One low-cap hedge fund altcoin is skyrocketing by almost 132% up to now week, vastly outperforming the crypto market.
The 204th-ranked crypto asset by market cap is buying and selling for $21.39 at time of writing, up from $9.22 seven days in the past. NMR nonetheless stays down greater than 77% from its all-time excessive of $93.15, which it hit in Could 2021.
The Numeraire token is constructed on Ethereum (ETH) and may be staked to energy the Numerai Event, the place entrants compete to construct machine studying fashions primarily based on summary monetary information to foretell the inventory market.
The fashions additionally decide the hedge fund’s bets, in accordance with the project website.
“The staked fashions of Numerai are mixed to type the Meta Mannequin which controls the capital of the Numerai hedge fund throughout the worldwide inventory market.”
NMR additionally powers the staking protocol Erasure, which goals to extend belief in on-line data by requiring information sources to stake their choices. Inaccurate data causes the stakes to be destroyed, in accordance with the undertaking’s website.
It stays unclear what precipitated the NMR value surge. Builders did announce final week that Numerai had almost 1 million NMR staked throughout the tournaments.
Progress in the direction of ONE million $nmr staked throughout the tournaments:
— Staked on Numerai (@ErasureStaked) June 21, 2022
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