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CoinGecko just released its list of the top trending coins in the US for the first part of July which means its time for another top 5 recap. In this post, I'll briefly describe the top 5 coins, what they do, and what value the bring to the cryptocurrency ecosystem.
In first spot, we've got utrust which is designed to allow users to spend crypto while simultaneously allowing merchants to actually receive fiat. If this sounds like a crypto.com debit card, think again. Utrust has a number of bendfits that set it apart from simple prepaid crypto debit cards. For one, you don't have to pre-load utrust. With a prepaid debit card, you must sell your crypto to prefund the card. If the price of crypto skyrockets after you've sold, you miss out. With utrust, you hold the crypto in your wallet and the conversion is done in real time at the moment of sale.
Most crypto users know that blockchain transactions are irreversible and may be hesitant to pay in crypto for fear of being scammed and never receiving their products. This is where utrust shines among its peers as it has a "holding period" that only releases funds to the merchant after a buyer receives their product. There is also an inbuilt dispute resolution procedure.
Million Token makes the list at number two, but I have to be honest. I'm really not sure what value this coin brings to the market. According to the website it is a decentralized digital currency for millionaires by millionaires which sounds a bit exclusive. The coin has a fixed supply of 1 Million and a minimum peg of $1 USDC, but other than that, I didn't see an actual use case. I couldn't find any mention of smart contracts, defi, payment services, ,or anything similar on the website. Simply having a fixed low supply doesn't make a great coin, and although the coin has enjoyed a massive price increase, I question how sustainable this will be.
Bitcoin takes third spot on the list this month which isn't surprising. BTC is the OG of crypto and is the king maker. When BTC is up, the market is usually up, and when BTC is having a rough time, so is the entire crypto market. In almost every monthly review that I do, BTC is in the top 5 or at least the top 10.
Axie and the AXS token stand out as one of the few cryptocurrencies to be in the green over the past thirty day period. Although the rest of the market seems to be in a bear market, AXS is up over 327% at the time of writing. Axie is one of the leading blockchain games and, in contrast to some of the other blockchain "games" on the market, Axie Infinity has a well designed interface, and many players actually seem to enjoy the gameplay which unfortunately can't be said about a lot of the other crypto games.
AXS is the native governance token of the platform and can also be staked to receive additional AXS tokens. The key value I see here is that AXS is bringing the concept of decentralized governance to blockchain games. Although there are a lot of blockchain games on the market, I don't know of a whole lot of them that actually let players have a say in the future of the game. I predict that if Axie does well, a lot more blockchain games will follow this model in the future.
When Shib first launched, a lot of people scoffed at it as a "knock off meme coin". Despite the criticism, I always thought that Shiba presented an interesting example of a completely decentralized startup that had ZERO team fund, ZERO marketing expenses, and ZERO presale. As Shib continues to develop its ecosystem, more people are taking note of this coin, and it is even listed on Binance.
Although there are a lot of great crypto websites out there, CoinGecko remains one of my favorites because they are constantly putting out useful information such as these top 10 lists that convey the most important crypto information in a short time. Out of this week's top 5, I have to say that I'm most excited about utrust and its unique payment solution, and I might have to consider doing a full article about it sometime.
As always, thanks for reading and nothing is financial advice.