A cluster of up-and-coming altcoins are starting the new year with major price breakouts while the top two crypto assets move sideways.
Frax Share (FXS) is the governance token for the Frax stablecoin protocol, which aims to provide algorithmic money in place of fixed supply digital assets.
FXS is used to accrue fees, seigniorage revenue, and excess collateral value. At time of writing, FXS is up 16.65% and trading for $38.20.
Tomb Shares (TSHARE) represents the graveyard-themed Tomb Finance (TOMB), which is pegged to smart contract platform Fantom (FTM).
The project seeks to serve as “a mirrored, liquid asset that can be moved around and traded without restrictions, all while benefiting from the price appreciation of the native FTM token.”
While TOMB is trading under $3.00, the price of TSHARE skyrocketed from $14,000 to $24,000, and is currently priced at $23,711.
Decentralized options exchange Dopex (DPX) is also making waves, having surged from $1,590 to $2,785 in a matter of days.
DPX is the governance token that gives holders voting rights as well as accrues fees and other forms of revenue. The altcoin is up 7.22% on the day to $2,822.
Also enjoying a nice start to 2022 is PLEX (PLEX), the native token of crypto banking ecosystem MinePlex which combines traditional finance with blockchain technology.
PLEX saw its price jump from $0.98 to $1.82 in just over four days for a quick 85% gain. At time of writing PLEX is changing hands for $1.71.
Calling itself “the token that serves absolutely no purpose until it does,” artist and creator-focused LIT has managed to more than double in value from $0.002 to $0.005 for gains of roughly 150% in less than a week.
Privacy-focused smart contract Railgun (RAIL) is speeding down the tracks, having jumped from $1.60 to $4.20 for gains of 162% in just three days.
According to the project website, those who use Railgun can have their wallet addresses removed from their actions and transactions on blockchains where that information would normally be available for anyone to see.
“Railgun users enjoy privacy when making transfers, trading, using leverage platforms, adding liquidity or using decentralized applications (DApps) any way they like.”
RAIL has corrected slightly and is presently worth $3.88. DeFi protocol Ribbon Finance (RBN) aims to bring structured products to the cryptocurrency market. RBN ran from $2.10 to as high as $4.15, and currently sits at $3.79.
Bitcoin is down 9% in the last seven days and Ethereum is down 5.7%.
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Featured Image: Shutterstock/lassedesignen/Natalia Siiatovskaia
Source: https://dailyhodl.com/2022/01/04/seven-under-the-radar-altcoins-explode-75-or-more-over-past-week-while-bitcoin-and-ethereum-consolidate/