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Yesterday, a little-known rule proposed by the U.S. Securities and Exchange Commission (SEC) that is disliked by vast numbers of finance firms — particularly banks — and vehemently opposed by the majority of the crypto industry is essentially getting revived by President Joseph Biden.
Analysts predict that bullish momentum is about to begin and consequently extend to other tokens in the crypto market. Today, Ankr, Tron, Ethena, and Pepe Network emerge as top gainers, showcasing the widespread momentum propelling digital assets forward. We analyze these coins to determine their profitability.
5 Best Cheap Crypto to Buy Now Under 1 Dollar
Ethena’s modest 3.3% surge in 24 hours signals a distinct shift in trajectory for the token. This analysis examines some factors responsible for the resurgence of the altcoin, especially after an extended downward trend.
Meanwhile, since the launch of Sponge V2, the token has continued to post impressive performances and attract the interest of investors. The token exhibits remarkable resilience, with a surge of 85.68% since its launch, reaching its current price of $0.001732. This upward trajectory is significant, especially considering the token’s recent pullback phase.
1. Ethena (ENA)
Ethena remains in the spotlight thanks to its synthetic dollar system. The upcoming week is crucial for ENA because planned token unlocks could cause significant price swings. The token gained 3.74% in the previous 24 hours to trade at $0.8459. Although the price gain is modest, the token has shown resilience to shrug off a recent rough patch.
Meanwhile, Ethena Labs recently partnered with Binance, Bybit, OKX, and Bitget Wallets. Now, users can store Ethena’s stablecoin, USDe, in these wallets. Additionally, Ethena offers a 20% bonus to customers who stake USDe using these wallets.
Experts believe this collaboration will simplify staking for ENA users and attract more stakers, increasing activity on the ENA network. However, since the announcement, ENA has seen a 36% decrease due to market volatility caused by tensions in the Middle East. Despite this, analysts predict ENA could rise to $4.81 as more people stake USDe for the generous rewards.
🔥 "Our decision to integrate Ethena Labs’ synthetic dollar, USDe, as a collateral asset on Bybit is a game-changer,” – Hao Yang, Head of Financial Products at #Bybit
Exciting developments lie ahead for USDe spot pairs in the near future.
📚 Read more: https://t.co/4nLVc7T7Xs pic.twitter.com/VGVmsh1VXL
— Bybit (@Bybit_Official) May 8, 2024
Furthermore, over $46 million worth of ENA tokens will become available, making up 3.76% of the total supply. This news has led to speculation and reminders of past issues with crypto projects like Terra, making people curious about the market’s response.
2. Pepe (PEPE)
Having surged through the ranks in the meme token market, Pepe is on its way to evolving into one of the top meme coins contenders in the crypto world. After marking an outstanding launch with a 240% explosion over the previous year, Pepe has established a positive trajectory, displaying immense potential.
Analysts are bullish on Pepe, tagging it the best-looking altcoin chart. Investors also believe that the token is ready to push for a move to a new all-time high. Meanwhile, a whale has shifted his focus toward the PEPE in a strategic move that might signal potential price recovery. This move has been seen as a calculated bet on the possible rise of the crypto. The investor spent $558,000 to acquire 70 billion PEPE.
Furthermore, market data shows that Pepe had a trading volume increase of over 40% over the last 48 hours, which coincides with an increase in the token’s price in the same time frame. Despite trading 0.5% lower than the previous 24 hours, it is 25% and 350% up in the last thirty days and one year, respectively.
Being one of the biggest memes on the planet, it is no surprise to see Pepe exhibiting bullish traits. With its unique features, this is one affordable token to add to your watchlist.
3. Sponge V2 (SPONGE)
Sponge V2 builds upon the legacy of the Sponge token. The V2 token was launched to strategically expand and build on the success of the Sponge meme coin. It seeks to complement the initial 40.4 billion token supply.
The token exhibits remarkable resilience, with a surge of 85.68% since its launch. The token trades at $0.001732, indicating a 4% uptick in the last 48 hours. This upward trajectory is significant, especially considering the token’s recent pullback phase, during which its price experienced a slight decline.
The launch of V2 demonstrates the token dedication to developing new technologies. The innovative token bridges the supply and provides new tokens in the pool. Moreover, it leverages the robust community of V1 to become a top meme coin in the market.
Any day now… 🧽 💦 $SPONGE #SpongeV2 #PEPE #BONK #DOGE #SHIB #WIF pic.twitter.com/dBnEvvHAQf
— $SPONGE (@spongeoneth) May 9, 2024
Sponge V2 represents an expansion in the SPONGE journey. It offers a unique approach to token supply and utility. Investors have shown positive sentiment toward the introduction of the token, as seen in its trading activity.
4. Tron (TRX)
TRON has demonstrated resilience amidst recent market changes. Despite fluctuations, TRON maintains its significance in the cryptocurrency market. Currently valued at $0.1264 with a 0.58% increase today and a 3.5% increase in seven days. TRON has shown positive performance, signaling its growth potential. Besides, TRON has experienced gains for 17 days, covering 57% of the period.
Moreover, the token aims to decentralize internet infrastructure, allowing creators to share their content freely. TRON empowers digital content creators to own, create, and store data through blockchain technology. A greed index of 72 gives the token a negative outlook. However, TRON still maintains considerable liquidity, supported by its market capitalization.
Moreover, recent updates indicate significant engagement on the TRON platform. The token boasts a total transaction surpassing 7.5 billion. Also, TRON has recorded over 226 million accounts, highlighting its growing transaction activity and user base.
🎉The average daily transfer volume of #stablecoins on #TRONNetwork reached $12,327,727,918 (2024.05.03-2024.05.09)! #USDD #USDT #USDJ #TUSD #USDC pic.twitter.com/Ad9Ef4x79D
— TRONSCAN (@TRONSCAN_ORG) May 10, 2024
Looking ahead, Tron’s technical analysis indicates a potential uptrend with a price target of $0.155. The token’s potential for high returns, strong community backing, and resilience make it an altcoin worth considering.
5. Ankr Network (ANKR)
Investors are closely monitoring ANKR’s steady upward trend. With the token’s transactions surging, investors are bullish on Ankr. This wave of sentiment has pushed the Greed score to 81, indicating extreme greed among traders and investors.
Furthermore, ANKR has seen an impressive 90% surge since its breakout, leading to substantial profits for investors who monitored the token. Ankr Network is trading at $0.04411. Over the past year, the price has increased by 71%, demonstrating its upward momentum.
Moreover, Ankr Network is trading 101.69% above the 200-day Simple Moving Average at $0.028143. This SMA indicates a strong bullish trend. The altcoin has also seen 21 green days out of the last 30, further supporting its positive momentum.
Want to know what the top 5 GPU's for #AI are in 2024?
Then visit our blog to learn more 👇https://t.co/DIWqfmPI00 pic.twitter.com/Yfb8ZttX7S
— Ankr (@ankr) May 11, 2024
As a result, the daily close price has consistently exceeded the daily open price. With high liquidity, ANKR allows investors to capitalize on the bullish momentum in the market.
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