Cryptocurrencies crashed this week after the Federal Reserve warned that it will accelerate its tightening process this year. This means that it will end its quantitative easing (QE) program in March and then start rate hikes. While Bitcoin, Ethereum, and most altcoins crashed, others like Cosmos, Osmosis, Ravencoin, and Frax Share went against the grain.
Safemoon (OLD) is a cryptocurrency built on the Binance Smart Chain (BSc) network. It is a fast-growing coin that is currently valued at more than $1.28 billion. According to CoinGecko, Safemoon is the 96th biggest cryptocurrency in the world.
Unlike Bitcoin, Safemoon has features that encourage holders to continue investing in it by charging a 10% selling fee. These fees go to existing holders and the rest in a liquidity pool.
While other cryptocurrencies have retreated sharply, the Safemoon price has done well. It has risen by about 33% in the trailing 24 hours and by 56% in the past seven days. This performance is mostly because the network recently implemented the version 2 upgrade that introduced new features.
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The Frax Share price has also held steady even as other coins decline. The FXS token has jumped by 12% in the past 24 hours and by about 26% in the past seven days. This rally has brought the total market capitalization of the coin to more than $1.32 billion, making it the 89th biggest cryptocurrency in the world.
For starters, Frax Share is the native token for the Frax Protocol. This protocol introduced the world to the concept of a cryptocurrency being backed by collateral and partially stabilized algorithmically.
The Frax price is rising after Frax Finance announced that it will expand its partnership with Chainlink. This partnership will lead to the launch of the new Frax Price Index (FPI), a stablecoin designed to be inflation resistant. It will be pegged to a decentralized consumer price index.
The Osmosis price has also done well in the past few days. It has risen by about 11% in the past 24 hours and by 42% in the past seven days. As a result, its total market capitalization has risen to more than $2.2 billion, making it the 66th biggest coin in the world.
For starters, Osmosis is an Inter-Blockchain Communication (IBC)-Native Automated Market Maker (AMM). It was built using the Cosmos SDK and it allows developers to build, design, and deploy their own customized AMMs. Traders of IBC-compatible tokens like Regen and ATOM can swap them seamlessly.