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Searching for the next groundbreaking investment is a journey that captivates investors and passionate enthusiasts. As the spotlight extends beyond Bitcoin, altcoins have emerged as promising contenders, offering unique features and potential for substantial returns. Therefore, this article explores the “Best Altcoins to Invest in Right Now,” providing insight into their features, use cases, and growth prospects.
5 Best Altcoins to Invest in Right Now
Altcoins like Chiliz and Klaytn are having their moment, with bitcoin regressing in the wake of the recent spot ETFs debut in the U.S. Furthermore, the crypto market presents many opportunities, with Tellor, Jito, and Echelon Prime emerging as the top contenders for investors. In addition, Sponge V2 has changed the baton with its predecessor, offering prospects in the presale stage.
1. Bittensor (TAO)
Artificial intelligence is poised to redefine the blockchain space, and tokens like Bittensor lead the charge. As such, investors are watching the space as TAO could offer returns in the event of a positive market trend. While bears currently dominate the market, signs of a potential resurgence exist. In addition, the Fear & Greed Index maintains a score of 60 in the green zone, fueling optimism.
On the same note, Bittensor’s intraday price surged by 19.98%, reaching $265.53. At 0.09%, market dominance is also rising, solidifying its position as a significant player in the AI Crypto sector. Moreover, TAO boasts a trading volume of $11.96M and a market cap of $1.61B.
Furthermore, Bittensor currently holds the second position in the market cap within the AI Crypto sector. In addition, about 6.06M TAO are in circulation out of a maximum supply of 21.00M TAO. Bittensor’s market position is strong as it trades above the 200-day SMA and near the cycle high. In addition, forecasts favor a bull with a projected 7.85% price increase over the next month. As such, investors are optimistic that the coin will hit the $286.64 target by February 16, 2024.
2. Jito (JTO)
Jito holds the crypto community’s attention with the recently launched JTO-JitoSOL locked liquidity vault. As the primary on-chain liquidity provider for Jito’s governance token, JTO, the vault is a testament to community-driven initiatives. With this news, JTO achieved an impressive peak of $8 million Total Value Locked (TVL) with over 1200 unique depositors.
Moreover, JTO incentives are shifting towards a standard liquidity farming model in a strategic pivot. As such, JTO distribution will be proportionate across all wallets based on TVL, simplifying claiming through the JTO-JitoSOL vault page. Furthermore, the JTO-JitoSOL vault has firmly established itself as a pivotal liquidity route for JTO in the Solana network.
Hence, investors anticipate significant growth for the coin, projecting a maximum price of $5.11 and an average price of $4.51. However, this is contingent on the potential bull run predicted by the market. The bulls are not far-fetched as sentiment around Jito’s price prediction leans bearish. Furthermore, predictions support greed, signaled by the Fear & Greed Index, which stands at 60.
$WIF Trade Post-Mortem: How 2Fast leveraged Jito’s block engine to send a bundle that atomically captured $1.9M in profit and tipped Figment $89k in the process.
Tip your validator everyone. https://t.co/TzFGnbrNOm
— Jito (@jito_sol) January 12, 2024
Based on supply metrics, 117.20 million JTO are in circulation out of a maximum supply of 1.00 billion. In addition, Jito holds the #21 position in the DeFi Coins sector and #3 in the Solana Network sector by market cap. Trading near its cycle high, Jito maintains robust liquidity based on its market cap and actively trades on Binance.
3. Sponge V2 (SPONGE V2)
Sponge V2 has piqued market interest, successfully transcending its origins as the $SPONGE meme coin. With this, Sponge V2 hit a substantial market capitalization surge, skyrocketing from $1 million to $100 million. Currently, Sponge V2 boasts a robust market presence, with a market capitalization standing firmly at $16 million.
🎉 Huge Milestone Alert! 🎉
We've just surpassed an incredible 5,010,192,318 $SPONGE tokens staked, valued at $3,998,276.67!
With a current APY of over 300%, our community is thriving like never before.
Join us now and absorb the damp! 🧽💦#SpongeV2 #Crypto #Altcoins pic.twitter.com/KIVvh77dQZ
— $SPONGE (@spongeoneth) January 15, 2024
Moreover, the project has garnered support from a substantial holding base exceeding 11,500, underlining its growing community. Furthermore, Sponge V2 introduces a strategic stake-to-bridge model, turning on its evolutionary gear. This innovative approach allows existing $SPONGE holders to seamlessly transition to V2 by staking their V1 tokens.
In addition, this move underscores the project’s commitment to investor loyalty. Meanwhile, staked V1 tokens are poised to earn a minimum Annual Percentage Yield (APY) of 40% over four years. This also highlights the project’s dedication to fostering long-term engagement.
A look at Sponge V2’s tokenomics shows a strategic allocation of 150 billion tokens to support ecosystem development. This includes significant portions earmarked for staking rewards (43.09%) and P2E gaming (8%). Ensuring strategic token distribution emphasizes Sponge V2’s focus on fostering community engagement and providing robust user incentives.
4. Echelon Prime (PRIME)
Echelon Prime recently unveiled Sanctuary, a dedicated digital collectibles marketplace tailored exclusively for Parallel TCG players and collectors. Furthermore, progress is being made on the Bonds system, an upcoming feature to streamline guild management within the Echelon ecosystem.
Moreover, the market is included, as Echelon Prime’s current outlook appears bullish. In addition, greed is prevalent among investors, with a Fear & Greed Index of 60. The circulating supply is 26.27M PRIME out of a maximum supply of 111.11M PRIME. Also, Echelon Prime is trading above its 200-day simple moving average, positioning it favorably in the market.
Based on data from Coinmarketcap, Echelon Prime is priced at $8.98, with a 24-hour trading volume of $2.84M. Likewise, PRIME’s market cap is $235.88M, with a market dominance of 0.01%. Over the past 24 hours, the PRIME price has shown a commendable increase of 12.09%.
Meanwhile, historical price movements reveal that Echelon Prime achieved its all-time high on Dec 15, 2023, at $11.74. Conversely, the lowest price recorded was $7.75 after its all-time high (cycle low). Since then, the highest PRIME price since the last cycle low reached $9.12 (cycle high).
5. Tellor (TRB)
With the bulls prevalent in the crypto space, Tellor’s future appears promising. Greed is high among investors at the current, which aligns with the positive outlook. Moreover, TRB has a circulating supply of 2.55M TRB out of a maximum of 2.41M TRB. This has prompted an impressive surge of 828% in the last year.
Tellor maintains its position above the 200-day simple moving average. Meanwhile, it has witnessed 20 green days in the last 30 days (67%), showcasing its resilience in a dynamic market. Furthermore, potential looks promising Tellor’s future trajectory appears optimistic.
Moreover, boasting a dedicated crypto community and strong fundamentals, Tellor is poised for substantial growth. Speculations arise regarding possible collaborations with other networks, fueling anticipation for the TRB Coin to surpass $337.32 by 2024.
👷🏽♀️ today's tellor dev call is up!
🏃🏻♂️💨 quick version: pic.twitter.com/gqgorvj2FV
— Tellor (@WeAreTellor) January 16, 2024
Aligned with the current bullish crypto market trend, analysts anticipate an average Tellor Coin price of around $300.86 by 2024. These projections and Tellor’s impressive track record and community support suggest the project is actively gearing up for continued success.
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