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The crypto market trend is still showing signs of extreme volatility. Both long-term investors, who invest with a strategy, and short-term investors, who conduct intra-day trades, use this flagrant volatility to earn profits from short-term investments. Based on the most recent CoinMarketCap data, there is an interesting mix between established utility tokens and new niche projects that have been able to capture most of the liquidity on the “Top Gainers” leaderboard today.
Although many of the larger cryptocurrencies often react to macroeconomic trends and the current price of Bitcoin, today’s top-performing tokens reflect more specific drivers. They indicate growing interest in developments within ecosystems, along with community-driven narratives surrounding them.
Pippin ($PIPPIN) Dominates the Leaderboard
Pippin ($PIPPIN) leads off with a big move today, climbing 21.65%, to trade just under $0.7169. The volume indicates that people are trading Pippin heavily, as there was an over $67 million worth of trades completed in the previous 24 hours. The activity shows us that Pippin is a community or culture token, and we continue to see this type of token perform well in this market cycle with increased liquidity.
Pippin has experienced prolonged gains like most other short-term rallies; this indicates there may be localized accumulation within the market. It suggests that whales and retail participants recently noticed a catalyst within the ecosystem and became interested or invested in Pippin because of it.
Mid-Cap Resilience: Kite and JUST Show Strength
Kite’s (KITE) and JUST (JST) have both seen good increases in value of 8.22% and 4.42%, respectively. The performance of JUST is especially important to those who follow the TRON ecosystem, as the decentralized finance (DeFi) protocol is one of the key pillars within TRON’s ecosystem, maintaining both lending and stablecoin stability on TRON. This ongoing increase in value also shows that the general trend is for investors to rotate their investment capital into established protocols which have demonstrated utility in the DeFi space.
Additionally, Toncoin has attracted attention from both retail and institutional investors, supported by its presence on today’s gainers list with a 2.37% increase. Its connection to Telegram and growing influence on Web3 social platforms further reinforces this interest. While there have been legal challenges related to Telegram’s messaging service, the continued availability of Toncoin on Web3 social platforms will fuel interest in Toncoin.
Institutional Giants and Infrastructure Plays
The leaderboard also includes undisputed top tier cryptocurrencies Polygon ($POL) and ether.fi (ETHFI). The changeover and new branding of Polygon to $POL reflect their huge technical effort to improve Ethereum’s scalability. The small increase in market cap (1.61%), when considered against little-known cryptocurrency Pippin, represents an influx of value to a coin with a high level of market capitalization. Liquid staking protocols like ether.fi suggest that the concept of “restaking” continues to be a significant theme among Ethereum holders wishing to maximize their yields.
According to market analysts, this mixture of gainer types of high volatility, infrastructure giants, etc. indicates that the overall crypto market does not have an exact direction. Furthermore, Coindesk reported that the interaction between the growth of decentralized finance and institutional investment will continue to drive price movement throughout Q-3.
Conclusion
An insightful look into the current market landscape shows that numerous leading gainers are classified as “high-growth” tokens, including Pippin. However, as evidenced by the nature of the projects at the top of the chart, the fundamental growth of the market can also be attributed to the underlying development of infrastructure-based tokens such as Polygon and Toncoin.
The Crypto Economy’s success and continued growth depend upon the ongoing development of use cases in both DeFi and Web3 ecosystems. While 20% returns sound appealing, how long could the community continue to support DeFi and Web3 projects? The success of these projects could partly depend upon that, as they will already have stiff competition from crypto assets in general.