Amidst the crypto market’s recovery from the downturn in early May, there remains an influx of new projects. Some of the projects are attracting investor interest in specific metrics as they move to take a share of the market.
In this regard, Finbold has identified a selection of top new cryptocurrencies with substantial trading volume based on data retrieved from CoinMarketCap.
Friend.tech (FRIEND)
Friend.tech (FRIEND), the decentralized social network launched in August 2023, leads with a trading volume of $66.73 million. Despite this impressive figure, the platform initially faced significant setbacks as its native token experienced a drastic 98% drop in value at one point.
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Upon its introduction to the market, the FRIEND token debuted at $169, attracting 18,000 holders. However, recent developments have raised concerns among investors participating in the airdrop.
Some users reported issues with app functionality and encountered difficulties in claiming their airdrop. Moreover, the distribution process was criticized for purportedly favoring leading creators over retail investors.
To address these challenges, a leaked smart contract revealed plans to launch non-transferable v2 tokens called POINTS. These tokens aim to stabilize the market price by imposing a 1.5% transfer fee.
Meanwhile, by press time, FRIEND was trading at $2.98, reflecting a 24-hour gain of 87%.
RSIC•GENESIS•RUNE (RSIC)
RSIC•GENESIS•RUNE (RSIC), built on the Runes protocol, represents the first pre-Rune airdrop for early Bitcoin (BTC) Ordinals adopters. With a trading volume of $12.54 million, RSIC ranks second.
The platform provides individuals with an opportunity to engage with Bitcoin and contribute to a more decentralized future.
Notably, attention to the token can be attributed to a move by crypto exchange OKX, which announced the addition of RSIC on OKX Jumpstart, featuring a staking pool of 367.50 million tokens. In celebration of this addition, eligible users who stake BTC via OKX Jumpstart Mining can mine RSIC•GENESIS•RUNE as rewards.
By press time, RSIC was trading at $0.01461, with daily losses exceeding 1%.
Kamino Finance (KMNO)
Kamino Finance (KMNO), Solana’s (SOL) largest lending and liquidity protocol, emerged third with a trading volume of $10.66 million. Notably, the token, which debuted on April 30 and initially traded at $0.11, experienced heightened volatility, leading to a significant drop in value.
Despite facing initial challenges, Kamino Finance witnessed a significant 64% surge in price in just one day, attributed to a move by Bybit announcing a 3,750,000 KMNO Airdrop available in Bybit’s Kamino campaign.
It’s worth noting that Kamino Finance distinguishes itself by tokenizing users’ positions into LP tokens dubbed kTokens, which can be used as collateral in Kamino Lend. This feature adds composability to the protocol, enabling tokens to move between protocols via Kamino’s liquidity vaults.
At the moment, KMNO is trading at $0.077 with daily losses of almost 2%.
In essence, these highlighted cryptocurrencies will depend heavily on the overall trading activity within the crypto sector to maintain any market dominance. Importantly, investor interest is likely to be bolstered by the tokens’ ability to demonstrate robust fundamentals.
