Period: 5th July 2022 – 12th July 2022
· While the overall crypto market managed to recover slightly for the past week, there were some cryptocurrencies outperforming and looking great.
· One NFT raising star managed to overtake the Apes (BAYC) and snatched the second place for largest trading volume collections on OpenSea.
Crypto investors must now pay great attention to the S&P 500, the US stock market index that consists of almost all the largest companies in the United States. Since China government officially banned crypto trading in the country last September, the trend of Bitcoin and its likes became highly correlated with the US stock market. The S&P 500 managed to close high at 3854.44, gaining over 60 points last week. However, the stock index lost more than 1% on the last trading day, which lead to bad sentiment and selling pressure on the crypto market that’s still running over the weekend.
As of writing, Bitcoin (BTC) breaks the $20K mark, and is down 1.47% for the past week, due to large selling pressure on the weekend. Quant Token (QNT), on the other hand, gained a whopping 29.64% over the past 7 days. QNT is an Ethereum token that is used to power Quant Network’s Overledger brand of enterprise software solutions, which aim to connect public blockchains and private networks. By performing well last week, QNT is sitting at the 48th largest crypto by market cap.
There is numerous news about why QNT is gaining traction lately. First off, Quant Network released Overledger 2.2.9 which introduced Tokenise beta on the last day of June. QNT price began to rise since then. Secondly, according to Twitter user @Threetoesloth1, there was an interesting movement before the big pump happened. A large outflow from Coinbase was sent to a wallet before being distributed into various cold wallets containing only QNT. This distribution pattern matched the behavior that @Threetoesloth1 had been tracking for nearly a year.
Last but not least, there was a saying that exchanges were only holding 1-2% of QNT from the current circulating supply. Here comes the Law of Supply and Demand: when supply is lower than demand, the price drives up. Twitter user @richrxn showed a screenshot that Binance has run out of QNT for a short period.
The Saudis, famously known as the kings of oil, had infiltrated the NFT space. An NFT project named literally ‘The Saudis’ climbed to the second spot in terms of trading volume on OpenSea in a short span of just 3 days. The project was first announced on 26th June while the minting phase started 2 weeks later on 9th July. Like most of the NFT projects nowadays, The Saudis are free-to-mint as well. However, getting into the whitelist wasn’t an easy task, you got to spam ‘MAX BIDDING’ actively both in Discord and Twitter to be selected as a Sheikh (royal family member). For those lucky ones who managed to mint for free, they are getting free bucks from the Arabs. The floor price of The Saudis broke 1 ETH mark during the first hour of sales. While on its way to 2 ETH, something happened.
Long story short, a hacker minted 400 NFTs and almost destroyed this sensational project. The issue was immediately discovered by The Saudis’ developers and they were able to recover more than half of them. Although the project is safe for now, the upward trend has been wasted. Coming soon would there be an announcement from The Saudis team, the NFT investors might start to look up the project again.
Disclaimer: This article is an update on the top-performing crypto & NFT for the past week. Any views, opinions, research, analyses, or other information contained in this piece is provided as general market commentary and does not constitute investment advice. Every investment involves risk, please conduct your own research when making a decision.
Written by: [Coinlive] Nell