These are the Top-3 Crypto Projects for the Week

The crypto markets started the week with slightly less enthusiasm than the week before. There are plenty of reasons why the rally was halted, including the FED’s 75 basis point interest rate hike. Nonetheless, the markets did not crash, unlike the previous interest rate hike announcements. The crypto industry has been through a lot this year, however, the worst seems to be behind us.

With that said, let us take a look at…

Top crypto projects to keep your eyes on

Polygon (MATIC): Polygon (MATIC) is currently the top gainer in the last 24 hours. Not only that, but MATIC was also the top crypto performer at the end of the previous week. Meta’s decision to mint on Polygon, JP Morgan’s first-ever Defi trade on Polygon, all helped push the token to the top spot. What’s interesting is that the rally has continued into this week.

Furthermore, MATIC also successfully performed a “golden crossover” on the charts. The 50-day simple moving average (SMA) has surpassed the 200-day SMA on the MATIC/USD daily price chart. This is viewed as a bullish development by analysts. Also, open interest for MATIC doubled at the end of last week, reaching $415 million from the previous $209 million.

At press time, Polygon (MATIC) was trading at $1.21, up by 4.4% in the last 24 hours.

Shiba Inu (SHIB): There is no doubt that SHIB is one of the most popular crypto projects out there. The project has released multiple new avenues this year, increasing the use of the SHIB token. They released a collectible card game, which has seen some success within the community but did little to push the price in the right direction.

However, the most important release for the year is almost upon us. Shiba Inu’s Shibarium layer-2 network has all the attention of the community. Although the launch did not meet its initial deadline of Q3 2022, many are hoping it will happen very soon. The Shibarium launch has the potential to bring massive gains to SHIB holders.

At press time, SHIB was trading at $0.00001201, down by 3.8% in the last 24 hours.

XRP: The sixth largest crypto token by market cap had a significant spike in its price last Friday. Additionally, Ripple Labs, the firm that uses the XRP Ledger, is in a heated battle with the SEC. Many expect the firm to come out on top, which could lead to a surge in XRP prices. Although the verdict is still months away, people have already begun speculating.

At press time, XRP was trading at $0.472102, down by 3.3% in the last 24 hours.