Next Cryptocurrency to Explode Monday 17 July - Wall Street Memes, 1inch Network, Algorand

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The Asian economy is largely slow for most parts of the continent as the widely expected Chinese stimulus package did not manifest. Stock markets there are also struggling for the same reason. It is currently not clear what the week has in store for them.

The Chinese effect also spread to Australia. The country expects unemployment rates to increase this week. This is also because of the slow pace of the global economy.

Whereas, US stocks are still rallying. Goldman Sachs predicts that the market is expected to remain fat and flat for the rest of the year. The main concern for investors at this point is whether the US economy will not enter a recession. It has been the main concern since the Federal Reserve took up interest rate hikes as its primary tool for fighting inflation.

Investors’ appetite for the crypto market seems to have risen exponentially over the weekend. The market rose by 0.27% on Monday morning according to CoinMarketCap. This rise despite the slow movement of the macroeconomy suggests that investors want a safer alternative that guarantees short and medium-term returns.

The Next Cryptocurrency To Explode

The crypto market is on the rise again while global stocks are mixed. Investors in certain areas of the globe are on the sideline to watch how the week pans out. Other traders and investors, on the other hand, have staked their positions in crypto.

The next cryptocurrency to explode explores the current market trajectory and where investors may want to look.

1. Wall Street Memes (WSM)

An evident next cryptocurrency to explode is Wall Street Memes. The project’s presale is going at a rather alarming rate while generating more excitement. In an unprecedented move, Wall Street Memes have raised more than $15 million for its presale. Investors are accumulating the asset such that it will end up being the hottest coin launch of the year.

This project has also built a strong community of followers numbering more than a million. Rising from a movement that sort of rebelled against Wall Street, it is becoming one of the most profitable investment communities on the internet.

With the strength of its community, crypto analysts are saying Wall Street Memes will become a viral memecoin. Another class of analysts says that the coin will rise as high as some of its predecessors like Shiba Inu and Dogecoin. The rate at which the Wall Street Memes project raised funds ought to be seen as a strong vote of confidence vested in it by the crypto community.

As of the time of this report, WSM sells at $0.0316. It is, however, set to increase to $0.0319 once the project raises $15.44 million. Investors looking for the next big cryptocurrency to explode but who haven’t bought WSM yet should use this opportunity. The team behind this project has a track record of rounding up such projects quickly. Wall Street Memes have surpassed the team’s 2021 record of raising $2.5 million for its Wall Street Bulls NFT collection.

Visit Wall Street Memes.

2. 1inch Network (1INCH)

Another one fit to be the next cryptocurrency to explode is the 1inch Network’s native cryptocurrency, 1INCH. The asset started Monday at the top of the crypto market’s gainers’ list according to CoinMarketCap. Currently, up by 41.56% and selling at $0.5643, 1INCH holds out a lot of promise to investors.

1INCH’s daily trading volume, consequently, is up by more than 300% in comparison to its all-time high. Its trading volume is now at $543.9 million. This token’s success in the last 48 hours has aided its weekly performance and ensures that it stays in the green zone. In the same way, the asset’s monthly performance is up by over 40%.

As things stand now, 1INCH has broken through its resistance points of $0.3375 and $0.3756 in the last 48 hours. Both levels have now been converted into supports. As of the time of this report, the asset is looking forward to reaching $0.60. Bulls have been able to wrestle the 1INCH from a bearish grip and they are asserting their dominance.

The bearish pattern that was formed around the altcoin has been cleared. Rather than the price dropping, it is now facing a stronger uptrend that may launch it into a bull run.

Investors will be watching closely to see which way things turn in a few hours. Bulls, however, need to keep holding their firm position to prevent a slide.

3. Algorand (ALGO)

Algorand had its price declining for a while this year along with other crypto assets. It is, however, fighting its way up to sustain itself above low levels. Although it lost about 64% of its value within 6 months, Algorand was part of the top gainers in the crypto market on Monday. It is now holding a place as the next cryptocurrency to explode.

Algorand runs a decentralized blockchain operation and it is a self-sustained network. The network is working toward a platform that aids the development of scalable, secure, and efficient decentralized applications. Coming with that high level of vision, it is expected that Algorand will be able to compete with the likes of Ethereum and several other quality blockchains in the crypto space. The price action of the native token is beginning to live up to what it should be.

Algorand has two special points of focus. They are the development to ensure low gas fees and the speed of its network. These points have not been really explored. Cardano founder, Charles Hoskinson, noticed the great strides Algorand is taking and he has given the network a proposal. The proposal entails Algorand becoming a sidechain.

Algorand is yet to respond to Hoskinson’s proposal. But there is another decentralized finance development Algorand is working on that will improve and it promises to improve its network performance.

The promise of Algorand’s price explosion lies in the increased interest it is getting. ALGO has traded under its intrinsic worth for a while and its ongoing recovery is set to be explosive. Investors should not only watch out for this but participate in it.

4. dYdX (DYDX)

dYdX is yet another platform that has a coin that is the next cryptocurrency to explode. The platform’s native token, DYDX, is part of the crypto market gainers for Monday with a 7.99% gain. Its trading volume in the last 24 hours is over $87.2 million as it gained by over 123%.

dYdX is gaining a lot of traction majorly because of the utility the platform offers to users. The platform has recently been named one of the best P2P lending platforms for both lenders and borrowers.

On dYdX, borrowers can trade and as well, borrow more assets as they use their digital tokens as collateral. In the same way, investors lend assets to borrowers while they earn on deposits they have on the dYdX platform.

Furthermore, users have a number of leverages and freedom when trading. This is because dYdX has several borrowing and lending options. Supporting many assets and other marketplaces, dYdX operates on the Ethereum blockchain.

Investors can either now buy the platform’s native token, DYDX, for keep, or they can stake their assets to lend to borrowers. Either way, all dYdX users are in for high benefits in the coming days as its price is getting to rally.

5. Arbitrum (ARB)

Arbitrum is an Ethereum L2 scaling solution and it is competing hard for dominance. One of the factors pushing it ahead is the recent launch of Layer 3 toolkits for the platform. The development team was considered to have done great work when an analysis was done between Arbitrum and some of its closest rivals, Optimism, Binance Smart Chain (opBNB), and Polygon’s zk rollup. The Layer 3 toolkits opened up Arbitrum to explore cheaper transactions, and better speed, and help it to compete better.

Already, the platform’s Layer 2 solution enhances flexibility, speed, and scalability. This makes it attractive to many decentralized finance projects and developers. The Layer 3 solution will help the platform focus further on project customizability. It will, then, be addressing a major problem confronting Layer 2 protocols.

The Arbitrum network has seen more users in recent times. A report from its weekly chart shows that it has surpassed 300 million transactions.