On June 14, 2023, we saw the total value of the digital currency market fall to its lowest level since three months earlier. According to CoinGecko, the total value of the digital currency market increased from $1.1 trillion to $1.06 trillion. Some time later, after the recession, the market recovered and grew to more than 1.2 trillion dollars; It was only $100 billion less than its quarterly high of $1.33 trillion. Bitcoin also reached its highest price of the year and Ethereum was about to reach $2000.
Interestingly, in the same period of time, that is, from April to June 2023, the price of several altcoins grew significantly. In this article, which is a Farsi translation of an article on the Coin Gekko website, we introduce 10 altcoins that performed best among the top 300 digital currencies in terms of market value in the second quarter of 2023.
This list is only for educational purposes and analysis and investigation of the reasons for the growth of the currencies in question and is not a financial or investment recommendation. As always, do your own thorough research before investing in or trading cryptocurrencies.
1. pendulum; 125 percent
The Pendle Finance project allows users to buy crypto-assets at a discount and redeem the purchased tokens when the offered discount expires. This discount is offered from unrealized profits that have expired during the maturity period. Pendle also converts the earned profit into tokens and thus, you will have two types of tokens: Principal Token (PT) and Yield Token (YT). The main token is the tokens you bought and the return token is the expected future profit. Pendel helps you manage your profit and tokens separately by tokenizing the profit you have not yet received. You can even trade both assets.
The Pendle Finance token is PENDLE, which has been associated with a steady increase in value during the second quarter of the year. The PENDLE price was as low as $0.38 on April 1st and reached as high as $0.77 on June 30th. Therefore, its price growth in three months has been more than 120%. According to CoinGecko data, the highest quarterly price of this token since August 2021 was $0.96.
The total market value of Pendel also increased by more than 200% in the second quarter of the year and reached more than 35 million dollars on April 1st to more than 77 million dollars on June 30th.
One of the reasons for the growth of Pendel’s value during this period is the expansion of its yield program and the improvement of annual yield. The annual percentage return (APY) on this platform has grown up to 35%, and independent apps have also accepted Pendle’s tokenized future returns.
On June 28, Dolomite announced that it will accept Pendle’s main token (PT) for derivatives trading on its platform. Dolomite claims that Pendle users can borrow with their core tokens on the Dolomite loan page and receive interest at the same time.
2. Bitcoin Cash; 104 percent
Bitcoin Cash (BCH) has maintained the same economic system as Bitcoin since it split from the Bitcoin network in August 2017. This digital currency introduces itself as a more practical version of Bitcoin; Because the TPS rate for Bitcoin Cash is 100 transactions per second, while this rate for Bitcoin is only 7 transactions per second. This is thanks to Bitcoin Cash’s 32MB block size, which holds approximately 25,000 transactions. With these functional differences, the economic model of Bitcoin Cash is still similar to Bitcoin.
Many large institutions in the financial sector have joined the crypto industry and are looking to offer cryptocurrency investment opportunities through exchange-traded funds (ETFs) and regulated trading platforms. One of the trading platforms in this field is the EDX Market exchange, which was launched almost a month ago on June 20, 2023 (30 June 1402). Very large institutions such as Fidelity Investments, Citadel and Securities support this exchange. Actually, this exchange is designed by listing the top four digital currencies Bitcoin, Ethereum, Litecoin and Bitcoin Cash on its platform in order to provide services to crypto companies and the largest financial institutions in the world.
The price of the BCH token doubled in the second quarter of 2023. The price of this token was $124 on April 1 and reached $253 on June 30. The volume of Bitcoin Cash daily transactions increased during this period and reached more than one billion dollars. This amount was 80 million dollars in April.
3. Tominet; 100 percent
With its native token TOMI, tomiNet offers a portfolio of crypto products that it claims focuses more on equipping developers to create platforms that bridge Web 2.0 and Web 3.0. The administration of these products is under the responsibility of the TumNet community through the Decentralized Autonomous Organization or DAO. Some of them are: Tomi Privacy Layer, Tomi Domain Name Service (tDNS) and Tomi Browser.
Tumi’s privacy layer uses a zero-knowledge rollup architecture to provide privacy to users when interacting with first-layer protocols.
Tomy web browser, according to the project team, provides users with a safe, powerful and anonymous environment to access the Internet.
Launched on June 20, 2023, the Tomy domain name service decentralized system allows users to create a domain that can be managed on the blockchain with the help of asynchronous tokens that represent URL ownership. According to official information, real addresses are encrypted, so no entity on the network can ever block an address that is verified.
The native token of this project witnessed a 100% increase in its value with the hype around tDNS and being listed on multiple exchanges, and the price of TOMI reached more than $4.2 on June 30, from around $2.1 on April 1, 2023. The market value of this project exceeded 400 million dollars in the second quarter. Its daily trading volume has also grown similarly; Because market forces work in favor of this project.
4. Kojira; 99 percent
Kujira is a first-layer ecosystem built on the Cosmas network and uses the network’s interoperability to connect with other blockchains using the Inter-Blockchain Communication (IBC) protocol. This project allows developers to build applications that interact with other networks easily. It also implements a system on the network that is not completely permissionless; That is, developers must execute their smart contract only after passing the governance voting process in this network.
Kojira is a proof-of-stake network and claims that its liquidity system is efficient and reward-based. The network allows any application on its platform to use a common asset pool to secure the network, and anyone can earn rewards for contributing to the network, regardless of which dApp they are working with. The Kojira ecosystem includes a decentralized orderbook-style exchange or order book for inter-chain asset transactions, a market-making framework, a public market for the purchase of liquidated securities (ORCA), and a number of other features.
In the second quarter of 2023, the price of the Kujira token (KUJI) increased from $0.42 on April 1 to $0.84 on June 30. With this 99% growth, KUJI has been the fourth most profitable currency among the top 300 digital currencies in terms of market value. During this time, this token was able to reach a peak price of $1.04, which is the highest price level since October 2022. Kojira’s market value is 119 million dollars; However, its trading volume has maintained a constant pattern.
5. Tomochin; 80 percent
Tomochain is an Ethereum virtual machine compatible network that uses Proof of Stake Voting and its launch dates back to 2018. The network claims to be highly scalable and uses a number of technologies to achieve high transaction speeds and low fees per transaction. Apparently, as the project’s official documents show, one TOMO, Tomochain’s native token, is enough to run thousands of transactions. Again, according to Tomochin, the TPS rate of this network is 2000 transactions per second, and his team is looking for scalable solutions, including sharding, Ethereum virtual machine parallelization, and the like to increase this value. Tomochain continues to grow its ecosystem with DeFi projects, asynchronous tokens, GameFi, Dao and other self-secure applications.
The price of Tomo started its work in the second quarter of 2023 with more than 80% growth. Tomo was priced at $0.61 on April 1 and reached $1.11 on June 30. However, it experienced a price peak on May 29, 2023 and reached its highest level in the last one year, that is, $1.64 since April 2022.
The volume of TOMO transactions and its criteria have also grown relatively during this period. On May 25th of this year, Tomochin announced Coin98’s investment in the project, which includes strategic integration into its wallet, among other important features.
Several wallets have been integrated with this network in the second quarter, including EnKrypt. The Tomochain investment platform rewards its shareholders with an annual interest rate of 14%. This can also be one of the factors for the growth of Tomo’s price.
6. injectable; 67 percent
Injective touts itself as the fastest first-tier blockchain built for finance. The consensus mechanism of this project is proof-of-stake and is built using the Cosmas software development kit. Its speed is about 10,000 transactions per second and its ecosystem includes more than 100 projects including DeFi, NFT and applications. To protect its users against front-running, Injectiv uses a recurring batch auction model and does not allow front-runners to change the order fulfillment process or interfere with the tracking of incoming orders. Injective is compatible with several chains, including Ethereum, Solana, Polygon, Arbiterum and others.
Injective’s native token, INJ, finished the second quarter of 2023 as the sixth most profitable token among the top 100 digital currencies. INJ’s price for the second quarter was around $4.73 at the start and reached $7.89 by the end of the period. On April 17, we saw its highest three-month price level of $9.32 since December 2021, and its daily trading volume and market capitalization also increased during this period.
The growth of injective value is due to the milestones that this project managed to reach in the second quarter of 2023. Some of its marketing innovations are also noteworthy. The improvement of the Avalon network may be one of its outstanding achievements, but the progress of projects in the injective ecosystem such as the Helix project with a cumulative transaction volume of 10 billion dollars is also considered an important factor.
Injective has also been integrated into standalone applications such as Leap Wallet and NowNodes.
7. radix; 65 percent
Radix is a first layer blockchain optimized for DeFi applications using distributed ledger technology. The project hopes to create a scalable and highly efficient platform that allows projects to design high-capacity DeFi applications without bottlenecks in their implementation. This feature allows apps to interact with each other and helps developers move apps faster. Radix supports NFT, gaming, insurance, DeFi and other applications. According to the project team, the transaction processing speed in Radix is high and by burning transaction fees, it increases the value of its token.
The native token is called Radix XRD. XRD price reached a three-month high of $0.14 in April 2023 and recorded a yearly high. Above this level was last recorded on April 8, 2022. The price of XRD was $0.04 on April 1st and reached $0.067 on June 30th. This represents a net growth of 65% for the project, placing it among the top 10 cryptocurrencies of the second quarter of 2023.
8. Akash Network; 64 percent
Akash is an open source, decentralized cloud computing platform built with the Cosmas software development kit. Users can trade their computing resources on Aakash Marketplace or rent them from cloud providers. Aakash aims to compete with the cloud computing market and its existing centralized providers such as Amazon Web Services (AWS) and Google Clouds by offering lower costs for hosting applications.
The project continued to run its pilot network, which uses the incentive system and was launched in early June, in the second quarter of 2023. This network’s artificial intelligence-based code generation application and its support for artificial intelligence programs have been well received by the community.
These developments could be the main catalyst for Akash’s growth in the second quarter of 2023. The Akash token is called AKT, which witnessed a net growth of 64% from April to June 2023. The price of AKT started at a little above $0.31 on April 1st and reached around $0.51 on the last day of June. On June 18, when its GPU test network was launched, it experienced its quarterly peak of $0.69. The total market value and trading volume of this token also increased during this period. In this way, Akash was ranked eighth in our list.
9. Aragon; 54 percent
Aragon allows projects to easily develop their own governance programs using the Aragon program. The program has software development kits with algorithms and protocols that developers can use to implement decentralized community management features such as token mining, the ability to use wallets for voting, and setting governance parameters in their projects without the need for coding. Aragon strives to help projects adopt a DAO governance approach in a simpler process through cost-effective, efficient and truly decentralized applications.
The Aragon token is called ANT. The price of ANT was $2.56 on April 1 and reached its quarterly high of $4.51 on June 22, 2023. Of course, until June 30, ANT was trading at $3.93 and its market value reached more than $181 million at its peak, but its daily trading volume remained at a normal level.
Aragon’s social media shows its adoption and integration into various blockchain networks to facilitate the development of the Dao. Of course, this project also introduced a new product in the last weeks of June, which probably had a great impact on its price growth during this month.
10. rendering; 45 percent
Render Network is a project that allows users to rent out their excess GPU power to developers who need it. Artists or other content creators can rent GPUs from miners who have spare, idle GPUs. For this, it is enough to get the GPU power from the operator nodes and pay the native rendering token called RNDR.
The rendering network uses the Proof of Rendering (POR) algorithm. This consensus mechanism is a type of proof-of-work algorithm. Artists can verify that their art has been paid for before uploading their artwork or content.
Rendering runs on the Ethereum blockchain and actually uses the blockchain to generate hash codes for artwork and send them piece by piece to nodes for rent. Once approved, the fee the artist paid to the node operators for renting the GPU power is released.
RNDR price started at $1.37 on the first day of Q2 2023 and reached $1.98 on June 30. This token experienced its three-month price peak on May 29, 2023 and traded at $2.75. This level was last seen in April 2022.
Special review: Pepe with 230% growth
Here we come to the end of our list. However, we cannot leave out the Pepe digital currency.
Pepe Token (PEPE) was traded at $0.00000706 on April 1, 2023, and soon reached $0.00000163. This meant a 230% increase in its price. However, it also experienced extreme fluctuations. On May 5, 2023, Pepe’s all-time high was recorded at $0.000043 and has since stabilized at half of that value.
Pepe is arguably the most popular cryptocurrency of the second quarter of 2023. This currency was first introduced in the UniSwap decentralized exchange and after its significant achievements, it gained recognition in the wider space of the digital currency market. Since then, it quickly listed on top exchanges and increased its core value more than 20 times in the second quarter of the year.
Pepe’s price growth is probably due to its memecoin and community based marketing. The Pepe community and the support of institutions and influential people in this space played an influential role in increasing the value of its token, and for this reason, we saw its rise to the list of the top 100 digital currencies in terms of market value.
Methodology
Bitcoin trading above $30,000 for the first time in a year was one of the biggest events of the second quarter of 2023, however, the rest of the digital currency space also performed positively. With all of these interpretations, the 11 projects we’ve featured here experienced the most growth due to some factors that are mostly unique to each property.
To compile this list, the price movements of digital currencies in the list of top 300 digital currencies of Coin Gekko from April 1 to June 30, 2023 were used.
final word
In this article, we discussed the 10 digital currencies that grew the most in the second quarter of 2023, and we made a special mention of Pepe, whose growth rate was higher than all these currencies. These projects promise various applications such as facilitating interaction with decentralized applications, scalability, cloud computing services, domain name service, decentralized finance, and many other applications that are important to participants in the cryptocurrency industry. We have to wait and see which of them can maintain their good trend in similar periods of time in the future.
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