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The market is neutral, and investors search for tokens to update their portfolios for the next bull. As such, altcoins are gaining significant attention for their potential to deliver substantial returns. This introduction explores and highlights some of the best altcoins to consider investing in now. On that note, it’ll shed light on their distinctive features, potential benefits, and the factors that make them top picks in the market.
5 Best Altcoins to Invest in Right Now
Tokens, including UMA, Bonk, and Gala, have caught the attention of the market enthusiasts. These digital assets have shown significant potential, prompting many to consider them attractive investment opportunities. Meanwhile, BlackRock has emerged as a frontrunner in attracting investments into these ETFs, marking a significant trend in just a week of active trading.
1. UMA (UMA)
UMA has surged impressively by over 80% in recent years, propelling its market cap beyond $300 million. The project’s current buzz centres around a groundbreaking development called ‘Oval.’ Uma Protocol, renowned for the oracle, has teased the ‘Oval’ project.
According to Uma, Oval aims to shield DeFi lending protocols from potential minimum extractable value (MEV) attacks. On the same note, Uma’s Co-founder has highlighted losses due to such attacks, fueling anticipation for ‘Oval’ as an eagerly-awaited solution. Moreover, investors speculate that ‘Oval’ will actively incorporate the UMA token in its mechanics, potentially fueling the value of $UMA.
Therefore, traders are optimistic about UMA, with a greed score of 56 indicating high buying. Nonetheless, the market has about 6.24 million UMA in circulation out of a maximum of 101.17 million. On a positive note, UMA holds a solid position at #18 in the DeFi Coins sector and #7 in the Yield Farming sector. Plus, it is placed #43 in the Ethereum (ERC20) Tokens sector.
Each year lending protocols lose tens of millions of dollars to MEV.
It's time to reclaim that value.
— UMA 🥚 (@UMAprotocol) January 18, 2024
Furthermore, UMA encompasses a 206% price surge in the last year, outperforming 85% of the top 100 tokens. Besides, it is above the 200-day SMA, suggesting an overall uptrend. By extension, green candles have engulfed 17 of UMA’s last 30 trading days. On top of this, UMA is actively trading near its cycle high, showcasing robust liquidity based on its market cap.
2. Sponge V2 (SPONGE V2)
Sponge V2 has captivated the market, transcending its origins as the $SPONGE meme coin. The project has notched an impressive market capitalization surge, leaping from a modest $1 million to $100 million. Sponge V2 has a robust market presence, commanding a market capitalization of $16 million.
#SpongeV2's roadmap is packed with innovative features and expansion plans. 🚀
Did someone say bigger and better exchanges? 🙌
Don’t get left behind. ⚡️ $SPONGE #Web3 #Crypto #Altcoins pic.twitter.com/NsvgQpbeaT
— $SPONGE (@spongeoneth) January 21, 2024
This surge hasn’t gone unnoticed, as Sponge V2 is gaining support from a substantial community base exceeding 11,500 members. This highlights the project’s escalating popularity and places it among the best altcoins to buy now. Taking its evolution further, Sponge V2 introduces an innovative stake-to-bridge model. Hence, this allows a seamless transition for existing $SPONGE holders by staking their V1 tokens.
Moreover, this strategic move underscores the project’s dedication to investor loyalty. Those opting for the transition reap a minimum Annual Percentage Yield (APY) of 40% over four years.
Furthermore, Sponge V2’s tokenomics reveals a purposeful allocation of 150 billion tokens to propel ecosystem development. This includes significant portions designated for staking rewards (43.09%) and play-to-earn (P2E) gaming (8%). Therefore, Sponge V2’s token distribution focuses on nurturing community engagement and enticing user incentives. Equally, it aligns with the project’s overarching goal of sustainable growth and active community participation.
3. Gala (GALA)
Notwithstanding the market’s neutral state, Gala remains strong and hovers near the $0.0357 resistance line. Over the past month, Gala’s price has grown, reaching over 25%. Moreover, Investors are watching these developments as green candles make a case for the Gala.
Besides, traders actively participate in a lively marketplace, exploring a collection of 9,999 unique NFTs and indulging in exclusive digital art and collectibles. Furthermore, Gala’s bullish momentum gains strength as it trades above major moving averages, signalling sustained buying interest in the market.
Following that, GALA’s price reached $0.024512, with an intraday trading volume of $95.41M. Equally, the token’s market cap has grown to $681.27M, keeping its market dominance of 0.04%. In the last 24 hours, GALA has experienced a 3.45% price increase. Gala holds the 23rd position in the Ethereum (ERC20) Tokens sector by market cap. In addition, it ranks 6th in the NFT Tokens sector and secures 5th in the Gaming sector.
Building up some updates! | Ahead of the Game Ep. 34 https://t.co/rvwsyVLdlF
— Gala Games (@GoGalaGames) January 18, 2024
Along positive lines, Gala is positioned above the 200-day simple moving average, indicating a positive trend. Similarly, Gala boasts high liquidity based on its substantial market cap. The coin is actively traded on Binance, further contributing to its prominence in the market.
4. Bonk (BONK)
Traders are watching how the market unfolds as a greed score of 56 suggests moderate trading activity. Bonk is trading at $0.00001188, about $52.81 million in intraday volume. Furthermore, Bonk hit a 3.12% intraday increase, reaching a market cap of $752.56 million and a market dominance of 0.05%.
By extension, about 63.33 trillion BONK is circulating out of a maximum of 100 trillion. Moreover, the yearly supply inflation rate is 36.20%, creating 16.83 trillion BONK in the past year. Position-wise, Bonk is third in the Meme Coin sector, showcasing a strong market cap.
The coin reached its all-time high on December 15, 2023, at $0.00003428. However, Bonk’s all-time low was recorded on October 12, 2023, at $0.0061753. Following the low point, the coin experienced a cycle low of $0.0059387. Nonetheless, its highest price since the last cycle low reached $0.00001751.
GM
The first week of 2024 came and went
Time to recognize the past to plan for the future and keep building for the New Year.
10 chains, 600,000+ unique holders, and 42 exchanges
Thank you to all 2023 BONK ecosystem builders and integrations🧵A look at BONK 2023 highlights… pic.twitter.com/fWgJgAX7JG
— BONK!!! (@bonk_inu) January 8, 2024
Therefore, Bonk is poised for potential growth, with its community expecting an upward trend soon. Anticipation of partnerships with other networks could drive the BONK Coin to exceed $0.0001764 by 2024. Equally, a bullish market could propel Bonk’s average price to $0.0001598 by 2024. However, in a downturn, the minimum projected value of the BONK Coin in 2024 is $0.0001498.
5. The Graph (GRT)
With the recent Graph Horizon launch, GRT’s outlook paints a picture of a steady trajectory and potential for future growth. This makes The Graph a robust investment choice for investors holding the coin. The Graph has mildly increased today, reaching $0.163543 with a 0.09% market dominance.
Moreover, the trading volume is currently $86.13M as GRT’s market cap hit $1.54B. The Graph has demonstrated resilience and growth, outperforming 73% of the top 100 tokens with a 94% price surge. Investors are holding the coin as the market sentiment is neutral.
There’s a new proposal for the next iteration of The Graph’s underlying protocol 💫
In this forum post, learn:
🌐 What Graph Horizon is
🆕 Horizon’s proposed protocol updates
🥩 How staking could create a more modular & permissionless protocol
🤝 New approaches to delegation
➕…— The Graph (@graphprotocol) January 17, 2024
This sentiment is supplemented by a neutral Fear & Greed Index of 56 (Greed). However, an upward trend isn’t far-fetched as GRT is above the 200-day SMA, indicating strength and stability. Based on its market cap, the Graph’s liquidity is notably high, and its listing on Binance adds to its market presence.
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