As 2023 unfolds, the cryptocurrency market has registered minor gains at a period new projects are still entering the sector despite the lingering effects of last year’s bearish trading environment. Indeed, some new cryptocurrencies are looking forward to gaining investor confidence by relying on several metrics, such as trading volume.
Overall, trading volume is a crucial metric since it underpins several technical indicators and can highlight the general investor interest in a specific asset. Therefore, here are the top five new cryptocurrencies that were recently added to the major crypto market data platform CoinMarketCap, with the highest trading volume for the week ending January 6. Notably, a higher trading volume indicates the specific crypto is more liquid, with liquidity ranking as a crucial feature of a ‘healthy’ financial asset.
Below is a breakdown of the five new cryptocurrencies with the highest weekly trading volume.
CHILI (CHILI) token operates on the Solana (SOL) ecosystem and has the highest trading volume at $7,169,498 within 24 hours. Notably, CHILI is seeking to emulate the success of other meme cryptocurrencies, including Dogecoin (DOGE) and Shiba Inu (SHIB). At the moment, the token is still attempting to build a community that will likely trigger a possible rally, having unveiled its airdrop on January 5.
It is worth noting that the Solana ecosystem is receiving increased investor attention following the hype created by the Bonk (BONK) meme cryptocurrency that mirrors SHIB. With a market capitalization of about $21.37 million, CHILI is trading at $0.00000027.
2. hiMOONBIRDS (HIMOONBIRDS)
The non-fungible token (NFT) centered digital asset has the second-highest trading volume standing at $5,171,271, accumulated within 24 hours. The ecosystem entails an exclusive collection of NFTs established on Ethereum’s (ETH) blockchain ecosystem. Currently, HIMOONBIRDS has a market cap of $110,115, trading at $0.02202 (Caution: Be aware when dealing with coins that have an extremely low market capitalization, like HIMOONBIRDS).
3. FitMax (FITM)
FitMax (FITM), a web3 application focused on taking care of the users’ health, has a trading volume of $4,088,309 recorded in 24 hours to rank in the third spot. The token built on the Binance Smart Chain (BSC) aims to incentivize users as they focus on building a healthier planet through a combination of technologies such as augmented reality and artificial intelligence. FITM currently controls a market capitalization of $1.21 million, trading at $0.006085.
4. Old Bitcoin (BC)
Old Bitcoin (BC), a token on the Ethereum network, is guided by the goal of implementing the original vision of Bitcoin’s (BTC) anonymous founder Satoshi Nakamoto. Within 24 hours, BC recorded a trading volume of $1,167,730. According to the token’s founders, Bitcoin’s original vision has been marred by government interference, manipulation, and an accumulation of the asset by the super-rich. Indeed, BC also comes with a circulating supply cap of 21 million. BC is valued at $0.1676 with a market cap of $3.51 million (Caution: The project is not related to the original Bitcoin in any way).
5. Tender.fi (TND)
Tender. fi (TND) has recorded the fifth-highest trading volume at $931,453 in a span of 24 hours. The network serves as a lending platform in the decentralized finance (DeFi) sector. With a market capitalization of $7.50 million, TND is changing hands at $0.705.
In conclusion, although the highlighted new cryptocurrencies are yet to establish themselves in the market, achieving an impressive trading volume is vital. In particular, a high trading volume leads to fairer prices and minimizes chances of manipulation. Elsewhere, a low trading volume can indicate minimal interest from investors. At the same time, the tokens are also influenced by the general market price movement.
Disclaimer: Investing in cryptocurrencies, especially new coins, is extremely risky. The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.