Nervos, Bittensor, Dogeverse emerge as Wednesday’s lead gainers

Amid market turbulence, Nervos, Bittensor, and Dogeverse emerge as Wednesday’s top crypto gainers, showcasing robust performances and investor interest.

Despite industry-wide turbulence today, several cryptos have continued to gain pace and outperform the market. Currently, the top performers are Nervos, Bittensor, Dogeverse, Ethena, MX Token, and mfercoin.

Nervos

Nervos is currently the best-performing top 100 cryptocurrency, up 10% in the last 24 hours, while the broader crypto market cap is down by 2%.

However, the project’s recent uptick reflects its longer-term success. Currently, Nervos is up 101% this week and 749% this year.

It currently holds a $1.5 billion market cap, making it the 69th largest cryptocurrency, and a $330 million 24-hour trading volume, placing it in the 33rd spot.

Nervos (Common Knowledge Base) is a modular blockchain that uses a Proof-of-Work consensus mechanism. It claims to be the “Only blockchain on the market that supports all cryptographic primitives,” alluding to its interoperability with other blockchains and scaling solutions.

Its interoperability starts with the Bitcoin Network, helping scale the industry’s most valuable and prominent blockchain.

Nervos’s recent price increase follows a Hong Kong-based Bitcoin conference this week focused on Bitcoin scalability. The Nervos team spoke at the conference on Tuesday.

Bittensor

Bittensor is the leading AI cryptocurrency, pioneering a novel approach to computing AI tasks on the blockchain. 

The project boasts a $4.2 billion market cap, making it the 30th largest crypto. Its 24-hour trading volume is $68 million, up 121% today.

Currently, TAO is trading at $639, up 8.5% today, 12.4% this week, and 1049% this year.

Bittensor’s ushers in a plethora of potential use cases. As the project’s website puts it, “Understanding Bittensor is difficult for the exact same reason that it is powerful.”

It then exemplifies this by saying “Bittensor leverages machine learning models to produce intelligence products, but Bittensor also leverages physical storage to create storage products.”

However, the actualities of Bittensor’s capabilities are left to developers, with the network empowering them to buy subnets and build AI-powered applications of their choice. Meanwhile, Bittensor’s miners take care of the computation.

The project’s recent strong performance comes as its community page announces a new upgrade on the Bittensor Network, enhancing its functionality and user experience.

Dogeverse

Dogeverse is a new presale meme coin that has experienced immense early results. Within its first 24 hours, the campaign raised $900K. This illustrates industry interest, setting a bullish precedent for its future.

Tapping into the thriving meme coin narrative, Dogeverse ushers in a fresh outlook. It is the first multi-chain meme coin to launch on the six top smart contract-enabled blockchains. The venture will begin on Ethereum, BSC, and Polygon, soon followed by launches on Solana, Base, and Avalanche.

This multi-chain approach provides ubiquitous accessibility, ensuring the project can succeed regardless of which blockchain is hottest for meme coins.

Moreover, the project encapsulates the positive undertones of memetic culture, interconnecting the once-differential blockchain communities through one powerful meme coin.

The current Dogeverse presale price is $0.000291, but this is expected to rise throughout the campaign to incentivize early adopters. The next price increase is expected to come in three days or when the presale total raise hits $2.6 million.

To learn more, visit the Dogeverse Presale.

Ethena

Ethena is a decentralized finance protocol that offers a yield-generating stablecoin called USDe. After launching in February, the stablecoin has gained notable adoption, rising to a $2.3 billion market cap.

Meanwhile, Ethena’s governance token (ENA) has also enjoyed success since its launch in April. Currently, it is up 10% today, 53% this week, and 105% since CoinMarketCap pricing data began.

It holds a $2 billion market cap and a $1 billion 24-hour trading volume, down 30% today.

Ethena initially airdropped 5% of ENA tokens to USDe holders, with the giveaway sparking a wave of excitement among profit-hungry airdrop farmers.

However, the team has recently announced a second airdrop round, requiring users to stake ENA to gain eligibility. This has ignited new demand for ENA tokens, with LookOnChain reporting whales are removing ENA from exchanges to farm the airdrop.

It is likely that the airdrop demand is the primary driver behind today’s pump.

MX Token

MX Token is the best-performing crypto in the top 100-200 projects by market cap. MX is the native cryptocurrency of the MEXC centralized exchange.

Currently, MX is up 12% today, 25% this week, 82% this month, and 182% this year. It holds a $555 million market cap and a $61 million 24-hour trading volume, up 87% today.

The project’s recent explosive performance comes as MEXC runs an airdrop campaign, incentivizing users to engage with its ecosystem to win free tokens.

Up to $50,000 in USDT is available, but users must “commit” MX tokens to gain eligibility. Similar to Ethena, this airdrop campaign is driving up token demand, which is bolstering its price.

However, MEXC’s airdrop campaign does not give away MX tokens. Instead, it rewards users with tokens of upcoming projects launching on the exchange. For instance, its most recent campaign distributes a new Solanan meme coin called 3W3W. 

mfercoin

mfercoin is a new meme coin on Coinbase’s Ethereum layer 2 network Base. The project launched at the end of March and experienced notable early success. 

While a selloff followed, the sell pressure is slowly flattening, indicating a bottom may be near. 

Currently, mfercoin is priced at $0.07399, up 9.4% today but down 32% this week and 65% since CoinMarketCap data began.

Nevertheless, it retains a respectable $74 million market cap and currently takes the fourth spot on the CoinMarketCap trending list.

The project’s initial hype was attributed to the team’s track record, having previously launched a popular NFT collection in 2021.

In line with the airdrop theme, 20% of mfercoin’s total supply was distributed to wallets within the project’s ecosystem, and the remaining 80% was locked in its liquidity pool.

Despite launching in 2021, the mfercoin NFT collection continues to progress, with commentator Mleejr recently noting things like merchandise production, thousands of NFTs recently minted, and continued social media growth.