The situation in the altcoin market is still not very good. Just as the blockchain ecosystem slowly began to recover, the news of the bankruptcy of FTX Group made everyone bearish again. Bitcoin price remains at a low level below $20,000 and most alternative cryptocurrencies also end the week in the red. However, some altcoin investors have reasons to be happy – despite rough market conditions, there are coins and tokens that have managed to make significant gains over the past 7 days. Without further ado, let’s take a look at the most interesting altcoin news from the past week!
ApeCoin Continues to Rise Ahead of Staking Launch
ApeCoin (APE) is definitely one of the most successful altcoins in 2022. Even in a bear market, the APE price consistently outperforms the competition. This week, ApeCoin has increased in value by more than 17%, making it the fastest growing token on the list of the 50 largest cryptocurrencies by market capitalization.
The Bored Ape Yacht Club ecosystem is booming: The number of APE transactions has steadily increased in recent weeks. But the main reason why ApeCoin is doing so well right now is the fact that investors will finally be able to stake their APE tokens starting December 12th.
Unfortunately, not all APE holders can stake ApeCoin. Crypto staking is geo-blocked at APE Coins and crypto enthusiasts from countries like USA, Canada, Russia, Syria, Cuba or Iran will not be able to use APE to generate passive income.
Uniswap Announces Groundbreaking NFT Functionality
To stay ahead of the bear market, many crypto projects are releasing exciting new features to create excitement. New functionality just added to the decentralized Uniswap (UNI) exchange could prove to be particularly important as it will have a huge impact on the entire NFT ecosystem.
Uniswap users can now use the Uniswap NFT aggregator to access digital collectibles directly from the Uniswap exchange. Instead of building yet another NFT marketplace, Uniswap has decided to merge NFTs from marketplaces like OpenSea, OpenSea, X2Y2, Sudoswap, NFCX, LooksRare, Larva Labs, Foundation and NFT20.
Uniswap’s new aggregator has the potential to revitalize the NFT ecosystem as millions of Uniswap users can now buy NFTs from smaller marketplaces. The UNI price has reacted very positively to the news and has risen by almost 9% in the past 7 days.
Chainlink prices rise due to excitement
ApeCoin is not the only token that will soon add staking functionality. Starting December 6th, Chainlink (LINK) holders will also be able to stake their tokens to generate passive income.
The first version of Chainlink staking called v0.1 will be launched on the mainnet on December 6th, but it is not yet available to all LINK holders. Only a small number of addresses will initially be able to beat LINK, and no more than 7,000 LINK per address.
Chainlink strike opens to the public two days after the initial launch, on December 8th. At that time, the betting limit will also be greatly increased, allowing investors to bet up to 25,000,000 LINK in one pot.
The v0.2 phase of Chainlink Strike will be released in 9 to 12 months. Until then, LINK attackers will not be able to release their locked tokens.
MATIC price is rising thanks to the growing popularity of Polygon NFTs
Polygon (MATIC) is another altcoin that has had a great week. Over the past 7 days, the MATIC price has increased by almost 9%.
According to most cryptoanalysts, the main reason for the bullish sentiment among Polygon investors is the rapidly growing Polygon NFT ecosystem. In just one month, the volume of MATIC-based NFT sales has increased by a whopping 191%.
Another reason for Polygon’s good performance is its recent partnerships. MATIC’s integration with Instagram and Starbucks has investors very excited about what the future holds for the Polygon ecosystem.
DOGE is still moving forward despite no new developments
Some projects need promising announcements and exciting new features, others just need Elon Musk. Dogecoin (DOGE) is still one of the best performing cryptoassets on the market and the DOGE price has risen more than 25%, making it the fastest growing cryptocurrency among the top 10 coins and tokens.
Interestingly, Musk hasn’t mentioned DOGE once since taking over Twitter. However, experts are convinced that the fact that Tesla’s CEO is now constantly in the spotlight is enough for Dogecoin to rise further in the near future.