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Next Cryptocurrency to Explode Friday 1 September – Wall Street Memes,  Maker, dYdX

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Maker MKR
Maker MKR

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The crypto market continued down the bear market early Friday with a 3.60% decline in its market capitalization. The reports from Thursday showed that the cumulative effects from several markets put pressure on crypto. A few crypto assets, however, give traders some respite in the middle of the downturn.

The final trading day of the month on Wall Street was concluded with a mixed performance, marking the end of a challenging August that led to declines across all three major indices. The Dow Jones Industrial Average declined by approximately 0.5%, equivalent to about 170 points, despite receiving a boost from Salesforce shares following the software giant’s AI-driven earnings beat. The S&P 500 experienced a 0.16% loss, while the technology-focused Nasdaq Composite saw a modest gain of roughly 0.11%, securing its fifth consecutive day of positive results.

The monthly performance of these major indices painted a grim picture. The S&P 500 endured its worst month since February, while the Dow faced its most challenging month since May. Meanwhile, the Nasdaq has not seen such a decline since November last year.

As Asian markets opened, shares saw a slight uptick on Friday. This came as China intensified its efforts to bolster its housing sector and stabilize the Yuan. However, investors remained cautious, with one eye on upcoming US jobs data that could significantly impact the case for further interest rate hikes.

Next Cryptocurrency to Explode

Available data shows it may be a long weekend in the financial space. Crypto traders will wait for the rest of the financial industry to see the US jobs data.

1. Wall Street Memes (WSM)

Wall Street Memes offers an incredible opportunity with its $50,000 WSM airdrop, leading a revolution poised to disrupt the monopolistic financial market. The primary objective of Wall Street Memes is to provide an avenue for everyday investors to achieve financial independence.

As a prominent player in the cryptocurrency space for the past few months, Wall Street Memes has cultivated one of the largest and most engaged communities, boasting a million-strong following. Furthermore, it fuels its ecosystem with its native token, WSM, which savvy investors and enthusiasts can acquire during its presale, potentially yielding significant returns when it lists on top-tier exchanges.

Wall Street Memes is hosting an exciting airdrop event, giving five lucky participants a substantial $50,000 worth of WSM. Participating in this event is straightforward and engaging; you have a generous 90-day participation window. To participate, visit the Wall Street Memes Airdrop page and go to the airdrop section to review the instructions. Then log in by providing your details on the page.

Complete the tasks outlined on the gleam page, which include joining the official Wall Street Memes Telegram group at t.me/wallst_memes and connecting with their other social media accounts, including Discord. Finally, buy at least 100 WSM tokens during Wall Street Memes’ token presale and provide proof of purchase on the airdrop page.

Following these steps, you can win an impressive $10,000 worth of WSM tokens. With just over 90 days remaining to participate in this airdrop event, it’s an opportunity that you will want to take advantage of.

Participating in Wall Street Memes’ airdrop is one of many benefits offered. Acquiring WSM tokens now also opens up the potential for passive income. On the presale page, you can access the staking dashboard, allowing you to stake your purchased WSM tokens and earn an annual percentage yield of up to 100%.

As Wall Street Memes approaches the final stages of its presale, having raised over $25 million and with plans to list on multiple exchanges in September, many investors and meme coin enthusiasts anticipate a significant price surge. Therefore, it’s essential to seize the opportunity to acquire more WSM tokens through the presale or by participating in airdrops. Act now and enjoy exciting gains before the year’s end.

Visit Wall Street Memes.

2. Maker (MKR)

The decentralized lending protocol Maker (MKR) is making impressive strides in the market today, with a remarkable 14% surge in the past 24 hours. Currently trading at $1,178.02, Maker stands out as one of the top-performing altcoins in today’s crypto market and the next cryptocurrency to explode.

Maker’s prominence as an investment asset extends to the lending sector, as it successfully enters the South Korean market, offering users access to its innovative protocol known as SparkLend. While SparkLend is available to users beyond Korea, it introduces DeFi enthusiasts in the region to a unique product offering a 5% stable rate for all borrowers.

MKR price chart

Maker distinguishes itself among legacy DeFi protocols through its ongoing innovation and diverse product offerings. The native token MKR consistently ranks as a standout performer, aiming to maintain its growth trajectory amid challenging market conditions and economic uncertainties affecting many altcoins.

Demonstrating its resilience, Maker has recorded an impressive 11% increase over the past seven days, outpacing its peers and maintaining its leading position.

Maker, classified as a midcap protocol, is at an inflection point poised for substantial innovations. Previous growth of MKR has been driven by various factors, including optimism surrounding the governance strategy embraced by the protocol to oversee its operations comprehensively.

The Maker protocol remains committed to decentralized autonomous organization (DAO) principles, and its proposals have received strong community support. This backing underscores the unique growth driving MKR’s price appreciation.

3. dYdX (DYDX)

Despite the recent token unlock associated with the migration to the dYdX chain and the adoption of version 4 of the project, the DYDX price has shown resilience against selling pressure. The proposal, introduced by crypto market maker Wintermute, is expected to gain approval, as it currently enjoys unanimous support from the community members in an ongoing vote.

DYDX’s success in the vote further contributes to the increasing activity from large investors or Whales. On-chain data indicates that wallet addresses holding between 10,000 and 10 million DYDX tokens have accumulated the DEX platform’s token.

Token unlocks traditionally exert downward pressure on prices due to the expansion of circulating supply and increased selling pressure. Approximately $13.95 million worth of DYDX tokens were released in this instance. Surprisingly, the token supply on exchanges has remained relatively stable, suggesting strong community support for migrating to the dYdX chain.

Crypto market maker Wintermute proposed adopting open-source software version 4 for the DEX, and this proposal is currently up for a vote, with community members able to cast their votes until Saturday. Now, 100% of the community members who have voted, representing 21 million dYdX tokens, have expressed their approval.

dYdX price chart

This unanimous vote could be a bullish catalyst for the token and make it the next cryptocurrency to explode. While DYDX price has resisted a post-unlock sell-off and even posted nearly 10% gains over the past week, it remains uncertain if this strength will persist. Although there’s potential for short-term holders to capitalize on these gains, there currently needs to be signs of such behavior among dYdX holders.

Data from crypto intelligence tracker Santiment shows that there has been no significant increase in the token’s supply on crypto exchanges despite the recent token unlock event. This metric, which gauges selling pressure on the asset, has decreased recently, further supporting a bullish outlook for DYDX price.

Moreover, significant wallet addresses holding between 10,000 and 100,000 tokens and between 1,000,000 and 10,000,000 tokens have consistently accumulated dYdX since mid-June 2023. This trend of accumulation serves as an additional bullish indicator for the asset.

Considering these on-chain metrics, DYDX price appears well-supported, making a sell-off in the short-term less likely. DYDX is trading at $2.14 at the time of writing, reflecting a 9.51% gain over the past week.

4. Toncoin (TON)

Toncoin’s price is upward following Grayscale’s legal victory against the Securities and Exchange Commission (SEC) in a recent lawsuit. Like many other altcoins, TON has experienced a substantial increase in value, bringing it into competition with Justin Sun’s Tron.

Over the past 24 hours, Toncoin’s price surged from $1.52 to $1.73, marking an impressive 13% rally. This represents one of the most significant single-day gains for the Telegram-developed cryptocurrency in 2023.

TON price chart

As the value of this altcoin has risen, so too has its market capitalization, which now stands at $5.9 billion. Currently ranking as the eleventh-largest cryptocurrency globally, TON is poised to break into the top ten cryptocurrencies. This would be a manageable task, as the current tenth-largest crypto token is only $1 billion larger than TON, with Tron, created by Justin Sun, holding a market capitalization of $6.8 billion. Consequently, TON could easily surpass TRON if Toncoin investors decide to hold their supply rather than sell for a profit.

However, achieving this milestone would require strong investor support, with holders refraining from profit-taking for an extended period. Any selling activity could trigger a drawdown, leading to corrections for the asset and potentially pushing TON’s price back down to $1.49, further below $1.16.

To rise above the next resistance level at $1.83, Toncoin’s price must maintain its bullish momentum. 

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