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Russia’s recent decision to set up cryptocurrency exchanges is causing a stir in the financial sector. This move might indicate a change in global financial strategies, especially as other countries consider BTC part of their reserves. With major nations like Russia and China showing interest in cryptocurrencies, the market could enter a new digital currency phase.
If more countries begin to stockpile digital assets, its increasing scarcity could boost its value, potentially altering the global financial scene. As digital currencies gain traction, investors are looking for the best cryptocurrencies to invest in right now to make the most of these opportunities.
Best Cryptocurrencies to Invest in Right Now
AVAX has experienced a modest recovery in its price recently, marking a 1.20% increase over the past week. Moreover, Injective has introduced the Remix Web IDE, that allows developers to build, test, and deploy smart contracts directly from their browsers. Additionally, Internet Computer has gained traction as it continues to expand its utility and integration within the broader cryptocurrency ecosystem.
1. Avalanche (AVAX)
Avalanche is a layer-one blockchain that supports decentralized applications and custom blockchain networks. Positioned as a competitor to Ethereum, it seeks to become the leading platform for smart contracts by offering a higher transaction capacity. Furthermore, the platform can handle up to 6,500 transactions per second while maintaining scalability.
Recently, AVAX has seen a modest recovery in its price, rising from a recent low to $23.53, a 1.20% increase over the past week. Despite this, the cryptocurrency has experienced a 36% decline over the last six months.
However, it is important to note that Avalanche trades above its 50, 100, and 200-day Exponential Moving Averages (EMAs). This suggests a potentially positive outlook in the medium to long term. Moreover, the token’s Relative Strength Index (RSI) had been approaching oversold levels on the daily chart, but it has since dropped to below 50. This indicates there is significant potential for price growth.
Avalanche also benefits from high liquidity, supported by its substantial market capitalization. This liquidity is a positive factor, suggesting ample market activity to support price stability and potential growth. Additionally, the token is trading 50.46% above its 200-day Simple Moving Average (SMA) of $15.75, reflecting a strong position relative to its longer-term trend.
2. Shiba Shootout (SHIBASHOOT)
Shiba Shootout combines a Wild West theme with blockchain technology. Through various in-game activities, players can earn rewards in SHIBASHOOT tokens. The game takes place in the fictional town of Shiba Gulch, where players can engage in multiple tasks to accumulate tokens.
$SHIBASHOOT isn’t your average memecoin. 💯
It combines innovation and strategy with a Wild West theme. 🤩
Join us for fun events and a clear path to value! 🚀 pic.twitter.com/JW1vRcBbu1
— shibashootout (@shibashootout) August 26, 2024
A significant aspect of Shiba Shootout is its Cactus Staking program. This feature enables early participants to stake their SHIBASHOOT tokens and earn a substantial annual percentage yield (APY) of over 897%. This staking option is designed to help early adopters maximize their returns. Additionally, players can increase their earnings by referring friends and family to join the Shiba Shootout network.
Furthermore, the ecosystem features a play-to-earn game, Shiba Sharpshooter, which is available for download on mobile platforms. A Web3 app is also in development, which aims to enhance the gaming experience further. Posse Rewards are now available on the SHIBASHOOT website. By connecting their wallet and sharing a unique code, users can earn a substantial 5% commission on all purchases made by their referrals.
The presale of SHIBASHOOT tokens has raised over $1 million to date. The project strongly emphasizes community building, offering early users access to staking rewards and leaderboard bonuses. Currently, the tokens are priced at $0.02 each, positioning the project as an option for market participants looking to invest in a cryptocurrency with multiple use cases.
3. Internet Computer (ICP)
Over the past few weeks, the AI sector has seen a significant market value increase of 79.7%. By August 25, the market value of tokens in this space had surpassed $38 billion, signaling renewed investor confidence. This growth is largely attributed to Bitcoin’s price recovery, which had a ripple effect across various cryptocurrency sectors.
Meanwhile, Internet Computer has been one of the standout performers during this period. The platform has expanded its utility and integration within the broader cryptocurrency ecosystem. ICP offers a “World Computer” blockchain, which allows developers to build Web 2.0 and Web3 services, without relying on traditional centralized IT infrastructures like cloud computing.
With Chain Fusion, bridging assets and managing multiple wallets will become a thing of the past.
ckBTC lets you hold, send, and receive native Bitcoin for just 10 sats.
Go down the 🐇 hole and explore for yourself 👇https://t.co/bGx5SF4AiH
— DFINITY (@dfinity) August 27, 2024
The platform features the ability to enable smart contracts to create transactions directly on other blockchains. This functionality supports full end-to-end decentralization for online services and Web3, attracting increased interest from developers and resulting in surged adoption rates.
Furthermore, ICP is currently trading at $7.78, marking a 5.55% increase over the past seven days. Over the last year, ICP’s price has risen by 126%, outperforming 68% of the top 100 crypto assets. Additionally, the token has shown strong liquidity relative to its market cap.
4. Injective (INJ)
Injective recently introduced the Remix Web IDE, a web-based development environment that enables developers to build, test, and deploy smart contracts directly from their browsers. This tool removes the typical barriers associated with software development.
By streamlining the entire development process, developers can start working immediately without additional setup. Moreover, Injective’s network performance has also improved, with block times averaging 0.65 seconds. This enhancement in speed could be a significant draw for high-frequency trading activities, potentially increasing liquidity on the network.
In addition to these developments, Injective has hinted at the upcoming launch of a new prediction market platform, Paradyze. While details remain scarce, this platform is expected to leverage Injective’s infrastructure to offer new opportunities in the crypto prediction markets.
New prediction markets powered by Injective? 👀 https://t.co/ZnkwXdIUcs
— Injective 🥷 (@injective) August 27, 2024
Furthermore, INJ has experienced a price drop, currently trading around $19.08, marking an 8.02% intraday decrease. Despite this decline, INJ saw an overall increase of 8.02% over the past week. Moreover, trading volume has surged by 74.35%, reaching $130 million, indicating heightened market activity.
5. Jupiter (JUP)
Jupiter (JUP) experienced a notable uptick this week, with its price increasing by more than 3%. This growth has pushed it to rank 58th globally by market cap, as reported by CoinMarketCap in the past 24 hours. The coin currently trades above its 200-day simple moving average, a technical indicator often suggesting a long-term upward trend.
Jupiter’s liquidity, relative to its market cap, is high. This suggests the coin is easily tradable, with enough buyers and sellers to ensure stable price movements. These positive signs can be reassuring for traders and investors, instilling confidence in their decisions in the cryptocurrency market.
Recently, Jupiter Exchange introduced a new platform, Jupiter Lock, designed for token vesting—a process where tokens are released gradually over time. Unlike other platforms that require fees, permissions, or business development calls, Jupiter Lock is free and accessible to all project teams, regardless of their size or resources. This accessibility allows smaller projects to manage token distribution without incurring extra costs.
Jupiter Lock — an open-source, free and audited alternative to release your project’s tokens over time, now in Beta.
Jupiter Lock is free — zero fees, allowing any project to release their tokens over-time for free.
Any team can also access Jupiter Lock, without any BD calls… pic.twitter.com/TVe9q3d7qM
— Jupiter 🪐 (@JupiterExchange) August 23, 2024
The platform’s security has been thoroughly tested, and two separate audits have been conducted. By making the platform fully open-source, Jupiter Exchange enhances transparency and trust, allowing users to review the code and verify its security.
In addition, Jupiter (JUP) has shown solid performance this week and continues to provide accessible and secure solutions for token vesting. Its high liquidity and recent technological advancements make it a coin to watch in crypto.
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