21 July 2021 | ZebPay Trade-Desk
This month has been a special one at ZebPay. We have launched a range of new assets on our trading platform, and we are rapidly expanding our offerings. Namely, July saw the launch of the Enjin Coin, Curve DAO, Synthetix, Storj, Orchid, and the Injective Protocol. While we have covered ENJ, and CRV in our previous trade reports, this report will look at the other 4 assets, but from an investment perspective. To know more about these coins, please visit our blog, click here.
Synthetix began life as the Havven protocol. Havven’s goal was to create crypto tokens that mimicked the prices of different fiat currencies on different blockchains. At the end of 2018, Havven rebranded to Synthetix and expanded its vision to include the creation of synthetic assets for cryptocurrencies and commodities. STORJ is a utility token on the Ethereum network which follows the ERC20 standard. Its primary function is to provide compensation to individuals renting their free hard drive space.
The Orchid protocol introduces a decentralized VPN service that leaves no data trail on our internet browsing. This network has sellers of bandwidth called nodes and the users of the VPNs can buy bandwidth from these sellers using the native crypto token of the protocol called OXT. Finally, the Injective protocol is a derivative exchange with special features that make it a “truly” decentralized DEX. It is a layer-2 DEX, meaning it is built on top of an existing blockchain. Here, the protocol is built using a Cosmos SDK built with Ethermint (EVM on Tendermint).
Snapshots (at the time of writing):
| USD ($) | Asset | |||
| SNX | STORJ | OXT | INJ | |
| Market Cap. | 867,157,768 | 201,267,123 | 164,023,655 | 150,384,579 |
| Market Rank | 68 | 134 | 148 | 155 |
| 24hr Volume | 81,781,220 | 51,615,972 | 24,402,932 | 18,509,462 |
| ATH/ATL | 28.77 / 0.032 | 3.91 / 0.048 | 1.02 / 0.106 | 25.01 / 0.656 |
| ROI from ICO | 1568% | 33.64% | 33.79% | 1177% |
| Circulating Supply | 114,841,533 SNX | 288,459,571 STORJ | 682,152,109 OXT | 29,435,404 INJ |
| Total Supply | 215,258,834 SNX | 424,999,998 STORJ | 1,000,000,000 OXT | 100,000,000 INJ |
The table above gives a summarized view of the nature of the asset and looks at some of its key metrics. We will now dwell a little into the investment analysis, looking at these assets from a market capitalization, price, and volume perspective, to see how the asset has developed over a period of time, and what might be in store for these assets moving forward.
Investment Analysis:
| USD ($) | Price (Quarter Closing) | |||
| Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | |
| SNX | 4.76 | 7.22 | 13.32 | 7.33 |
| %growth | – | 51.7% | 84.5% | -45.0% |
| STORJ | 0.51 | 0.29 | 2.85 | 0.84 |
| %growth | – | -42.9% | 875.4% | -70.4% |
| OXT | 0.29 | 0.22 | 0.70 | 0.26 |
| %growth | – | -23.3% | 216.0% | -62.9% |
| INJ | 0.77 | 4.07 | 12.84 | 6.92 |
| %growth | 426.3% | 215.5% | -46.1% |
The move from Q4 2020, to Q1 2021, has been phenomenal across all these assets. This is due to the market boom cycle that occurred then. Since then though, markets have corrected significantly, much of it thanks to the mid-May crisis. Prices contracted, close to 50%, as seen in the table above, and for some assets by even a larger extent.
| USD ($) | Market Capitalization (Quarter Closing) | |||
| Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | |
| SNX | 485,586,887 | 798,306,203 | 2,028,584,759 | 841,355,447 |
| %growth | – | 64.4% | 154.1% | -58.5% |
| STORJ | 101,805,535 | 63,146,512 | 721,944,106 | 242,922,236 |
| %growth | – | -38.0% | 1043.3% | -66.4% |
| OXT | 106,758,765 | 81,899,609 | 258,813,155 | 178,041,481 |
| %growth | – | -23.3% | 216.0% | -31.2% |
| INJ | 10,124,588 | 107,554,251 | 206,178,975 | 193,645,113 |
| %growth | 962.3% | 91.7% | -6.1% |
We have seen significant growth in the market cap. Of all the assets above, from the latter part of last year to the end of Q1 2021. In Q2, we have seen a dip, and this is primarily attributed to the market crash which took place in mid-May, which led to all altcoins taking a beating. Since then, however, we have seen a small recovery, and anticipate steady growth here on.
| USD ($) | Daily Volume (Quarter Closing) | |||
| Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | |
| SNX | 55,540,204 | 94,637,061 | 107,263,521 | 56,666,543 |
| %growth | – | 70.4% | 13.3% | -47.2% |
| STORJ | 43,586,700 | 10,355,943 | 691,222,744 | 38,688,496 |
| %growth | – | -76.2% | 6574.6% | -94.4% |
| OXT | 8,523,090 | 5,129,084 | 75,717,974 | 24,707,608 |
| %growth | – | -39.8% | 1376.2% | -67.4% |
| INJ | 45,631,372 | 60,990,729 | 33,317,605 | 26,071,453 |
| %growth | 33.7% | -45.4% | -21.7% |
Volumes and market capitalization go hand in hand. As mentioned above, the downturn in the latest quarter is due to the big mid-May sell-off, where the crypto market contracted upwards of 50%. However, INJ has impressed, with growth upward of 5000% between Q4 2020 and Q1 2021, and so has STORJ, with a growth rate of above 6000% in the same time period.
Conclusion:
Many of the assets we have covered above, are fairly new in the crypto community, however have managed to create a good trader base for themselves, thanks to the utility they provide to their holders. While what might be next for these assets is hard to determine right now, the analysis above has indicated that they are gaining significant traction amongst crypto enthusiasts, as in 2021, we have witnessed significant growth in volumes as well market capitalization.
We are very proud to have launched these assets on ZebPay, along with Enjin Coin and Curve DAO, last week. Please don’t forget to check these new launches out on our exchange. Happy Investing with ZebPay!
References:
Disclaimer : This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.
