The markets are looking to rebound after a very, very rough week. Here are three altcoins that are looking to lead the way.  Covered: Polygon (MATIC) Kadena (KDA) Maker (MKR) Polygon (MATIC) Polygon’s MATIC token had a good start to last week thanks to news it was being deployed on Facebook and Instagram’s upcoming NFTs. […] The post Three Altcoins Heating Up The Week Of May 16th appeared first on CryptosRus.

Three Altcoins Heating Up The Week Of May 16th

The markets are looking to rebound after a very, very rough week. Here are three altcoins that are looking to lead the way. 

Covered:

  • Polygon (MATIC)
  • Kadena (KDA)
  • Maker (MKR)

Polygon (MATIC)

Polygon’s MATIC token had a good start to last week thanks to news it was being deployed on Facebook and Instagram’s upcoming NFTs. The good start was despite the market not opening up well. Though, like everyone else, MATIC fell sharply after the Terra UST saga reared its head.

However, MATIC has some more solid catalysts like their pair of scaling solutions Hermez 2.0 and Nightfall. Currently, MATIC is up 1% in the last 24 hours, and trading in the $0.69 USD range. Polygon’s MATIC is trading way below its all-time high of $2.92.

Kadena (KDA)

Kadena is a unique project in this current crypto climate. It’s a proof-of-work alternative to Bitcoin that’s scalable and enterprise-friendly. It’s currently trading in the $2.88 range, down 1% in the last 24 hours. It’s down from its all-time high of $28 USD back in November.

Surprisingly, KDA isn’t experiencing much of an upswing despite the fact that the PoW chain’s continuing work on improving the decentralized exchange (DEX) experience on Kadena. Kaddex, for example, is launching in June. 

Maker (MKR)

Maker DAO is by far the best performing project out of the three altcoins this week. The DeFi protocol is only up about 1% in the last 24 hours, however, MKR is up over 30% the last seven days. Currently, it’s trading in the $1,539 range. It’s by far the best performer in the top 100 — only a handful of projects are up 1% in the past week.

Why is MKR outpacing the market as much as it is? Maker is the home of the DAI stablecoin. DAI is an algorithmic coin, but it’s collateralized by USDC, unlike a certain controversial/dead stablecoin. Reportedly, several algo stablecoins are now looking to back their projects with DAI, hence the uptick. With likely regulation coming, DAI and Maker are looking very good right now.

Recommended: Here’s The Latest On The Terra UST Saga

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