Just yesterday, CoinGecko released its list of the top 10 trending coins for the first week of June 2021. This week's trending list has some familiar coins like ETH, SHIB, and BTC as well as some newcomers including 10SET and REN. In this post, I'll give a really quick summary of 5 of the top 10 trending coins so that you can stay up to date on all of the latest crypto news.
In first spot, we've got REN. The Ren protocol is a bridge that allows users to transfer assets from a variety of original blockchains (BCH, BTC, Zcash, and DOGE) to a variety of destination chains including BSC, Fantom, Polygon, Avalanche and Ethereum. In contrast to its competitor BitGo, which offers wrapped BTC Ren based RenBTC DOES NOT require KYC to bridge BTC to ETH, which is a feature that I expect many crypto fans appreciate.
So, if Ren has this awesome bridge, then the REN token must have some role to play in the bridge process, right?? Well, not exactly. Although Ren's claim to fame is its fantastic bridge, the REN token is actually used for an entirely different purpose and allows users to operate a RenVM Darknode and earn passive income which is still a pretty neat feature.
As is often the case, Bitcoin makes it into this week's top coins and needs no introduction. Bitcoin is the OG of cryptocurrencies, the most well known, has the largest market cap, and is the face of cryptocurrency. With that being said, BTC has not been immune from the recent bear market and is down almost 28% over a 30 day period although it is still up over 280% for the year.
If Doge is a meme coin, SHIB is a meme of a meme coin. This coin has been called the Doge Killer, and I wrote a full article on it a few months ago. Although this project sometimes gets a hard time for being a meme coin, it boasts a number of interesting features including no team fund, no admin fund, and no marketing fund. In other words, all members of the team had to buy their coins on the open market just like everyone else. Depending on your perspective, SHIB may not be the best investment coin, but I do think it serves a great purpose in reminding us to always question projects that pre-mine and set aside a large number of tokens for their "team fund" or admin expenses. SHIB was able to grow a community of over 490,000 users with no team fund, which is quite impressive.
Coin number 4 is aimed at revolutionizing the way that payments are made in the adult entertainment industry, and although it is an innovative token, I've decided to replace it with ETH in order to remain in line with all the various ToS for the various platforms that I use.
Despite all of the so called "ETH Killers", ETH continues to remain the king of DeFi and the king of dApps, and it retains its spot as the #2 coin by market cap. Although ETH is down about 38% over a 30 day period, it is still up over 940% for the year. Although ETH 2.0 still hasn't arrived, we do see many platforms slowly opening up ETH 2.0 staking functionality. If that wasn't enough good news, gas prices are finally dropping down to a level that I haven't seen in over a year, and it is now possible for average investors to actually use ETH based DeFi protocols again.
Rounding out the top 5 trending coins, we have 10SET which is an interesting coin in two separate ways. On one hand, it is designed to be somewhat of an ETF that allows anyone investing in 10SET to own an asset that is backed by a variety of other cryptos. As the project continues to develop, 10SET will also be backed by stocks as well. Although I know of a few coins that are crypto ETFs, 10SET is the only one I am aware of that will include both stocks and cryptos.
If that wasn't interesting enough, 10SET is not just an ETF, it is a deflationary ETF in which 1% of each transaction is taken and distributed to 10SET hodlers to reward holding. Another 1% is burned to decrease token supply with the goal of boosting price. Overall, it is an interesting project, and it's something I plan on following more closely.
Writing top 5 articles like this is a challenge because there is always so much more I could say about each coin, and its hard to keep it short. Although there is a lot of movement in crypto over the past few weeks, the #1 thing I am excited about is that ETH gas prices are finally dropping and average users are finally getting a bit of relief from the back-breaking gas fees we have been paying for over a year.
As always, thanks for reading and nothing is financial advice.