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Top Three Altcoins Skyrocket Over 80% – BONK Not Among Them
- Helium is currently the top-performing altcoin, having surged 80% in the past week and 500% since September. This surge is attributed to its migration to the Solana blockchain and the Solana phone Saga, amongst other factors.
- The Internet Computer is experiencing a resurgence with a 200% increase in value over the last three months, driven by its ambition to replace traditional IT with a decentralised supercomputer.
- WOO Network is currently the third-highest gainer this week but still below its peak, having increased 67% in the last four weeks; however, its growth is overshadowed by multiple security incidents.
After Solana meme coin Bonk (BONK) stole the show and left many altcoins in the dust with a meteoric rise of around 700% in a month, it looks like things are cooling off a little. But not every altcoin seems convinced with three standing out as top performers of the hour. Let’s have a look at these new “top dogs.”
Helium (HNT) Takes the Lead
The best-performing altcoin right now is HNT, which has soared 80% in the past week. While Helium has consolidated a little, it has strongly performed over the past few months, gaining 500% since September 20.
The surge is likely due to HNT’s recent migration to the Solana blockchain and the hype around Bonk and the Solana phone Saga, which has sold out. At the same time Helium Mobile announced that its outdoor hotspots are sold out. Helium uses LoRaWAN to operate mobile hotspots around the US and has announced the launch of an affordable cell phone plan, where users can earn MOBILE tokens.
LoRaWAN (Long Range Wide Area Network) is a protocol for low-power wide-area networks (LPWANs), designed for wireless battery-operated devices across a range of networks, from local to international. It is widely used in Internet of Things (IoT) applications. Additionally, Helium Wallet v2.5.0 was released recently.
Internet Computer – Come Back to Life?
While Internet Computer (ICP) has slightly depreciated in price over the past 24 hours, it is still one of the strongest-performing altcoins, climbing over 200% in the last three months.
Internet Computer, developed by the DFINITY Foundation, is a blockchain platform launched in 2021 aiming to replace traditional IT with a decentralised supercomputer. Despite initial success and substantial funding, it has struggled with a significant drop in its token value and criticisms over its lack of progress. However, recently there have been several events themed ICP.Hub in the Philippines, Hong Kong and East Africa, which focused on DeFi, GameFi and other web3 initiatives, potentially explaining the recent gains.
Then again, it should be noted that ICP is now still only worth US$9.36 (AU$13.87), which is a long shot from the US$428 (AU$546) it was on its release.
WOO Network Shrouded in Controversy
WOO Network functions as a decentralised exchange (DEX) and a blockchain platform designed to facilitate the development of decentralised applications (dApps) and smart contracts. WOO Network (WOO) is taking third place amongst the week’s top gainers just slightly ahead of everyone’s darling Bonk. While WOO has performed well over the past months gaining 67% in the past four weeks alone, it is still far off from its top as the below chart shows – additionally it has been involved in several unfortunate incidents, shaking Investor confidence.
WOO Network has faced several security incidents in the past. Firstly, Kronos, its market maker, suffered a breach due to unauthorised access to its API keys, resulting in a US$22 million (AU$32 million) loss and a temporary halt in trading. Shortly before, two engineers tampered with Kronos Research’s trading code over unpaid bonuses, causing a US$1.4 million (AU$2 million) loss and receiving fines as punishment. These events led to a 10% drop in WOO token value. Additionally, an Ethereum wallet linked to the Multichain exploit sold a large amount of WOO tokens, causing an 8% price drop. This wallet, which had connections to both a suspicious address and the Multichain team’s address, began selling a large amount of WOO Network tokens. This happened after the CEO of Multichain and his sister were arrested by Chinese authorities.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
