Top Trending Coins Today 17 October – PancakeSwap (CAKE), Cardano (ADA), Quant (QNT), IMPT, Solana (SOL)
While the crypto markets were typically quiet on Sunday, a number of coins enjoyed strong weekends as the total market cap increased following a dip on Saturday.
The total market cap is up nearly 1.5% to $928 billion and investors have still found good value in certain coins.
PancakeSwap (CAKE)
The native token of the Binance smart chain’s biggest decentralized exchange, cake is up 2% in seven days and more than 7% in the last month.
CAKE was trending on Monday morning after the project revealed its latest mega burn.
🔥 6,814,867 $CAKE just burned – that’s $31M!
— PancakeSwap🥞Everyone's Favorite DEX (@PancakeSwap) October 17, 2022
💰 Trading fees (Swap and Perpetual): 221k CAKE ($1M) +22%
🔮 Prediction: 53k CAKE ($244k) -15%
🎟️ Lottery&Pottery: 39k CAKE ($179k) +51%
🔒 NFT Market, Profile & Factory: 2k CAKE ($10k) +112%
🛍 IFO: 17k CAKE ($80k) pic.twitter.com/VdCSd1Xf0t
Six million tokens were sent to a dead address with an approximate value of $31 million.
Cardano (ADA)
Long-time favorite Cardano has endured a terrible few weeks of price action despite its ongoing development.
Their latest major upgrade – the Vasil hard fork – went live at the beginning of September without issue but it has not sparked any momentum in ADA’s price.
In fact, the coin is now down 11% in a week and 22% in 30 days and dipped to a 21-month low last week following US Consumer Price Index data being revealed.
The coin continues to find support at $0.36, although if that resistance is broken some analysts have the coin dropping as far as $0.25 or even $0.15.
However, Cardano continues to build out its protocol despite the current price struggles and is among the most undervalued cryptos on the market.
Quant (QNT)
Quant has continued its extremely impressive recent performance and broke $200 for the first time in 2022 amid
The QNT token is now up 14% in 24hrs, 37% in seven days, and 96% in a month. Zoom further out and the token is up more than 300% since June’s sub-$50 lows.
Quant continues to perform well as it is a forerunner in talks over Central Bank Digital Currency (CBDCs).
Quant founder Gilbert Verdian previously held high-profile positions at the Federal Reserve, Mastercard, and HSBC and the project has already held trials with a number of global banks.
However, according to the CryptoWaves Relative Strength Index (RSI), QNT is now in ‘Overbought’ territory and sits at 85 on the 1-day chart.
IMPT
IMPT is a new crypto project that has raised more than $5 million in the first phase of its presale in less than two weeks.
The project is aiming to help tackle one of the 21st century’s biggest crises – climate change.
IMPT will help solve the climate crisis by allowing users to earn tokens which can be converted to carbon credits while they shop.
They also want to make carbon credits fully tradeable by individuals and companies on a new marketplace.
Carbon credits effectively act as a permit for companies to emit a certain amount of greenhouse gas while funding eco and conservation projects globally.
About half of the phase 1 tokens remain, costing $0.018 each, with phases 2 and 3 seeing the price increase to $0.023 and then $0.028.
Solana (SOL)
Solana saw a small recovery over the weekend after a down few days following CPI data.
The SOL token is now up nearly 3% in the last 24hrs and although it remains 6% down in the week.
The coin dipped back below $30 for the first time since June and eventually bottomed at $28.27 – only the second time it had been that low since July 2021.
The $100 million hack of Solana-based DeFi lending platform Mango Markets has also hurt the price of the coin.
The hack saw Solana lose 30% of its Total Value Locked (TVL) on its protocol, dropping from $1.3 billion to $920 million.
