Another week has gone by, which means it’s time to look at the overall CoinGecko trends. Previous weeks were dominated by DeFi, but things are shifting around a bit. Statistics are provided by DAO Maker.
Major top 10 Changes
Glancing over the top weekly searches on CoinGecko, a lot has changed. Not just in terms of overall rankings, but a lot of newcomers have made their way to the list in quick succession. This further highlights the overall nature of cryptocurrencies. There is a lot more going on than most people may think.
Judging by the rankings, DMM: Governance remains an incredibly popular trend on CG. It is the DeFi project that has dominated these charts for three weeks straight now.
Everything else in the top 10 is a very different matter. VeChain is now in second place, followed by Dogecoin, Cardano, and Bitcoin. Based on these rankings, it is evident that overall market cap is irrelevant for popularity, which is a welcome sight. Social relevance, on the other hand, is the main reason why DOGE, VET, and LINK are moving up so swiftly.
Other movers in the top 10 include Ethereum, ChainLink, Kyber Network, and newcomer Datamine. Reserve Rights Token is losing a lot of ground, but it still clings to the #10 spot as of right now. All in all, it is a very interesting top 10, although one that will undoubtedly look very different next week.
DeFi is Losing Popularity
The top DeFi projects found on these ranks are all moving backward this week. This is not entirely surprising, as there is so much going on in the space. Remaining in the top 30 is all one can ask for as of right now. Synthetix Network has fallen out of the top 10 all of a sudden, although it can reclaim that lost momentum in the days to come.
The bigger question is why interest in Compound and Balancer is diminishing so quickly. Both of these projects remain prevalent in the DeFi space, as they are key players in specific segments. That being said, this industry is still growing and evolving. Remaining relevant, even as a dominant player, will pose many different challenges.
Plenty of NewComers
Looking further down the rankings , here are plenty of new projects in the top 30. Akropolis, Cap, iExec RLC, Band Protocol, Stellar, and Ferrum Network are all gaining popularity. Some of these projects have a solid reputation in the industry already, However, they are not always popular search terms on CoinGecko, which is interesting in its own regard.
Rankings like these are always worth paying attention to. It simply embodies the constantly shifting sentiment in the cryptocurrency industry today. Gaining momentum is only part of the story. Keeping the momentum going is very difficult, even for established projects.
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