The outgoing year was rich in events in the cryptocurrency space: some projects were influenced by media personalities, others showed growth due to the uniqueness of the product, and others did not meet expectations. Below is a rating that was formed by the Cointelegraph portal based on the capitalization and degree of popularity of projects in the community.
Top Three: Dogecoin, Solana, Terra
At the beginning of the year, Dogecoin was trading at $0.004, and at the peak the value of the coin exceeded $ 0.73. Despite a significant correction from May values, the annual increase remains one of the most impressive and exceeds 4,500%. The leading driver of growth was Elon Musk’s tweets in support of the coin, who received the nickname “Dogfather” for his sympathies.
Solana has grown from $1.5 over the year to the current $199 or an extraordinary 133 times. This project is closest to the term “Ethereum killer”, providing support for smart contracts at high speeds and with low fees. In just a couple of months after the launch of the NFT, the Magic Eden platform based on SOL managed to bypass the leader of OpenSea (Ethereum) in terms of the number of transactions carried out. Large investors became interested in the possibilities of the blockchain: at the closed summer sale of tokens, developers attracted $ 314 million in investments.
Terra is a project with an ambitious goal to create a bridge between traditional finance and the cryptocurrency world. Its stablecoin (UST) has become the most popular stable decentralized coin, and the internal LUNA token has grown by 8,500% over the year since the beginning of the year. In December, Terra moved Binance smart chain in the DeFi sector, taking second place, and last week UST was listed on Binance and Huobi.
If we do not take into account projects with a dubious reputation, then Dfinity showed the worst result. The management has designated the creation of an “Internet computer” as its goal, which will allow you to abandon hosting and store the code directly on the “public Internet”. ICP coin listing took place on May 7 on the Binance and Coinbase (NASDAQ:COIN) exchanges. In just a few days, its price peaked at $630, while in closed funding rounds in 2017 it was trading at $0.03.
According to one estimate, early investors had about a quarter of the entire offer in their hands, which cost them less than a dollar per coin. Other analysts are already accusing the management of dumping coins on the exchange: so, according to Arkham, Dfinity transferred 18 million tokens totaling $3.6 billion to the exchanges in May and June. Anyway, the oversupply led to a 95% drop in the price.