The crypto market is in flux as prices rise and fall following a spike in the value of Bitcoin over the last few weeks. There has been a frenzy for altcoins as traders capitalize on the wild price swings in either direction, with more trading opportunities available than ever before.
This article covers three volatile altcoins that have offered significant opportunities over the last week. Let’s dive in.
El Hippo (HIPP)
El HIppo is a meme coin launched just last August and has amassed over 100,000 followers on social media. This is largely due to a major drive from the El Hippo community with a constant flow of hippo memes being posted on all channels. El Hippo encourages this practice with regular meme contests and airdrops, and gives away $700 every two weeks to its community.
Trading volume is up over 500% on the week, indicating a massive spike in interest in this altcoin following a $10,000 airdrop that ended at the beginning of the month. The team has stated that major exchange listings are imminent, and that its working on more airdrops and influencer relationships to further grow the project.
The project is now up 190% from the original value. While these are solid gains, what early-stage meme investors really want is explosive growth as seen in the early days of PEPE and DOGE. With a small market cap of $5.2 million, El Hippo is 1000 times smaller than Dogecoin, with project fans of course hoping that a 100x or 1000x increase is on the cards.
As an early-stage meme coin, El Hippo is a risky pick, albeit a promising one, and investors are advivsed to research all ivnestments with care before making a decision.
Bancor (BNR)
Bancor is a Web3-focused protocol that allows users to stake funds to provide liquidity for online trading platforms. Essentially, Bancor crowd-funds the work of providing liquidity, meaning an exchange can draw on a pool of funds provided by individual users instead of an institution when providing trading services.
Bancor has flown under the radar for the last few years with price staying somewhat dormant. However, price rose around 228% this week, and remains up 56% from the start of the week. The coin is showing major volatility and increased trading activity as the market renews its interest. Unlike HIPP, BNR has already peaked and fallen this week, but that doesn’t mean that the coin won’t rise again. Traders can always analyze the charts for themselves to get their own take on the situation.
One thing is for certain – with a massive increase in interest in the Bancor protocol this week, the price is very likely to continue its choppy price action for the near future.
Shiba Inu (SHIB)
The Shiba Inu meme coin is near a monthly high after a long downward trend since its peak in 2021 as traders jostle for position in the market. SHIB is now trading at around $0.0000088, and as the weekly chart above shows, price has been very volatile indeed, with many peaks and troughs for swing traders and day traders to get in on.
SHIB is by far the largest project on this list, with a massive market cap of $5.2 billion that restricts the project from major price spikes like 10x or 100x. However, smaller gains, or, of course, losses of any size, are stil on the cards for this major meme coin during these ongoing volatile market conditions.
Trading Volatility Responsibly
Volatile market conditions are what many traders often hope for, offering large price swings that can be highly lucrative when the timing is right. Obviously, these same conditions can result in major losses, particularly for traders using leverage on their positions.
As with anything related to finance, traders would do well to exercise caution during volatile price action, only investing what they can afford to lose and practicing proper risk management every step of the way.
The post Top Three Volatile Altcoins to Check Out Are El Hippo (HIPP), Bancor (BNR), Shiba Inu (SHIB appeared first on Analytics Insight.
Source: https://www.analyticsinsight.net/top-three-volatile-altcoins-to-check-out-are-el-hippo-hipp-bancor-bnr-shiba-inu-shib/