It has been one other week of robust buying and selling for a lot of altcoins. Solana (CRYPTO:SOL), Arweave (CRYPTO:AR), and OMG Network (CRYPTO:OMG) have been among the many beneficiaries of the bullish market momentum, with their tokens up roughly 17%, 45%, and 26%, respectively, as of seven:15 p.m. EDT on Friday, in keeping with knowledge from S&P Global Market Intelligence.
Along with bullish momentum within the general cryptocurrency space, Solana and Arweave seem to have gotten a lift from a brand new funding initiative for blockchain gaming. In the meantime, OMG Network token house owners are set to obtain a brand new supplementary token, and that is creating pricing momentum.
Information hit on Friday that Solana was launching a $100 million enjoyable along with Lightspeed Ventures Companions and FTX to spend money on blockchain-focused gaming studios. Just like Ethereum, Solana’s blockchain gives a community for different cryptocurrencies and decentralized finance functions to be constructed upon.
Pleasure has been constructing about blockchain-based gaming, and Solana is likely one of the networks that appears to be most centered on supporting this potential new path for interactive leisure. Arweave is offering knowledge administration companies to Solana by way of its blockweave storage know-how, and its token additionally seems to have gotten a pricing enhance from the brand new gaming fund announcement.
Switching gears, OMG Network’s token pricing good points during the last week seem to have been pushed by anticipation for the brand new cryptocurrency that token holders will quickly obtain. OMG Network house owners are set to obtain a brand new crypto token that may be staked for rewards on Boba Network. This is about to happen on Nov. 12.
Solana, Arweave, and OMG Network’s respective tokens differ from many different cryptocurrencies within the sense that they’re used to assist or transact for companies which can be particular to their networks and should not merely digital currencies. This might give them a stronger elementary valuation case in comparison with tokens that commerce merely based mostly on hypothesis or adoption, however traders ought to take into account that they’re nonetheless comparatively high-risk investments and will probably proceed to see unstable buying and selling within the close to time period.
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