Several lesser-known cryptocurrencies are exploding despite the ongoing downtrend in the market.
ConstitutionDAO (PEOPLE) is up more than 70% this week. The project was set up with the aim of crowdfunding to buy one of 13 copies of the U.S. Constitution, but failed at a Sotheby’s auction in November.
PEOPLE has experienced unexpected strength despite the project’s founders offering to repay the $ 47 million raised. At the time of writing, the token is trading at $ 0.147.
Daily PEOPLE / USDT Chart | Source: TradingView
Also debuting this week is Decentralized Social (DESO), which aims to meet the scalability requirements of social media platforms. The project was previously funded by tech billionaire Chamath Palihapitiya and was just getting started listing on the Coinbase Pro trading platform this week.
DESO was up more than 60%, hitting a high of $ 165.54 as the news of Coinbase’s announcement spread.
DESO / USD hourly chart | Source: TradingView
The NEAR protocol (NEAR) has also grown impressively over 100% this week, although it was only fleeting.
Near offers scaling solutions to increase the acceptance of Web 3.0, according to the project website.
“The creative industries require a robust infrastructure that includes a range of developer tools and a dedicated, decentralized community.”
NEAR / USDT daily chart | Source: TradingView
The last notable altcoin this week is the cloud computing project FLUX (FLUX), which provides a comprehensive suite of developer-friendly tools for Web 3.0 and decentralized applications (DApps).
FLUX tokens are used to secure nodes, pay for hosting services, and more.
FLUX recently got a boost when Binance notification Listing tokens on his trading platform.
FLUX is up 37% for the week and is currently trading at $ 1.78.
Daily FLUX / USDT chart | Source: TradingView
In contrast to the sharp rise in these altcoins, Bitcoin (BTC) fell 7% over the same period.
Ethereum (ETH) is also down 10% to $ 4,008 at press time.
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