KEY POINTS
- $PEAQ is up over 30% in the last 24 hours while $BTC and major altcoins are down
- Some industry experts hailed the token's chart as it continues to climb amid the chaos
- Simon Dedic of Moonrock Capital believes $PEAQ can become a 'decacorn'
Altcoins have been on a significant boom in recent weeks before Monday's bloodbath, but one specific altcoin is making noise in the crypto community: peaq (PEAQ).
The altcoin hasn't even been in the cryptocurrency market for a long time as other dino coins, but it has a chart that's looking "like it's cured cancer," as prominent trader Jacob Canfield put it.
What is peaq?
For starters, peaq is the Layer 1 blockchain that powers the Machine Economy, which comprises of decentralized physical infrastructure networks (DePINs) and machine real-world assets (RWAs).
peaq is live
— peaq (@peaq) November 12, 2024
Welcome to the Machine Economy pic.twitter.com/I5Nkz4KHxr
The blockchain is known for fast transaction speeds and has low transaction fees. The technology provides various modular functions for DePINS, including machine payment processing and autonomous AI agents.
Basically, peaq is recognized as a blockchain that creates opportunities for developers to build highly-efficient decentralized ecosystems. PEAQ is the blockchain's native cryptocurrency.
Why is $PEAQ Trending?
Canfield's post asking what the PEAQ token is and why can't his other altcoin holdings not move in the same pattern as the altcoin is, is gaining popularity on X. However, the coin has already been trending for some time, especially as its price movement contradicted Monday's crypto crash.
PEAQ is up by over 30% in the last 24 hours and has been rallying by more than 81% in the past week. In comparison, Bitcoin is down 1.16% in the past day, and Ethereum shed nearly 3%.
Top altcoins XRP, Solana (SOL), BNB, Cardano (ADA), TRON's TRX, and Avalanche (AVAX) are also in the red.
In a bid to help educate Canfield and other crypto users about PEAQ, prominent venture capital investor Robbie Nakarmi noted that aside from getting into the DePIN business, peaq has "lots of smart money wallets in," and its early supporters are "already up 20x."
Depin play, TGE was a little while back, lots of smart money wallets in, but early backers already up 20x
— Robbie Nakarmi (@redonettii) December 10, 2024
One holder sees the altcoin hitting $1.32, and he believes the said price is just around the bend. Another holder agreed, saying it's apparent the token is on its way up since it "doesn't care about [the] crash," referring to Monday night's significant losses in crypto due to the price plunge of major coins.
Simon Dedic, the CEO of crypto-native advisory and investment firm Moonrock Capital, had a few words that summed up his daily life as a PEAQ holder. "Fundamentals don't care about market dips. Decacorn in the making."
Nothing to see here guys, just another day as a $PEAQ holder.
— Simon (@sjdedic) December 10, 2024
Fundamentals don’t care about market dips.
Decacorn in the making. pic.twitter.com/bwlDAOH3mj
A decacorn company is a business that has a valuation greater than $10 billion. So far, peaq has a market cap of $451.7 million.
It remains to be seen whether PEAQ will go higher as more people find interest in DePIN, dubbed as the next blockchain revolution as it presents an innovative approach to enhancing real-world physical infrastructure.
