In this article we are going to look at the latest crypto market news for Polkadot (DOT), Jupiter (JUP) and Renq Finance (RENQ) with a focus on the price update.
Summary
The latest crypto news for Polkadot (DOT), Jupiter (JUP) and Renq Finance (RENQ)
Let’s start with the premise that we are about to analyze three cryptocurrencies that are very different from each other: DOT is a high market capitalization coin while JUP and RENQ can be classified as low cap.
The projects behind the 3 tokens/coins have similar but different purposes.
Polkadot is open-source multi-chain protocol, which aims to create an ecosystem made up of several specialized blockchains in which cross-chain activities are cheap and can rely on Polkadot’s own relay chain standard.
The aims of the project are similar to those of Cosmos, which together with IBC (inter-blockchain communication) aims to create an infrastructure of networks that are distinct from each other but capable of communicating efficiently.
The main difference between the two projects concerns the way the blockchain architecture is built.
In addition, Polkadot uses the Substrate programming language while Cosmos can rely on different frameworks such as Solidity.
Jupiter is a project started in 2016 that aims to make blockchain more accessible for everyone.
Thanks to Jupiter’s cryptography, it is possible to ensure that users’ data is protected.
Through the Gravity operating framework, anyone can create decentralized applications in minutes on both public and private networks.
Finally, Renq Finance is a decentralized autonomous organization (DAO) that aims to connect all existing blockchains through simplified cross-chain exchanges.
The idea is to create a unified platform in which traders can take advantage of all the benefits of the DeFi world: custody of assets, performing swaps, trading perpetuals, providing liquidity, and participating in various launchpads.
The project is similar, albeit minimally, to Polkadot in terms of its desire to simplify cross-chain exchanges, yet it differs in the presence of a single platform that acts as an aggregator for all activities and in the way the infrastructure is built
Let’s take a look now at the latest crypto news for DOT, JUP, and RENQ.
As far as Polkadot is concerned, there is no particular news to mention, whereas there is news for Jupiter and Renq Finance.
Jupiter a few days ago announced that it has discontinued development activities on Metis, a decentralized social media platform conceived in 2018. The team says it has done a great job over the past 4 years implementing several lines of code and making the social media available on iOS and Android.
However, no noteworthy results have been seen, hence the Jupiter developers have preferred to abandon the development of Metis to focus on Jupiterverse, a metaverse that will implement NFTs from the Leda marketplace.
With regard to Renq Finance, the latest news speaks unidirectionally about the funding round that the project has initiated in order to launch its token on the market. Indeed, it is worth recalling that currently the RENQ token has not yet been listed on any centralized or non-centralized exchange.
Currently the Renq Finance team has raised more than $4.7 million.
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Price update for DOT, JUP and RENQ crypto assets
As far as price analysis is concerned, the 3 cryptocurrencies DOT JUP and RENQ have experienced very different price movements from each other.
DOT this morning has recovered from the downward decline suffered during the last overnight hours, the price is stable around $6.38 per coin with a change of 0.18% in the last 24 hours. Market capitalization of about $7.5 billion and volumes in the last 24 hours of $172 million.
It appears that DOT is keeping up, kind of like the rest of the crypto market, with the movements of Bitcoin, which this morning marked a slight increase in price despite the weekend decline.
At the moment, DOT’s price remains above the 50-period and 223-period moving averages on a daily time frame.
A breakout of $6.5 with strong trading volume could trigger a short rally that would take DOT into the $8 per unit area.
Conversely, a decline below current values could drop the cryptocurrency devised by former Ethereum developer Gavin Wood to a price of $5
The JUP token suffers more than DOT: in the last 24 hours there has been a negative change of about 18% and a price per token of $0.0043.
Market capitalization of $4.2 million and volumes in the last 24 hours of $2.3 million.
As mentioned above, The decline is most likely due to the announcement of the development halt on the social media company Metis. Investors felt some sense of unease in the team’s decision.
After 4 years of development on the project’s most interesting product, the expected results were not seen and hence they preferred to jump into the metaverse sector, which is completely different from the world of decentralized apps (dApps).
Usually the market rewards boldness and punishes uncertainty.
Finally, regarding the price action of the RENQ token, there has not been any kind of movement precisely because of the fact that the token has not yet been listed on cryptocurrency exchanges.
The 4th pre-sale round is underway to buy the RENQ token in advance at the set price of USDT 0.0035. The next round will see an average price of 0.004 USDT per token.
Data on tokenomics speak of a total supply of 1 billion tokens.
Given the current selling price, the fully diluted marketcap would be around US$3.5 million.
Attention traders: there are no decentralized marketplaces for the RENQ token yet. Once launched, it will initially only be available on the Ethereum blockchain.
Also keep in mind the official contract address of Renq Finance (RENQ): 0xff8C479134A18918059493243943150776cF8CF2
Don’t be scammed, do your research and always check the correctness of the contract first.
, Jupiter (JUP) and Renq Finance (RENQ).){kind=link}