While most of the crypto market continued to suffer through a correction over the past week, a handful of low-cap altcoins skyrocketed in value.
DESO, the native token for Decentralized Social, surged by more than 90% over the past seven days. The 75th-ranked asset by market cap is trading at $140.16 at time of writing, according to CoinGecko.
According to the project website, Decentralized Social aims to be a “blockchain custom built from the ground up to power and scale a new category of decentralized social applications to one billion users.”
Last week when DESO launched, entrepreneur and software engineer Nadir Al-Naji revealed he was also the creator of BitCloud, and previously known only as Diamondhands, The Block reports.
Al-Naji has received $200 million of investment capital for the new project from a number of venture firms, including Andreessen Horowitz, Sequoia, Social Capital, TQ Ventures, Coinbase Ventures, Winklevoss Capital, Polychain Capital, Pantera Capital, and Arrington Capital.
The native token for the financial technology (fintech) payment solutions platform COTI (COTI) skyrocketed by 86.6% in the past week. The 140th-ranked asset by market cap is trading at $0.586221 at time of writing. Coinbase added support for COTI across all its platforms last month.
DYDX, the native token for the decentralized margin trading platform dYdX, also surged by 86.6% over the past seven days. The 91st-ranked asset by market cap is trading at $21.98 at time of writing, according to CoinGecko.
Activity on DeFi trading platforms has ballooned in the wake of China’s latest ban on cryptocurrency, CoinDesk reports.
CELR, the native token for the layer-2 scaling platform Celer Network, has skyrocketed by 76.9% in the past week. The 104th-ranked asset by market cap is trading at $0.156322 at time of writing.
Celer Network’s multi-chain network cBridge doubled its transaction volume in the past week, according to the project.
