A low-capital hedge fund altcoin has outperformed the rest of the crypto market, skyrocketing about 132 percent over the past week.
Numeraire (NMR)is the native token of Numerai, a San Francisco-based hedge fund created by a network of data scientists.
The 204th-ranked crypto asset by market cap is trading at $21.39 at the time of writing, jumping from $9.22 seven days ago. NMR is still trading more than 77 percent below its all-time high of $93.15, which it reached in May 2021.
Numeraire token It is built on Ethereum (ETH) and can be staked to power the Numerai Tournament, where participants compete to build machine learning models based on abstract financial data to predict stock markets.
Koinfinans.com As we reported earlier, these models also determine the hedge fund’s crypto/investment bets, according to the project’s website.
“Numerai’s staked models are combined to create the Meta Model that controls the capital of the Numerai hedge fund on the global exchange.”
NMR It also powers Erasure, a staking protocol that aims to increase trust in online information by requiring information sources to share their bids. According to the project’s website, incorrect information causes stakes to disappear.
While it remains unclear what caused the NMR price spike, it’s possible that the platform’s developers announced last week that around 1 million NMR was staked at Numerai’s tournaments.
progress towards ONE million $nmr staked across the tournaments:
▓▓▓▓▓▓▓▓▓▓▓▓ ▓▓▓▓▓▓▓▓▓▓▓▓ 99.6%
— Staked on Numerai (@ErasureStaked) June 21, 2022
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.