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It's been another eventful week in the world of crypto which means it's time for another top trending coin list from the great folks over at CoinGecko. This week, ETH, Cardano (ADA), Solana, FEG, and BTC round out the top 5 trending cryptos. In this post, I'll briefly cover some of the recent price action for the trending cryptocurrencies and explain what these cryptos do so that you can stay up to date on all the latest news.
FEG, or Feed Every Gorilla takes the top spot this week for trending cryptos. This coin is unique in that it has a 2% "tax" that is taken out of every transaction. Part of the transaction tax is burned while the rest is automatically distributed to every FEG token holder. FEG token holders benefit from positive price pressure as well as getting a larger number of coins with each transaction. Additionally, FEG is unique in that it can be staked to earn fETH and fBNB rewards instead of just more FEG. Despite those unique features, FEG is down over 14% for the week.
At number two on the list, we've got Solana which I recently did a full article on. In contrast to platforms like ETH, Solana is a smart contracting platform that has exceptionally low fees (less than .001 cents), quick transaction times (less than a second), and can process up to 50K transactions per second. Solana aims to be the blockchain of mass adoption and is up over 58% for the week.
Bitcoin comes in third place for the week. Not only is BTC the oldest crypto, its the most well known (except perhaps Doge) and is the face of crypto for most people. Although cryptos are volatile, BTC is generally seen as one of the more stable cryptos and is referred to as a store of value crypto. BTC finished the week up barely 1.5%.
With all the big news about Cardano's smart contracts, it's no surprise that Cardano (ADA) made it into the top five this week. Although Cardano is quite a ways behind other chains like ETH when it comes to smart contracts and dApps, it does have a functioning Proof of Stake consensus mechanism that puts it ahead of ETH in that respect. Overall, ADA finished the week down about 2.7%
Ethereum (ETH) finishes out the top 5 this week. Although Ethereum seems to be fighting a never ending battle against high fees and congestion, it's still the king when it comes to easy to use, well tested DeFi applications and dApps. With an increasing number of "ETH-Killer" chains popping up on the market, it will be interesting to see what effect this has on ETH over the next few months, but at least for this week, ETH ended up gaining over 18%.
As always, the exact way that the "trending" coins are determined remains a mystery and I want to be clear that this is neither my list nor a recommendation of what coins you should invest in. However, I do think the CoinGecko list represents a great starting point for covering the most important movers in the crypto space, and it is my intention that this article was able to get you up to speed on some of the week's crypto news. As always, thanks for reading.