New Cryptocurrency Launches for 20 September 2022: TAMA, MGS, MPLX, SWEAT
The cryptocurrency market has jumped by 4% in the past 24 hours, partly compensating for falls over the weekend. Its total cap now stands at $978 billion, representing a 12% drop in a week. However, as disappointing as recent months have been for the wider market, a handful of smaller, recently launched coins have bucked overall trends by posting gains following their initial listings. It's in recognition of such coins that this article collects the best new cryptocurrency launches for today and the coming weeks.
Best New Cryptocurrency Launches for 20 September 2022
Based between London and San Francisco, Sweatcoin is a free-to-download app that rewards users for daily steps with its own SWEAT cryptocurrency, which can be spent on a variety of products or donated to charity.
In contrast to the similar STEPN platform, which is based on Solana, SWEAT is an ERC-20 token running on the Ethereum blockchain.
Its native platform, the Sweatcoin app, has been live for several years already. In fact, it's the 11th most popular app on the Apple App Store in the Health & Fitness category, and has also amassed more than 50 million downloads on the Google Play Store.
In other words, SWEAT already has a large addressable market, and it has already been listed on some of the top exchanges in the world. This includes FTX, Huobi, OKX and KuCoin.
Impressively, it's over 500% up from its price when it first listed last week. And despite being 48% down from its ATH of $0.091476, it should continue to do well.
Mugen Finance (MGN)
Listed only yesterday, MGN is up by 10% in the past 24 hours, at $118.48.
MGN is the native token of the Mugen Finance, an Arbitrum-based yield aggregator that uses cross-chain messaging in order to enable users to gain access to multiple yields from multiple networks.
Since launching, Mugen has already attained $1 million in total value locked in. This is obviously a very modest number compared to TVL for chains like Ethereum and BSC, but it represents some impressive growth for a newborn platform.
Mugen Finance has also just launched its core staking feature, which users can harness to stake across multiple chains. Given that this is one of its main selling points, it's likely that its rollout will attract more adoption of Mugen. In turn, this will increase demand for MGN.
Metaplex is a recently launched decentralized protocol for the creation and use of NFTs and other digital assets on the Solana blockchain. MPLX -- its governance token -- was listed on a variety of exchanges within the past 24 hours, including Huobi, Bybit, KuCoin and FTX.
As described in its official documents, Metaplex is "a collection of tools, smart contracts, and more designed to make the process of creating and launching NFTs easier." Its three main projects are an NFT marketplace for Solana, a standard for creating Solana-based NFTs, and also a standard for producing NFT metadata.
Despite listing on a number of big exchanges, MPLX's price has fallen by 12% within the last 24 hours, according to CoinGecko data. This is likely because the sudden increase in liquidity has opened it up to considerable volatility, with early holders now cashing in.
Still, given how popular NFTs remain, Metaplex is definitely a new cryptocurrency launch to watch.
Point Network (POINT)
Billing itself as the 'world's first' full Web3 architecture, Point Network is a blockchain platform that provides the various pieces of infrastructure necessary to run a decentralized version of the Internet. This includes a browser, domains, storage, apps, IDs, and email, among other things.
This makes it a rival to platforms such as the Internet Computer, with its native POINT token being used to pay fees to storage providers and other services on its network.
Since POINT listed a few days ago on MEXC Global, its price has traded within a narrow range, which is an encouraging sign (compared to sinking dramatically). It reached an all-time high of $0.522896 four days, and is only 11.5% down from this price.
Point Network now has over 34,000 followers on Twitter, which is good going for a platform whose mainnet launched on September 1. It has also announced a number of new partnerships in recent weeks, including a collaboration with Solana-based domain service provider Bonfida.
One of the more interesting new altcoins on the market, TAMA is the Ethereum-based native token of the pet-themed Tamadoge metaverse. Once launched, the latter will enable users to mint NFT-based pets, nurture them and battle them with each other.
Its presale kicked off in early August, and has only just ended, with its first listing due very soon. Despite having a target of only $2 million, it ended up raising $19 million. This testifies to the interest it generated, and how its combination of meme coin and play-to-earn metaverse is likely to do well.
Broadly comparable to something like Axie Infinity, Tamadoge's play-to-earn platform will give users the chance to battle their Tamadoge pets and earn rewards for doing so. In addition, players will also be able to sell their NFT-based Tamadoges on the secondary market, offering real potential for profits.
TAMA first exchange listing will be on LBANK exchange, due in the next few days. This listing is likely to do well, given that Tamadoge already has over 68,000 followers on Twitter, an impressive number for an account that joined the social media network only in July.