As the crypto market has struggled this week, I was curious to see what the top 5 gaining altcoins have been over the past 7 days. According to Coinmarketcap.com, these are the fastest risers—and what a bizarre list it is.
You may have already guessed, but this post is in no way suggesting these coins are wise investments. If anything, it is a case study in why fast gains do not necessarily equate with a sound business case or strong prospects. I was just curious to look at their whitepapers and the latest news to see what I could learn about the more bonkers end of the market.
1. WeShow Token | + 1505%
What is it? While English-language info about this Korean coin is hard to come by and their whitepaper seems to have been run through Google Translate, it bills itself as a short-video social platform based on blockchain that aims to provide more autonomy and rewards for content creators than existing apps like TikTok. By using crypto currency it claims to be fairer and more transparent.
Why the gains? There seems to be some excitement on a handful of Asian-language blog sites over the entrance of a crypto-based short video platform. Beyond this, your guess is as good as mine.
2. ERC20 | +1249%
What is it? Unlike the other coins in this post, ERC20 is already well known in the cryptoverse. It is a set of standards that allows developers to create their own tokens inside the Ethereum network and has provided an easier route for companies to develop blockchain products (like Uniswap’s UNI token) instead of building their own cryptocurrencies. ERC20 are the most commonly used tokens on the Ethereum network and are designed to be used for paying for functions, goods, and services.
Why the gains? The sudden rise in value is perhaps linked to the bullish near-term predictions for Ethereum after Bitcoin dipped below 50% market dominance this week for the first time in three years.
3. Mushroom | +1054%
What is it? Launched earlier this year, Mushroom (MUSH) is a cryptocurrency that uses Ethereum's blockchain. It talks a big game, billing itself as a community-driven digital currency supporting financial freedom. It claims to give people control of their own funds with their wallet as proof of ownership with no third-parties necessary.
Why the gains? Mushroom has no white paper and there is scant little info about its credentials. Some have questioned why there is a lack of verified code. Buyers beware.
4. Pasta Finance | +1054%
What is it? Pasta Finance professes to be a decentralized exchange running on Binance Smart Chain and Pancake swap exchange, with features that let people earn and win tokens. It claims to offer users the benefit of liquidity mining, to generate rewards with cryptocurrency holdings, paralleled with staking.
Why the gains? You guessed it: there looks to be zero identifiable reason why this coin has surged. There is no whitepaper, no news on finance sites, and no commentary beyond its Twitter account with less than 1000 people. (And yes, that picture is its actual logo.)
5. CumRocket Crypto | +948%
What is it? Where to begin. According to its threadbare 10-page whitepaper, CumRocket’s raison d’être is to bring blockchain to the multi-billion-dollar porn industry. How? To provide a novel 18+ NFT marketplace where users will be able to buy and sell NSWF content with crypto and tip in a unique token called—wait for it—$CUMMIES. They say that paying for adult content in cryptos provides anonymity for all involved, unlike other existing platforms. What’s more, they offer an 85% cut of profit to models, whereas the leading direct-to-fans adult site of the day OnlyFans typically allows content-makers to pocket around 80%.
Why the gains? Perhaps investors have latched onto the meme value of this coin like they did with Dogecoin. Now 12,500 holders strong, the team behind it says it is hiring developers and a new CTO. Could it become the crypto version of OnlyFans? Who knows. Has it provided some form of comedic relief during a week of rocky trading? More than likely.