The merculet token gained 160% from $0.00068 to $0.0011 in just 7 hours of trading on August 14. The price jump makes the token biggest gainer in 24 hours according to markets.Bitcoin.com.

Despite the price surge, merculet had trading volumes of just $112,000. At the time of writing, merculet’s market capitalization was $4.5 million. This ranks the token at number 297.

According to information on its website, the Merculet project says “it helps internet enterprises to achieve growth by applying readily accessible social-based operations and holistic blockchain solutions.”

However, it is not clear what has roused investor interest in the token. Merculet itself has not updated the company’s twitter handle or that of the CEO, Ivan Jiang since April 2020.

Meanwhile, other tokens making it into the top five are gnosis and POA Network tokens, which gained 56% and 48% respectively. The gnosis token, which until August 12 was trading at just below $32, now trades at $51.98, a year high.

POA Network’s token which had a market capitalization of $10.7 million, recorded trading volumes of nearly $5 million in 24 hours.

Completing the top five gainers for the day is the algo token, which has gained nearly 440% so far this year. The token added 37% in the last 24 hours and it traded at $0.73 at the time of writing.

Algo’s 24-hour trade volumes stood at $110 million while the market capitalization was at $576 million. The token is now ranked number 29 on markets.Bitcoin.com.

Meanwhile, the current algo price rally, which began after the token listed on Coinbase, follows a string of partnership announcements throughout the year.

Algorand, which claims it has created the “first open-source, pure proof of stake” decentralized blockchain, has partnered with Rand Labs and World Chess. Algorand has also forged a working relationship with American pop singer, Akon on the latter’s ambitious AIKON coin project.

The algo token, just like merculet, continues the story of few altcoins that are outperforming bitcoin (BTC). Although bulls still dominate, bitcoin is still struggling to break and stay above $12,000.

At the time of writing, bitcoin (BTC) was trading at just above $11,700 mark while bitcoin cash (BCH) and ethereum (ETH) were trading at $291 and $424 respectively.

What do you think of altcoin price surges? Share your thoughts in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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