Two cryptos rising today: Steem Dollars (SBD) & Plutonians (PLD)

Follow us on Google News:
 Two cryptos rising today: Steem Dollars (SBD) & Plutonians (PLD)
Image source: Pixabay.com

Highlights

  • Bitcoin is up only marginally at the moment, but a few altcoins have registered sharp gains
  • Not all cryptos gaining today have a high trading volume, which is indicative of fewer traders
  • The SBD token is linked to a blockchain network, and the PLD token is native to a Web3 gaming verse

Searching for any correlation between cryptos and securities listed on stock exchanges can be a complex thing. Even Bitcoin and altcoins can have contrasting price trajectories on any given day. This is why cryptos cannot be said to have a perfect correlation with the stock market.

At the time of writing, Bitcoin (BTC) is up only marginally. In contrast to this, a few cryptoassets have even doubled over the past 24 hours. However, most of these crypto gainers have quite low market caps and trading volumes. Let’s explore two cryptos, which are gaining today and have high 24-hour trading volume.

1. Steem Dollars (SBD)

Steem Dollars is linked to Steem, a blockchain network. The Steem network is primarily for social apps that rely on a large number of users.

Steem claims to be rewarding content creators at a time when usually it is the shareholders of tech companies. that mostly make money. Steem allows to build applications where content creators earn rewards in cryptos. An app named Steemit is already using Steem’s blockchain. The blockchain is said to be faster than Ethereum and Bitcoin.

The SBD token is one of the digital assets of Steem blockchain. In its whitepaper, the project has titled SBD as an “experimental asset”. SBD is trading at a price of nearly US$4.5, as of writing. It is up over 50% over the past one day. The 24-hour trading volume is nearly US$500 million, up almost 25,000%, according to CoinMarketCap.

On a year-to-date (YTD) basis, the Steem Dollars crypto is trading at a loss.

Also read: 3 cheap cryptos to keep tabs on in second half of 2022

2. Plutonians (PLD)

A metaverse project, Plutonians claims to be a gaming venture on Solana’s network, with features like a native token and NFTs.

Its native token is PLD, which is not a high ranking cryptoasset as of now. The 24-hour trading volume of the PLD token is over US$18 million, as of writing. The price of PLD is also up over 100%. It trades at nearly US$0.5 per token. Plutonians is a new cryptoasset and hence it’s long-term price movement is not available at the moment.

24-hour change in price (in percentage)

Data provided by CoinMarketCap.com

Bottom line

The above two tokens have risen sharply over the past 24 hours, with a huge spike in their trading volumes. On the other hand, Bitcoin rose only slightly during this period. Predicting the prices of the two altcoins can be speculative as cryptos have a notorious history of wild fluctuations. How Steem’s blockchain and Plutonians’ gaming venture perform in the long term might shape these tokens’ prices in the long term.

Also read: ‘Carbon-free’ WAX (WAXP) crypto up 12% even as Bitcoin is losing value

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK