.0 and decentralized applications (DApps). Its decentralized cloud computing network employs a proof-of-work (PoW) consensus mechanism.
According to the project website,
“The Flux ecosystem consists of: Fluxnodes’ decentralized infrastructure, FluxOS cloud operating system, Zelcore self-custody multi-asset wallet and blockchain app suite, and finally the Flux blockchain for on-chain governance, economics, and parallel assets to provide interoperability with other blockchains and DeFi access.”
The FLUX token can be used to buy resources, node collateralization, and fuel network transactions. Parallel assets on other blockchains include Ethereum (ETH), Kadena (KDA) and Solana (SOL).
FLUX was formerly known as Zelcore (ZEL), and it still maintains a digital wallet of the same name.
The Zelcore wallet has been operational for four years, offers over 375 crypto assets, is scalable and has built-in exchanges.
Binance says FLUX will be available in the Bitcoin (BTC), Binance USD (BUSD) and Tether (USDT) trading pairs.
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The year-long mantra that the crypto market would see a blow-off top in December has proven to be a dud thus far and for the last week, most cryptocurrencies have been under sell pressure and Bitcoin (BTC) is encountering difficulty in trading above $47,000.
That said, it’s not all bad news for cryptocurrency holders on Friday because several altcoins have managed to post double-digit gains due to new exchange listings and protocol upgrades.
Top 7 coins with the highest 24-hour price change. Source:Cointelegraph Markets Pro
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Flux (FLUX), SafePal (SFP) and Badger DAO (BADGER).
FLUX benefits from the “Binance bump”
Flux is a GPU mineable proof-of-work protocol aimed at creating a scalable decentralized cloud infrastructure for Web 3.0 applications.
VORTECS™ data and the NewsQuakes™ alerts from Cointelegraph Markets Pro began to detect a bullish outlook for FLUX on Dec. 9, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. FLUX price. Source:Cointelegraph Markets Pro
As seen in the chart above, the NewsQuake™ system put out an alert for FLUX on Dec. 9, less than an hour before the price began to spike 150% over the next day.
The announcement that helped spark the rapid price rise in FLUX was a notification that Binance would be list FLUX token on its platform. Shortly after this announcement, FLUX price rallied to a new all-time high at $4.01.
SafePal adds support for nine new networks
The SafePal project is a cryptocurrency hardware and software wallet solution for investors who hold assets on the Ethereum, Binance Smart Chain and Tron network.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.55 on Dec. 6, the price of SFP has climbed 45.84% to hit a daily high at $2.27 on Dec. 10 as its 24-hour trading volume spiked 50% to $158 million.
SFP/USDT 4-hour chart. Source: TradingView
The building strength for SFP comes as the project released an updated version of its wallet app and added support for Cardano, Nervos Network, Avalanche, Fantom, HECO Chain, Songbird, BOBA Network, Optimism and Arbitrum.
Related:Trader who called 2017 Bitcoin price crash raises concerns over ‘double top’
Badger DAO prepares to reactivate its smart contracts
Badger DAO is an open-source decentralized autonomous organization focused on building products and infrastructure that increase the utility of Bitcoin in the decentralized finance landscape.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for BADGER on Dec. 9, prior to the recent price rise.
VORTECS™ Score (green) vs. BADGER price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for BADGER spiked into the green zone and hit a high of 75 on Dec. 9, around three hours before the price increased 48% over the day.
The positive price action for BADGER comes as the protocol tries to bounce back from a Dec. 2 exploit which resulted in the halting of the project’s smart contracts.
The overall cryptocurrency market cap now stands at $2.218 trillion and Bitcoin’s dominance rate is 40.7%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The proof-of-work (PoW) consensus model is the mechanism that kicked off the revolution that launched Bitcoin (BTC) in 2009 and it was the model of choice behind many of the popular projects in the early fledgling years of the crypto ecosystem.
As time progressed, other consensus models like proof-of-stake (PoS) rose in popularity, especially as the cost of running mining rigs, the constant need to update equipment and environmental concerns led to the PoW model falling out of favor with many.
As a result, projects looking to employ a proof-of-work model have had to adapt to stay aligned with the demands of the wider market. This has led to the emergence of projects that offer a more environmentally and economically friendly approach to PoW, while also aiming to build Web 3.0.
Let’s take a look at some of the projects that allow people to contribute their resources toward securing the network and earn a yield in the process.
Helium
Helium is a decentralized blockchain-powered network for the Internet of Things (IoT) devices that utilizes a global network of low-energy wireless “hotspots” that broadcast data via radio waves to be recorded on its blockchain.
The network uses a new work algorithm that has been dubbed “proof-of-coverage” to validate that hotspots are providing legitimate wireless coverage and that miners receive the platform’s native HNT token for helping to provide coverage for the network.
The Helium network saw tremendous growth throughout 2021. Currently, there are more than 309,000 nodes in operation.
Helium network statistics. Source: Helium
More recently, the Helium network expanded its capabilities by adding support for 5G wireless capabilities which included the launch of a new line of miners capable of transmitting the 5G signal.
On Oct. 26, Helium announced that it had partnered with the satellite television company Dish Network, making Dish the first major carrier to join the Helium network and offer its subscribers the opportunity to run Helium nodes in exchange for HNT tokens.
HNT/USDT 1-day chart. Source: TradingView
Shortly after these developments, HNT price rallied to a new all-time high at $53.11 on Nov. 9.
Kadena
Kadena (KDA) is a scalable PoW layer-one blockchain protocol that claims to be capable of processing up to 480,000 transactions per second (TPS) thanks to the use of braided chains.
Unlike the top PoW cryptocurrency Bitcoin, Kadena also offers smart contract capabilities similar to those found on Ethereum and features its own smart contract programming language called Pact.
Being smart contract capable means that the Kadena network is capable of hosting decentralized finance (DeFi) and nonfungible token (NFT) protocols, as well as a host of other specialized projects from stablecoins to payment processors.
Some of the goals of the project have been to address the major issues plaguing the Ethereum network such as high transaction costs and network congestion, and claims to offer marginal transaction fees for consumers while also introducing a “crypto gas station” feature that lets businesses create accounts that exist to fund gas payments on behalf of its user base when certain conditions are met.
Kadena utilizes the Blake (2s-Kadena) algorithm as its consensus model which requires native ASIC miners and cannot be mined using GPUs or CPUs.
Recently, KDA launched a wrapped version of its token called wKDA that is capable of interacting with all Ethereum Virtual Machine- (EVM-) compatible networks and their associated DeFi protocols.
In the future, the team behind Kadena also has plans to add cross-chain support for other popular blockchain networks including Terra, Polkadot, Celo and Cosmos.
KDA/USD 4-hour chart. Source:TradingView
Data from Cointelegraph Markets Pro and TradingView shows that as a result of the recent developments, the price of KDA had surged 1,280% from a low of $2.05 on Oct. 17 to a new all-time high at $28.44 on Nov. 11.
Flux
Flux (FLUX) is a native GPU mineable PoW protocol that is focused on scalable decentralized cloud infrastructure for Web 3.0 applications.
According to the project, the Flux ecosystem is comprised of a suite of decentralized computing services and blockchain-as-a-service solutions which offer an Amazon Web Services-like development environment, as well as the FluxOS second-layer operating system that is capable of running “any hardened dockerized application.”
The Flux network uses the ZelHash algorithm, which is a GPU minable implementation of Equihash 125,4 and can be mined through a Flux community pool or on a variety of third-party pools created by teams that support the Flux mining ecosystem.
The block time on the Flux network is two minutes and the current block reward is 75 Flux, with 50% going to node operators and 50% going to miners.
On Nov. 9, the project introduced “Light Nodes,” which enable Flux nodes to be managed using light wallets so that operators can start and monitor node metrics from any device capable of running the FluxNodes app.
FLUX/USD 4-hour chart. Source:TradingView
Data from Cointelegraph Markets Pro and TradingView shows that since Oct. 24 when it was revealed that Apple Pay would be integrated with the Flux network’s Zelcore wallet, the price of FLUX has surged 802% from $0.33 to a new all-time high at $2.96 on Nov. 12.
While the PoW model of consensus is no longer the dominant model used by major projects in the crypto ecosystem, these three examples show that it still has a lot to offer because the new platforms are environmentally friendly and economically sustainable.
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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
