Crypto winners in October: Dogecoin, Tokenize Xchange and Huobi all sprayed the champs
Well, “Uptober” happened. Or did it? Yes, technically it did, with the crypto market in October making a late rally to at least post an overall result that wasn’t a complete bloodbath.
A Bitcoin gain of 5.93%. It was “underwhelming, not like a bee sting, more like an itch that never needs scratching”, to quote Melbourne band The Fauves. But by Christ, in this dirty macro climate, we’ll certainly take it.
Lunar New Year here we come? It has an even better track record than “Uptober” (see chart below), although last year’s effort wasn’t exactly stellar.
There is, of course, some potentially very important, ahem, Fed-f**kery to navigate first. But before we look too far ahead, let’s take a quick look back at some of crypto’s best and worst performers for the month that just passed.
October’s leading winners and losers in the top 100
DOGE tail continues to wag
If you’ve been watching Mooners and Shakers on a daily basis, or just following Crypto Twitter and/or your portfolio in general, then you know that Dogegin (DOGE) has been doing its best this past week to spur an alt season that maybe or maybe has not been realized yet.
In fact, the performance of the leading meme coin ever since Elon “Dogefather” Musk took over Twitter late last week may actually be one of the biggest reasons why the crypto market has managed to keep its head above the $1 trillion parapet as we close out the month .
A little foam can breed more foam, especially when it comes to crypto, and even more so when it comes to cryptomeme coins.
As for the Dogecoin abundance, it has now risen 110% in the last 30 days, with the token takeover of star tier 1 protocols Cardano (ADA) and Solana (SOL) in the last few days. Maybe it’s due to laying down a bit in the basket/kennel soon?
At the moment, expectations remain high that it will somehow play a central role in a crypto-enabled future for Twitter, now that Bitcoin (BTC) and DOGE holder Elon Musk have the social media platform more or less on a leash.
Tokenize Xchange – the next Binance?
Okay, time we looked at this one, then. Boring name, but it’s kind of exploded out of seemingly nowhere this month. What is TKX? Glad we finally asked.
It didn’t come out of nowhere – it was founded in late 2017 and is a crypto exchange headquartered in Singapore.
Another exchange, right? Boooooorrring. Well, maybe so, but if you benchmark the Binance exchange with the BNB ecosystem token and the Binance Chain blockchain, then you can see how powerful a narrative it can be.
It would be difficult to ever replicate BNB’s 832,339.1% gain from its infancy – that coin reached its crypto status for a number of early established reasons of network reach during previous bull markets.
However, Tokenize Xchange has some pretty lofty goals, including placing a significant portion of its focus on reportedly interested institutional investors, and a plan to become “the dominant player in the Web3 world in Asia,” according to the firm’s founder and CEO, Hong Qi Yu.
Huobi – erm, also the next Binance?
Another looming potential crypto exchange behemoth, China-founded, Seychelles-based Huobi (HT), operated by Huobi Global, also has a strong focus on the frothy, crypto-loving Asian market.
In fact, it now also has offices in Hong Kong (where it is a publicly traded company), South Korea and Japan, along with the United States.
The HT token pumped this month on the news Huobi Global was acquired by the huge Hong Kong investment firm About Capital Management’s M&A fund.
One of the richest guys in crypto, TRON blockchain founder Justin Sun, was also said to be involved in the purchase, later clarifying his role as an advisor. It has been reported that Sun has made some pretty big investments in the token lately.
74 million HT of Huobi’s two official wallets were transferred to two new addresses on October 13, and the first transactions were from Justin Sun’s poloniex. HT officially held by Huobi may be part of the acquisition of Huobi Exchange and has been handed over to Sun.
— Wu Blockchain (@WuBlockchain) 14 October 2022
In any case, HT has crushed it this month, also with an almost three-digit percentage gain.
Top 10 winners and losers in the top 300
Zooming out a bit, here were the top 10 winners and losers from the top 300 cryptos by market cap, thanks again to CoinGecko…
Let’s talk about a couple of these other top winners that catch our eye, and then we’ll get out of here so we can focus on November.
First, Canto (CANTO); +156%. What is it? It is a DeFi-focused layer 1 blockchain built on the Cosmos network.
To be honest, this is pretty unclear as far as we can see, and so far it only trades on its own decentralized exchange and on the small and medium-sized platform Bitget.
According to this Bybit blog, “Canto is a general-purpose layer 1 blockchain built using the Cosmos SDK and the Tendermint core, and features full EVM [Ethereum] compatibility”.
Some of the core team members have apparently worked on other well-known crypto projects, including Acala and Karura, as well as DeFi Pulse.
Market value: 82 million
TVL: 80MTVL ratio -> 1.02
It smells like a pretty healthy project growing in the shadows…@canto #cryptomarket pic.twitter.com/0Sl2rzsoR8
— Blender_of_Crypt(OC) (💙,🧡) 🔮 (@BlenderofCrypto) 31 October 2022
Mdex (MDX), meanwhile, according to CoinMarketCap, is “an automated market-making (AMM) decentralized exchange protocol that operates on the concept of fund pools, which shares some similarities with standard DEXs, but differs from competitors by using a dual-chain model.” modeled on both the Ethereum network and the Huobi Ecological Chain (HECO).”
That’s up 105% for the month. An Uptober indeed.
Top 10 winners and losers in the top 1000
Oh and just for the record… October’s top 1000 crypto winners and losers by market cap.
Dogechain (DC), the layer 2 scaling project for Dogecoin, was an interesting performer this month.
In the meantime, keep an eye out Phone no (LUNR) (crypto social media data analyzer LunarCrush’s utility token); COMPETE (a team-based multiplayer game project with Unreal Engine); and Morpheus Network (MNW) – is making some waves in the narrative of blockchain solutions with high potential in the supply chain.
