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Next Cryptocurrency to Explode Monday 28 August – Wall Street Memes, dYdX, Filecoin

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dYdX DYDX
dYdX DYDX

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The crypto market opened the new week with a 0.60% loss. Nevertheless, there were many gainers on CoinMarketCap as of Monday morning. It points to the assurance that there will be coins set to explode one way or the other, irrespective of the market’s condition.

China has offered a hand to aid its failing stock market. Stocks in Asia rallied due to the announcement, making Monday morning a remarkable one for traders. However, the market was still cautious as traders expected US jobs and inflation readings. The readings will contribute to decisions on another interest rate.

China said it would halve the stamp duty payment for stock trading. The announcement to support the market also said there would be other support for housing. Furthermore, the country’s securities regulator approved 37 new retail finds.

The aid became necessary since China’s profit from industrial firms dropped by 6.7% in July from a year. Investors were glad to receive the aid.

Meanwhile, The US Commerce Secretary, Gina Raimondo, began talks with Chinese officials on Monday. She said in her remarks that it was important for the two countries to have a stable economic agreement.

Raimondo hopes to boost economic ties between the US and China as US companies are said to have difficulties operating in China. China, on the other hand, condemned the US for obstructing its access to better semiconductors.

Next Cryptocurrency to Explode

Traders in the crypto market will also look forward to the economic readings for some respite. There are currently no unusual regulatory confrontations on the horizon.

1. Wall Street Memes (WSM)

One of this quarter’s most highly anticipated meme coins, Wall Street Memes (WSM), is now at the final stage of its presale, having already amassed over $25 million in funds. This unexpected achievement has reverberated positively within the crypto market.

Contrary to the usual practice of setting modest presale caps within $50,000 to $2 million, WSM aimed for and successfully reached a substantially larger hard cap. This achievement ahead of schedule underscores its undeniable appeal among retail investors.

From the outset, industry experts had foreseen the explosive potential of WSM, which is solidified by its strong association with the Wall Street Memes community, boasting a global following exceeding 1 million.

Distinguishing itself from fleeting crypto communities that emerge overnight, the Wall Street Memes community has steadily grown since October 2019. United by their shared fondness for memes, this community employs a satirical perspective to candidly critique the inconsistencies of governments, lawmakers, and susceptible investors. This unique attribute gives Wall Street Memes a remarkable advantage against volatile market fluctuations.

However, the success of the WSM meme coin is not solely attributed to the virality of its meme community. It’s the nature of the community itself that sets it apart. Comprising investors, traders, and business leaders, many of whom are invested in meme coins, the Wall Street community’s engagement is a game-changer. Even tech mogul Elon Musk has interacted with its posts, indirectly boosting the project’s hype through his involvement.

A deeper analysis of the meme coin market unveils that the token launch will likely eclipse the presale. The recent surge in FOMO during the WSM presale, leading to the swift achievement of the $25 million milestone, has prompted an extension of the presale at a fixed price of $0.0337 before the token’s exchange debut scheduled for September. In essence, the presale FOMO’s significance goes beyond its surface appearance.

With the token listing just around the corner, the anticipation is set to reach new heights in the coming days. WSM is widely speculated to follow in the footsteps of Pepe, translating the influx of investments into a substantial price surge during its initial exchange listing, potentially ranging from 25X to 30X.

WSM has implemented a robust community reward program to mitigate the initial selling pressure, allocating 30% of the token supply. As WSM gains further exposure, it’s expected to reach top-tier exchanges like Binance. The listing news could trigger a price boost ranging from 60X to 80X, considering Binance’s history of sparking strong bullish trends for listed tokens.

Considering the momentum from the presale phase, WSM might even surpass Pepe’s remarkable 7000% surge. It stands tall as the next cryptocurrency to explode.

2. dYdX (DYDX)

In the past week of cryptocurrency trading, the decentralized derivative token dYdX (DYDX) emerged as one of the standout performers, as indicated by data from CoinMarketCap. The notable surge in value was primarily driven by the sudden rally on August 23rd, when the token experienced a 10% jump, reaching $2.19.

This DYDX price increase was largely influenced by seasoned investors who hold the coin. In a statement to AMB Crypto, a Nansen analyst, Martin Lee, revealed that while the number of “smart money” wallets holding DYDX tokens remained relatively steady over the past two months, these investors have consistently added more tokens to their portfolios.

DYDX price chart

“Smart money” typically refers to experienced and well-informed investors with a deeper understanding of the market than retail investors. This group often has a proven history of successful investments.

Additionally, the analyst noted a significant rise in exchange withdrawals over the last month. This could suggest that bullish traders were holding onto their tokens in anticipation of a price upswing.

The demand for DYDX surged due to excitement surrounding the upcoming mainnet launch of the ecosystem’s standalone blockchain, dYdX V4. This new blockchain, built using the Cosmos (ATOM) framework, was in the testing phase at the time of reporting. There were discussions within the dYdX foundation about potentially making DYDX the native L1 asset on this new chain. This speculation likely played a role in the increased accumulation of DYDX tokens. A development that pushes the token to be the next cryptocurrency to explode.

It’s worth recalling that in the current version, V3, trades are settled in a layer-2 (L2) system that periodically publishes zero-knowledge (ZK) proofs to the Ethereum (ETH) base layer. However, the new network aims to eliminate the dependence on external blockchains or systems. It also aims to enhance decentralization by conducting all activities directly on-chain, including order book matching and trade facilitation.

As of the time of writing, dYdX is the largest perpetual futures protocol, with trading volumes surpassing $80 million in the last 24 hours, according to data from CoinMarketCap.

3. Filecoin (FIL)

Leveraging the capabilities of blockchain technology, Filecoin is poised to revolutionize the data storage landscape. Its innovative approach involves establishing a decentralized marketplace that empowers users to store, manage, and retrieve digital assets. By either renting out surplus storage or availing of storage services, users can earn FIL tokens. In a bid to disrupt traditional cloud storage paradigms, Filecoin serves as a prime example of how blockchain and DeFi principles are reshaping conventional industries.

Following a dip to its all-time low in December 2022, FIL has since displayed upward momentum. This year witnessed a significant price surge of approximately 28% for Filecoin. Moreover, Filecoin has garnered increased attention from investors looking to capitalize on the growing demand for decentralized storage solutions, especially in the face of anticipated prolonged bearish sentiment affecting major cryptocurrencies. The next cryptocurrency to explode is considered a fair hedge against inflation.

FIL price chart

In recent developments within the Filecoin ecosystem, the team introduced two new services: the Lotus Slasher and the Lotus Disputer. These services are designed to bolster the security of the Filecoin network and counteract malicious activities.

As the need for efficient and secure storage solutions continues to escalate, Filecoin’s distinct approach positions it as a front-runner in data storage. Consequently, Filecoin stands out as a compelling candidate for significant investor interest. Considering all these factors, analysts predict that the Filecoin price could reach $5.46 within the fourth quarter of 2023.

4. Frax Share (FXS)

Recently, the Frax Share collateral token has exhibited strong performance. It is fueled by the announcement of its parent organization, Frax Finance, planning to introduce its Layer 2 Scaling Solution named Fraxchain by the close of 2023.

Over the past year, the FXS cryptocurrency has faced challenges, partly due to the caution surrounding algorithmic stablecoins following the Terra collapse. Nonetheless, holders of Frax Share are optimistic that it could initiate a revival in this sector as the next cryptocurrency to explode.

Frax Share has navigated a period of volatility in recent weeks. Before the SEC’s announcement of suing Binance on June 5th, the token was trading at $6.68, experiencing a decline of over 30% within 10 days. Since then, it has rebounded by around 40%, remaining more than 4% below its pre-crash level. Its current price is $3.34, showing a 2.74% increase in the last 24 hours.

Frax Finance serves as a platform designed to uphold the stability of the Frax stablecoin. Given Frax’s objective to consistently maintain a value of $1, it requires a mechanism to achieve this goal.

FXS price chart

The Frax Share cryptocurrency, denoted as FXS, is generated when the value of Frax surpasses the dollar mark, while it is destroyed through burning when Frax falls below $1.

Founded in 2020 by computer programmer Sam Kazemian and former Donald Trump adviser Stephen Moore, Frax Finance operates to support the Frax stablecoin’s stability.

Fundamentally, Frax Share aims to facilitate the Frax stablecoin’s alignment with the dollar. What distinguishes Frax from other stablecoins is its flexibility in terms of valuation; it doesn’t need to equal $1 to be exchanged for a dollar exactly. This allows for arbitrage opportunities in Frax Share trading.

The resemblance of Frax’s operational model to algorithmic stablecoins is noteworthy, with Frax Share functioning as its collateral token. This similarity places it in a league with stablecoins like USD and Terra, albeit with distinctive outcomes.

Beyond its role in maintaining Frax’s price, FXS empowers its holders with voting rights for network changes and can be bought, sold, and traded on exchanges.

It’s important to clarify that since FXS operates on the Ethereum (ETH) blockchain, it’s categorized as a token rather than a coin.

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