Bitcoin price is trading within a tight range below $57,000 while the majority of Altcoins are in consolidation. However selected tokens such as BakeryToken (BAKE), Ravencoin (RVN), Helium (HNT), Venus (XVS), VeChain (VET) have been quietly climbing higher over the weekend.
Why These Tokens Are Climbing Higher
BakeryToken (BAKE)
Just like PancakeSwap, BakerySwap is a decentralized exchange for swapping Binance Smart Chain tokens. BakerySwap is both an automated market maker or AMM and an NFT exchange. People who provide liquidity on the exchange are rewarded with BAKE tokens, which can also be staked to earn NFTs.
BAKE token has seen a year-to-date growth of 35,277%, boosted by DeFi growth and the thriving Binance Smart chain ecosystem. Several projects including BakeryToken operating on the Binance Smart Chain (BSC) have seen an uptick in protocol activity and token value since the previous week.
At the time of writing, BAKE/USDT was trading at $7.51, up 9.52% in the last 24 hours and 475.89% weekly while making an entry into the top 100 cryptocurrencies by market capitalization.
Ravencoin (RVN)
Ravencoin is a code fork of Bitcoin that allows users to easily create and tokenize their assets such as island resorts, STOs and NFTs. Ravencoin was launched on Bitcoin’s ninth birthday in 2018 and now there are over 26,000 uniquely named assets and NFTs on the Ravencoin network.
The GameStop saga intensified the discussion and the need for decentralization, and Ravencoin was one of the beneficiaries. Ravencoin (RVN) protocol supposedly provides all the functionality of DeFi without using smart contacts, which are a security weakness point.
Report from Messari research noted Ravencoin (RVN) as one of the top-traded cryptos by volume on the Upbit exchange, one of South Korea’s largest crypto exchanges. The data also indicated a marked cooling off in Bitcoin (BTC) enthusiasm.
Ravencoin (RVN) was trading at $0.19, up by 10.07% in the last 24 hours and 39.27% weekly.
Helium (HNT)
Helium is a decentralized blockchain-powered network designed to allow low-powered wireless devices to communicate with each other and send data across its network of nodes announcing a partnership with FreedomFi, a kind of do-it-yourself tech package for building 5G networks in late April, Helium is set to launch a 5G version of its network. The growth in the usage of IoT and smart devices in 2021 coupled with Helium’s new partnerships has boosted HNT price.
At the time of writing, HNT is trading at $18.92, up 13.05% in the last 24 hours and 41.36% weekly.
Venus (XVS)
The Venus protocol is an algorithmic money market and synthetic Stablecoin protocol that provides a lending and borrowing solution for DeFi on the BSC. XVS began a gradual ascent on April 20 following news that Dogecoin (DOGE) may soon be added to the Venus money market before a mild pullback. Venus started climbing higher over the weekend, following the announcement of the Venus Reward Token (VRT) and Venus nonfungible token (NFT) airdrops.
In the announcement, Venus token holders, including vXVS, will receive an airdrop exclusively on Binance Smart Chain on May 15th at block number 7479562. The ratio of the airdrop will be 1,000 VRT to 1 XVS. The goal of the VRT is to gradually lower the XVS inflation rate and also include burning XVS throughout this process.
Venus traded to all-time highs of $148.32 as of press time, up 17.12% in the last 24 hours and 81.82% weekly.
VeChain (VET)
On Apr. 28, VeChain unveiled the enterprise NFT (eNFT) ecosystem on VeChainThor blockchain while announcing a $1 Million Grant Program as support.
The recent reduction in Base GasPrice making transactions conducted on VeChainThor “cheaper than ever,” is an added boost for VET price. On Apr. 30, VeChain announced increased accessibility to the Turkish community. Crypto users may now purchase VET on Binance with the addition of the TRY fiat pair.
VeChain (VET) was trading at $0.219, up 10.59% in the last 24 hours and 28.81% weekly.
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