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Maps is tied to a navigation service while Oxygen is tied to a decentralized finance protocol. They rose more than 50% in January, but are still only a small fraction of their 2021 peak values. Bankman-Fried defended both projects.
No value
These tokens will likely have no fundamental value, said Jacob Joseph, research analyst at CryptoCompare.
Bitcoin kicked off 2023 with a bang.Credit:Getty
Crypto watchers Messari said the coins may have risen because the upside momentum led some market participants to quickly close bearish bets.
Traders tend to short low-value tokens to hedge exposure to the broader crypto market, which leads others to try to perform a short squeeze and cause those quick pumps, Kunal Goel said. , analyst at Messari.
Beyond Sam Coins, the buzz around viral AI bot ChatGPT has also spread to crypto. Fetch.ai, the token of a project trying to marry digital ledgers and AI, jumped to around 28 cents US this month, from less than 10 cents.
The metaverse jumps in
The metaverse is getting involved, too: virtual world coin Decentraland gained 140% in January. In games, the Axie Infinity token has more than doubled even though the popularity of games has plummeted in the last year.
A long list of risks remains on the horizon to challenge the sanguine investor sentiment evident in the menagerie of smaller crypto tokens.
One of the threats is the possibility of persistent inflation that forces interest rates to rise longer than currently expected, undermining risk appetite. Another danger is the continued contagion of FTX wipeouts, most recently the bankruptcy of crypto lender Genesis Global Holdco LLC.
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Digital asset markets appear to be pausing to determine what’s next. A gauge of the 100 largest coins was little changed in London on Monday, while the largest Bitcoin token remained stable at around $22,785.
Bitcoin’s 37% rise in January is the best so far for the first month of the year since 2013, helping to lift the overall value of crypto tokens past $1 trillion, according to CoinGecko.
Bloomberg
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