Cryptocurrencies To Watch: Week of May 22
Most cryptocurrencies' prices dropped in the latest week. Bitcoin earlier was looking like it might cross the $30,000 mark, but it's remained no higher than $27,000 at the start of a new week.
Investors likely will have to wait longer before the overall crypto market picks up. However, a few tokens stood out, posting double-digit gains amid positive developments. This week, we examine Render Token (RNDR), Synthetix (SNX), Mask Network (MASK), Injective (INJ), and XRP (XRP). In selecting these assets, we have considered several factors, including beneficial technical developments, significant news events, and noticeable changes in price.
Render Token (RNDR) was the latest week’s biggest gainer, advancing by 30%.This was likely due to the fact that Apple is believed to be releasing its highly anticipated Mixed Reality (MR) headset soon, news that is bullish for Render Token because the project offers a decentralized network for graphics-processing unit (GPU) applications used in the virtual reality and metaverse industries.Many in the crypto community believe anticipation about Apple's reveal will boost Render adoption.
As a metaverse token, RNDR could see more developers and users flock to the network for applications in Apple’s MR ecosystem. RNDR is trading at around $2.40, after being priced at about $1.86 last week (see chart below).
RNDR Price: TradingView
Synthetix (SNX) has gained more than 10% in price, possibly because of a proposal that would add the popular meme coin PEPE to its ecosystem.Synthetix Improvement Proposals (SIP) 2014 and 2015 would add multiple new cryptocurrencies, with PEPE as one of them.
PEPE is a meme token whose price jumped by more than seven times in the first week of May.The token, which
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