What happened
It's been another week of strong trading for many altcoins. Solana (CRYPTO:SOL), Arweave (CRYPTO:AR), and OMG Network (CRYPTO:OMG) were among the beneficiaries of the bullish market momentum, with their tokens up roughly 17%, 45%, and 26%, respectively, as of 7:15 p.m. EDT on Friday, according to data from S&P Global Market Intelligence.
In addition to bullish momentum in the overall cryptocurrency space, Solana and Arweave appear to have gotten a boost from a new funding initiative for blockchain gaming. Meanwhile, OMG Network token owners are set to receive a new supplementary token, and that's creating pricing momentum.
Image source: Getty Images.
So what
News hit on Friday that Solana was launching a $100 million fun in conjunction with Lightspeed Ventures Partners and FTX to invest in blockchain-focused gaming studios. Similar to Ethereum, Solana's blockchain provides a network for other cryptocurrencies and decentralized finance applications to be built upon.
Excitement has been building about blockchain-based gaming, and Solana is one of the networks that seems to be most focused on supporting this potential new path for interactive entertainment. Arweave is providing data management services to Solana through its blockweave storage technology, and its token also appears to have gotten a pricing boost from the new gaming fund announcement.
Switching gears, OMG Network's token pricing gains over the last week appear to have been driven by anticipation for the new cryptocurrency that token holders will soon receive. OMG Network owners are set to receive a new crypto token that can be staked for rewards on Boba Network. This is set to take place on Nov. 12.
Now what
Solana, Arweave, and OMG Network's respective tokens differ from many other cryptocurrencies in the sense that they are used to support or transact for services that are specific to their networks and are not simply digital currencies. This may give them a stronger fundamental valuation case compared to tokens that trade merely based on speculation or adoption, but investors should keep in mind that they're still relatively high-risk investments and will likely continue to see volatile trading in the near term.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
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November 06, 2021 at 08:00AM
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Here's Why Solana, Arweave, and OMG Network Are Soaring This Week - Motley Fool
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