Next Cryptocurrency to Explode Monday 4 September - Wall Street Memes, Rocket Pool, Arbitrum

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The global cryptocurrency market capitalization has reached approximately $1.05 trillion, marking a modest increase of 0.13% over the last 24 hours. This stability follows recent fluctuations in the crypto market.

Regarding trading activity, the total crypto market volume for the past 24 hours has surged to $21.59 billion, indicating an 8.17% increase—a notable difference from Sunday’s position. Within the decentralized finance sector, the volume now stands at $2.06 billion, representing 9.54% of the total crypto market’s 24-hour volume. Additionally, stablecoins remain dominant, accounting for $20.21 billion in volume, constituting 93.64% of the total crypto market’s 24-hour trading volume.

Meanwhile, Bitcoin’s market dominance currently sits at 48.36%, showing a slight decrease of 0.01% over the day. This metric indicates Bitcoin’s relative strength within the cryptocurrency market compared to other digital assets.

These recent developments reflect the ongoing dynamics in the cryptocurrency market, where traders and investors closely monitor price movements and trading volumes to make informed decisions.

Global stock markets experienced an uptick on Monday, driven by mounting anticipation that the Federal Reserve will maintain current interest rates and optimism surrounding China’s ongoing policy stimulus measures aimed at economic stabilization.

Trading activity was relatively subdued due to a public holiday in the United States, with investors awaiting crucial data releases later in the week, including reports on U.S. services and Chinese trade and inflation.

China is expected to implement additional policy measures, including relaxing home purchasing restrictions, further bolstering investor sentiment. These actions are part of Beijing’s broader efforts to support economic growth and stability.

Next Cryptocurrency to Explode

The new week may bring more upside to the crypto market if bulls sustain the momentum. The excellent report from the stock market started on the right trajectory and will make sure of that.

1. Wall Street Memes (WSM)

In a notable development for Wall Street Memes (WSM), a crypto whale has made substantial investments in the project, pouring over 500 ETH tokens into the presale phase. These strategic investments, totaling more than $1 million, have significantly bolstered the presale fundraising efforts, edging closer to the $25 million mark. It also pushed the WSM token closer to being the next cryptocurrency to explode.

Are you a chad or a buffet? pic.twitter.com/JKAzdGRjbn

— Wall Street Memes (@wallstmemes) September 3, 2023

WSM has gained widespread attention as one of the most viral meme coin launches of the year, owing in part to an aggressive marketing strategy that includes collaborations with influential figures and extensive advertising on platforms like DEXScreener, DEXTools, CoinGecko, Cointelegraph, and more. Prominent crypto traders such as Joe Parys and Satoshi Stacker have also recently spotlighted WSM.

The project’s concept revolves around the underdog versus Wall Street theme, tokenizing the meme stocks movement that gained notoriety during the previous crypto bull run. This movement emerged as Reddit traders from the Wall Street Bets subreddit orchestrated a short squeeze on assets like GameStop and AMC, defying traditional Wall Street norms.

According to the project’s official website, wallstmemes.com, WSM draws inspiration from the “GameStop fiasco of 2021,” celebrating internet communities’ resilience against rampant capitalism’s influence.

Like Shiba V Pepe, which combines two popular memes (Shiba Inu and Pepe the Frog), Wall Street Memes leverages a solid social media presence focused on meme-sharing. Some of its 2023 memes even garnered responses from Elon Musk, the “Dogefather” himself, on platforms like Twitter.

Currently, $WSM is in its final presale phase, with a price point of $0.0337 before its scheduled listing on multiple “tier 1 exchanges” in approximately 25 days. Interested buyers can acquire $WSM tokens leading up to these listings and its Initial DEX Offering (IDO) on Uniswap, using various currencies, including ETH, USDT, BNB, or bank cards via the Web3Payments widget on the project’s homepage.

Visit Wall Street Memes.

2. Rocket Pool (RPL)

Coinbase Ventures has strategically invested in Rocket Pool by acquiring RPL tokens. With a focus on securely scaling Ethereum’s infrastructure to accommodate the next wave of users, Coinbase Ventures is actively participating in Rocket Pool’s Oracle DAO and deploying its corporate ETH to operate numerous nodes within the Rocket Pool network.

The platform’s native token, RPL, has risen by more than 16% on Monday as a result of that. The RPL token sells at $25.12 at the time of this report, while its trading volume in the last 24 hours is over $20.5 million. The rapid scale of this movement presents RPL as the next cryptocurrency to explode.

Ethereum 2.0 (ETH2) introduces a Proof of Stake (PoS) chain known as the Beacon Chain, offering improvements in speed, energy efficiency, and decentralization compared to the previous Proof of Work (PoW) system. ETH2 operates through users depositing ETH and maintaining an Ethereum node online 24/7 for validation. In return, node operators receive additional ETH as rewards, akin to earning interest in a bank account, while contributing to network security.

Rocket Pool is a foundational protocol for decentralized and trustless Ethereum 2.0 staking. Its mission is to cater to speakers of all sizes, allowing anyone to stake as little as 0.01 ETH within a network of decentralized node operators supported by RPL collateral. Users can participate in staking by exchanging ETH for rETH, a token that accumulates staking rewards over time based on the overall performance of the decentralized node operator network.

Rocket Pool effectively dismantles several significant barriers to entry within Ethereum 2.0’s PoS system, enabling individuals, groups, and businesses to engage in staking. It permits users to earn rewards on deposits as small as 0.01 ETH and simplifies interactions with the Beacon Chain. Additionally, Rocket Pool offers liquidity by providing users with rETH tokens upon deposit, which can be traded, sold, or held as desired.

The Rocket Pool protocol comprises three key components: Smart Contracts, Smart Node Networks, and Mini Pool Validators. Smart contracts facilitate ETH deposits, allocate them to node operators, and manage various tokens. The Smart Node Network is a decentralized network of specialized Ethereum nodes running Rocket Pool’s Smart Node software, facilitating communication with the protocol’s smart contracts and establishing the network consensus required by the Beacon Chain. Mini Pool Validators are smart contracts that facilitate staking within the protocol.

Rocket Pool supports independent node operators and Staking as a Service (SaaS) providers, enabling both to optimize their returns through the protocol. RPL serves as the primary token for governance and collateral, while rETH represents tokenized staking deposits and the rewards they accrue over time.

The protocol welcomes deposits as low as 0.01 ETH and imposes no maximum limit. Users can stake for varying durations, with longer staking periods resulting in higher rewards. Node operator commission rates range from a minimum of 5% to 20% of earned rewards, depending on supply and demand dynamics. To ensure the integrity of rETH, Rocket Pool’s smart contracts are open-source and have undergone audits by reputable firms such as Sigma Prime and ConsenSys Diligence.

Rocket Pool strongly emphasizes decentralization and currently boasts a network with over 3,100 node operators and more than 780,000 staked ETH.

3. Arbitrum (ARB)

The Arbitrum community is set to vote on an Arbitrum Improvement Proposal (AIP) that proposes the distribution of 75 million ARB tokens to active protocols operating on the Arbitrum chain. This proposal aims to address short-term community needs.

However, not all within the community agree unanimously regarding this proposal, with some expressing concerns about potential negative repercussions. Critics primarily worry about the impact of increased inflation on the ARB token and the potential long-term adverse effects on its price.

As outlined in the Arbitrum Foundation’s forum, the proposal introduces a one-time, community-initiated initiative designed to allocate up to 75,000,000 ARB tokens in DAO-funded incentives. These funds are intended for distribution to projects operating on the Arbitrum network. This initiative aims to foster heightened volume, transactions, user engagement, and liquidity, ultimately laying the groundwork for a vibrant and dynamic ecosystem.

However, it’s essential to emphasize that this proposal is an experimental program. Dissenting voices within the community have raised concerns, particularly related to potential inflationary consequences and the selling pressure that may be exerted on the ARB token. Some community members advocate for a cautious approach and suggest beginning the experiment with a smaller volume of ARB tokens.

One community member, known as “mfer,” articulates two primary concerns. Firstly, the member is apprehensive about a surge in inflation within the Arbitrum ecosystem and the resulting selling pressure on the ARB token. The suggestion is to commence the experiment with a more conservative allocation of ARB tokens. The member parallels the proposal and the money-printing measures employed by central banks, asserting that short-term solutions typically artificially inflate metrics, such as Total Value Locked (TVL), only temporarily.

Furthermore, “mfer” expresses that a short-sighted approach might attract capital motivated solely by immediate incentives, likely leading to a swift exit once funds are distributed to various projects. Consequently, ARB holders could anticipate an outflow of value from ARB to other blockchain platforms upon the conclusion of the token distribution.

As of the latest data, the ARB token trades at $0.9159 on CoinMarketCap, marking a 3.31% gain for holders over the last 24 hours. Approximately $2 billion worth of ARB tokens have been unlocked in the past eight months. Despite attempts at recovery, the ARB token has been following a downward trajectory since the unlocking event that occurred on April 17.

4. Monero (XMR)

After a sustained period of price declines, the Monero (XMR) cryptocurrency has reemerged into positive territory. As of August 20, 2023, Monero is trading at $147.92. Over the past week, it experienced a price range between its lowest point at $140.59 and its highest point at $159.65.

Regarding market performance, Monero boasts a market capitalization of $2.6 billion and a 24-hour trading volume of $58.7 million.

Over the past month, Monero has encountered an 8.8% decline in its value. Nevertheless, there has been a notable upturn of 2.78% in the past 24 hours. Considering these recent developments, following Monero price predictions, there is potential for the cryptocurrency to reach a value of $206.60 by the close of the year. It, thus, becomes the next cryptocurrency to explode.