Ethereum’s Rocket Pool Is the Current Top Performing Cryptocurrency

Paigambar Mohan Raj
Source: Bankless | Substract

Ethereum staking derivative provider Rocket Pool (RPL) is currently the best-performing cryptocurrency among the top 100 projects. The token has rallied up to 24.7% in 24 hours and 61.3% in the last week.

Source: CoinGecko

Rocket Pool uses “smart nodes,” a cutting-edge type of staking service, which is one of its distinguishing characteristics. They are intended to be more effective and affordable than conventional staking techniques. The token’s rally may be attributed to new listings and Ethereum’s upcoming Shanghai upgrade.

The world’s largest exchange by trade volume, Binance, has said it will list the Ethereum staking pool’s native cryptocurrency, RPL, in its Innovation Zone. RPL will be available for trade against Bitcoin (BTC), Binance Coin (BNB), and Tether’s USDT. Additionally, with these new margin pairings on Isolated Margins, Binance will also include RPL as a new borrowable asset.

Moreover, RPL was also listed on the popular exchange Huobi. The platform announced the listing on its Twitter page. However, the firm did say that trading would open soon while deposits were open.

Did Ethereum’s Shanghai upgrade push the cryptocurrency?

Ethereum is scheduled to have its next big update in late February. The Shanghai upgrade will allow ETH stakers to finally unlock their tokens, some of which have been locked since 2020. Many speculate that the update could lead to a mass Ether sell-off. However, many of the staked ETH are currently at a loss, hence a sell-off might not occur.

However, the upgrade has led several Ethereum derivative staking pool cryptocurrency projects to rally. Earlier this month, ETH derivative staking pool tokens were among the top performers.

Apart from the Ethereum upgrade, ChatGPT, the popular AI chatbot, has said that Rocket Pool (RPL) could be a lucrative long-term investment opportunity.

At press time, RPL was trading at $40.34, up by 0.6% in the last hour. Moreover, Rocket Pool is only 37.2% down from its all-time high of $59.46, attained in November 2021. Compared to other major cryptocurrency projects, this is a relatively short drop.