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Investors are betting heavily on the crypto artificial intelligence sector. Consequently, assets in the category are achieving a billion-dollar valuation due to the increasing investors’ interest. While many investors call for caution, others believe these are the next cryptocurrencies to explode.
In addition to growing interest in the AI sector, the Ethereum ecosystem and many other altcoins are also witnessing a dramatic surge in value. Today, AKT, RUNE, EOS, and several other cryptocurrencies have made massive gains. The performance contrasts significantly with the market data of the previous week. Thus, the trend suggests that confidence and optimism may gradually return to the crypto market.
Next Cryptocurrency To Explode
Apart from established cryptocurrencies, newer tokens like the SMOG print decent gains. Today’s performance is among the memecoin cryptos to watch this season. SMOG has maintained a consistent uptrend since the start of the memecoin season and has held its ground through the recent market downturn. An overview of its trends is covered in the post.
1. THORChain (RUNE)
There has been a significant rise in the activities across the THORChain ecosystem. The platform’s lending cap change has resulted in a massive influx of funds into the network.
According to information from its market data, the network records over $1 million per hour in onboarded collateral. Likewise, there’s been a record increase in token burns. As of the time of writing, the network has burned over 50 million RUNE. The reduction in circulating supply is gradually influencing the price of the asset.
RUNE just broke above its resistance, recording over a 25% increase in price. Its trading volume is also at a record high, with over $1.1 billion in the last 24 hours, an increase of over 137% in the said period.
The gains of RUNE are not over, as the token might be one of the next cryptos to explode. The trends of its charts indicate that RUNE might continue its current rally until it crosses the $9 mark. At the time of writing, the price of RUNE is $7.59. Consequently, it should attain the target in a few days.
Collateral is being onboarded onto THORChain at a rate of $1m/hour.
Previously it was $1m/day.
At this rate, lending caps will be full in a week. However, Lending Caps are based on RUNE:L1 prices. Any price reflexivity will result in a higher collateral cap.
— THORChain (@THORChain) March 8, 2024
Breaking above the region would mean that RUNE may establish a new ATH before the end of the quarter. Ultimately, the current inflow of funds may provide the momentum it needs to establish more upward push.
The signals from its bullish indicators already agree with this possibility. MACD readings from the RUNE chart indicate a bullish trend, which also agrees with its neutral RSI values. Hence, traders still have a chance to capitalize on the bullish trend before it fades out.
2. Akash Network (AKT)
AKT recorded its YTD highs today after it recorded price gains of over 7%. The surge in price is bringing the token closer to its ATH value of $8.08. With only 25% reaching the value, investors have to keep an eye out for AKT trends. Ideally, it should be one of the next cryptocurrencies to explode if it makes it across the mark.
Generally, the platform’s impressive progress derives from its stronghold in the cloud computing space. Akas Network is described as a Supercloud computing initiative that is on track to disrupt the way existing providers offer their services. With decentralization at its core, it democratizes how people use and deploy cloud services and resources.
Furthermore, the growing interest in blockchain-based artificial intelligence technology has contributed to the improving potential of tokens like AKT. Investors who missed out on the price surge of FET, RNDR and other AI-based crypto should consider the performance of AKT as a signal to watch.
Akash is building out its global coverage with a set of new providers in the APAC region — including Seoul, Tokyo, and Singapore. pic.twitter.com/tAKbpC3bsC
— Akash Network (@akashnet_) March 7, 2024
Recently, Akash Network established partnerships across several countries worldwide. The move is believed to have sparked a broader adoption of its services, influencing its visibility and interest in the AKT token.
Some places identified on its official Twitter page include Seoul, Tokyo, and Singapore. Each of these locations is an established hub for cryptocurrencies. Its presence in these countries would contribute to its subsequent iterations. It may also lead to a further surge in price.
3. Smog (SMOG)
Smog Maintains its uptrend today, with over 26% price increase. Today’s increase gives it a 358% price surge in the last seven days. Thetoken’s performance has been remarkable, given its recent arrival on the market.
Nevertheless, the timing of the launch contributed to its impressive performance. The recent memecoin played an essential role in SMOG’s visibility. Besides, the success of its presale offering also supplied the early investors it needed to achieve the critical mass.
With its current pace, it will likely maintain the loop of positive feedback that most degen tokens need to continue to increase their worth and attract more investors. SMOG’s market cap is already above $268 million, 22% higher than yesterday’s.
Buy or stake your ERC-20 $SMOG #Tokens through our platform. 💰🐉
Staked tokens are securely locked for 90 days, with rewards available for withdrawal at your convenience. 🔒💸
Every token purchased via our service is automatically staked for you. 🔄
— SMOG (@SMOGToken) February 22, 2024
Again, engagement in its social media outlets is rising, signalling that the assistant will have increased visibility. Ultimately, the chance of the SMOG becoming the next memecoin to explode is relatively high, given that the crypto market is currently hunting the next degen crypto to pump.
4. EOS (EOS)
The open-source blockchain platform EOS will send a shock wave across the entire crypto market. The intended supply cut broke recently, and it’s caused some traders to wonder if the sleeping crypto is about to return from its slumber.
Evidently, the effect of the news can be seen on the EOS chart as it found its footing near the $1 mark. As of today, EOS gained over a 10.64% price increase, bringing its value to $1.2. There are indications that the price will continue its upward push if the supply cut goes through.
The propeller of this reawakening of EOS is not limited to the news of its proposed burn. It also recently completed a recovery of over 2 million EOS through its Recover + initiative. The move returned all the tokens the hacker stole from the platform in a recent heist. The act has restored investors’ confidence in the asset and accounted for the token’s apparent return to its glory day.
Only 146 days until the most monumental upgrade in $EOS history!#SAVANNA #InstantFinality
Learn more 👇https://t.co/gcVABP8EDF pic.twitter.com/Cs8rwIzqWB
— EOS Network Foundation (@EOSNetworkFDN) March 7, 2024
Investors should keep an eye on the trend of EOS as recent activities indicate that it might kick off an explosive price action. More importantly, the network has undergone a major upgrade. At press time, it is earmarked for the next 146 days. The upgrade’s release is another event that investors should consider when analysing the prospect of the EOS token.
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