DePin Tokens Outperform as the Crypto Market Bleeds

06/25/2024 14:29
DePin Tokens Outperform as the Crypto Market Bleeds

DePin tokens surge as the crypto market declines. Three altcoins lead with double-digit gains, highlighting DePin’s growing appeal.

Decentralized physical infrastructure network (DePin) tokens have surged in the last 24 hours, outperforming the broader crypto market. After Bitcoin’s decline to below $58,500, DePin tokens strongly rebounded.

This sector represents not just the cutting edge of technological adaptability but also a promising frontier for investors seeking to capitalize on the next wave of crypto-led innovation.

Arweave, Render, and Akash Network Lead the DePin Rebound

According to CoinMarketCap, the DePin sector has increased by 7.49% in the past 24 hours. The total market capitalization now stands at $25.8 billion.

Among the top 10 DePin tokens based on market capitalization, Arweave (AR) has been the top performer, up by 12.71% in the past 24 hours. This is followed by Render (RNDR), which has risen by 12.19%. Akash Network (AKT) also delivered a double-digit increase of 10.56%.

Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?

This uptick is supported by a 67% increase in trading volume within the DePin sector, highlighting interest among crypto traders.

Meanwhile, Bitcoin (BTC) has still been down by around 2.5% in the same timeframe. The total crypto market capitalization is also down by 0.25%, currently at $2.26 trillion.

The resilience of DePin tokens in a volatile market also highlights the broader narrative of selectivity and strength in the crypto ecosystem.

“Crypto market is bleeding, but the top AI, DePin, and RWA projects are up. Stick to the top narratives. Stick to the top coins in those narratives. That’s how you win this cycle. With literally millions of coins in this cycle to choose from, only the strong will survive,” crypto investor Chase said.

Top 10 DePin Tokens
Top 10 DePin Tokens. Source: CoinMarketCap

Market analysts attribute this trend to the unique value proposition of DePin tokens. These projects are pioneering the integration of blockchain technology with real-world applications, paving the way for a new era of innovation in areas such as computing, energy, telecommunications, and mapping.

“DePin will make crypto relatable as email did it for the internet. No one can argue with the value prop of a cheaper service like mobile plans with similar and sometimes better coverage and service. I think DePin will be one of the fastest growing sectors in crypto to onboard users, and we’ll see DePin networks in the top 10-20 this and next cycle – some of which don’t exist today,” crypto analyst Santiago Santos said.

Franklin Templeton, a major investment player, recently explored DePin. In its report titled “DePIN: Traction in Supply & Early Signs of Increasing Demand,” the firm suggests that DePin projects streamline operations by leveraging third-party participants.

Read more: Top 9 Web3 Projects That Are Revolutionizing the Industry

These participants manage tasks in exchange for token incentives, reducing costs and boosting efficiency. Consequently, DePin tokens are positioned as a disruptive force in traditional business models.

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