By The Daily Hodl - 1 year ago - Reading Time: 2 minutes
Under-the-Radar Hedge Fund Altcoin Surges 130% in One Week, Defying Crypto Downtick
One low-cap hedge fund altcoin is skyrocketing by nearly 132% in the past week, vastly outperforming the crypto market.
Numeraire (NMR) is the native token for Numerai, a San Francisco-based hedge fund built by a network of data scientists.
The 204th-ranked crypto asset by market cap is trading for $21.39 at time of writing, up from $9.22 seven days ago. NMR still remains down more than 77% from its all-time high of $93.15, which it hit in May 2021.
The Numeraire token is built on Ethereum (ETH) and can be staked to power the Numerai Tournament, where entrants compete to build machine learning models based on abstract financial data to predict the stock market.
The models also determine the hedge fund’s bets, according to the project website.
“The staked models of Numerai are combined to form the Meta Model which controls the capital of the Numerai hedge fund across the global stock market.”
NMR also powers the staking protocol Erasure, which aims to increase trust in online information by requiring info sources to stake their offerings. Inaccurate information causes the stakes to be destroyed, according to the project’s website.
It remains unclear what caused the NMR price surge. Developers did announce last week that Numerai had nearly 1 million NMR staked across the tournaments.
Progress towards ONE million $nmr staked across the tournaments:
????????????? 99.6%
— Staked on Numerai (@ErasureStaked) June 21, 2022
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Featured Image: Shutterstock/Vadim Sadovski/INelson
The post Under-the-Radar Hedge Fund Altcoin Surges 130% in One Week, Defying Crypto Downtick appeared first on The Daily Hodl.
Original source: The Daily Hodl