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The altcoin market looks bullish as some coins try to bounce back. Investors need to stay alert during this consolidation phase, as it could be a chance to ride a rising trend.
Institutional investors are now paying more attention to interoperability and tokenizing real-world assets. Prices of these assets are climbing, even before the market takes off entirely. The objective is to identify the next cryptocurrencies to explode and inform investors and traders about each token.
Next Cryptocurrency To Explode
Attention in the crypto market in the coming month will go toward the altcoin and meme coin sectors and making the most of the altcoin market. Hence, investors can capitalize on the moment and take a position in upcoming tokens like PlayDoge. PlayDoge is a new Doge meme coin that uses play-to-earn technology to create a gaming economy with real monetizable value. This post covers the details of its presale.
1. Convex Finance (CVX)
Convex Finance is a DeFi protocol enabling Curve liquidity providers to earn a share of trading fees on Curve without directly staking their liquidity there. LPs can stake with Convex and receive enhanced CRV and liquidity mining rewards. As noted by the project team, this process offers CRV stakers better capital efficiency.
In the past week, Convex Finance (CVX) experienced a price increase of 67.04%. Currently, CVX’s total market cap is about $377.96 million. Over the last 24 hours, the price surged by 63%, reaching $3.65 at 04:00 a.m. EST. Trading volume soared by 1,336% during this period to $177 million. The price rose further to $3.92 at press time, with trading volume increasing to $209.38 million.
Convex Finance’s price declined after reaching the $5 resistance zone in March, with bulls pulling back to the $2.12 support zone, as per GeckoTerminal data. The price has been oscillating within this range, with bulls and bears vying for control during this consolidation phase.
Currently, the CVX price is trading well above the 50-day and 200-day Simple Moving Averages (SMAs), breaking through resistance levels at $2.57 and $3.37, respectively. The Relative Strength Index (RSI) on the 1-day chart is around 71, indicating intense buying pressure.
How do you want your fees? I know we like $crvUSD. Make sure to vote on this proposal that transitions @CurveFinance DAO fees from 3crv –> crvUSD!https://t.co/rOsKL9r0lu
— Convex Finance (@ConvexFinance) June 12, 2024
The bulls have emerged victorious in the consolidation phase, pushing the token beyond the channel as they strive to maintain the upward momentum. Critical technical indicators suggest optimistic investors are capitalizing on this trend, with both the MACD and RSI indicating overbought conditions.
Additionally, investors seeking diversification might consider $PLAY, a new Doge meme coin that leverages play-to-earn technology to create a gaming economy with real monetizable value.
2. PlayDoge (PLAY)
Even though the meme coin market is experiencing a downturn, PlayDoge’s presale is performing well, having already reached its $4.4 million goal. Several factors have driven this strong start. One key reason is the anticipated rise in meme coin popularity, especially for doge-themed coins.
The primary appeal of PlayDoge lies in its unique combination of doge-themed memes and a play-to-earn (P2E) feature. This project offers real utility by blending these two elements. With the PlayDoge P2E game, users can have fun while earning cryptocurrency.
Inspired by the popular Tamagotchi game from the 90s, PlayDoge adds a modern twist that rewards users financially. Players must care for their virtual pets and go on P2E adventures to earn crypto rewards.
PlayDoge offers more than just pet care; it includes nostalgic mini-games inspired by classic 8-bit 2D side-scrollers. Interacting with pets and playing these mini-games allows users to climb the leaderboard and earn $PLAY tokens. These tokens can be used both as in-game currency and as tradeable assets.
New High Score ✅
We've just blasted through $4.5M in the $PLAY #Presale! 🚀
Get your hands on some $PLAY at this price while you can. 🤩
The next price increase is coming very soon!⏳🔥
BUY NOW – Link in Bio!#PlayDoge #MemeCoin #P2E #BNB #ETH pic.twitter.com/2Xx72kB8kG
— PlayDoge (@PlayDogeGame) June 17, 2024
Players can increase their earnings through staking, with current annual yields estimated at 181%. Over 103 million $PLAY tokens are already locked up, and 12% of the total supply is designated for staking rewards. Additionally, 50% of the tokens are available in the ongoing presale. The development team has also set aside tokens for liquidity, community rewards, game development, and marketing. The presale uses a tiered pricing system, with less than 24 hours remaining to buy at the current price of $0.00508.
The upcoming release of the PlayDoge app is eagerly anticipated, and the presale has been very successful. The project looks promising, with $PLAY token holders eligible for staking rewards for at least three years after launch. Developers may also introduce new features and mini-games to keep players engaged.
3. XRP (XRP)
XRP has seen significant price changes in the last 24 hours. The token remains above the $0.5 support level, highlighting market volatility. According to CoinMarketCap, XRP is priced at $0.511, showing a modest rise of 4.19%.
XRP’s market capitalization has also increased to about $28.4 billion, placing it seventh in market cap rankings. The 24-hour trading volume has risen by 51.19%, reaching $1.39 billion, which indicates active trading despite the market’s instability.
Despite a total outflow of $600 million in digital asset investments, XRP-focused investments have diverged from this trend. Over the past seven days, these investments have seen inflows of $1.1 million. This marks the second week of significant interest in XRP-related financial products, showing a growing confidence among investors.
Despite a challenging week for digital assets, XRP has become a standout. Since the beginning of the year, total inflows into XRP investment products have reached $17 million. This amount surpasses that of competitors like Binance Coin and Cardano.
A weekly figure of $1 million is impressive for those monitoring inflows into crypto investment products. This trend continues for a second consecutive week, especially for an asset like XRP, suggesting that traditional market investors are preparing for significant movements in this popular cryptocurrency.
XRP has experienced notable fluctuations, suggesting potential market volatility. XRP could surpass the $0.5 resistance level if the bullish momentum continues. Sustained upward movement might drive the price towards $0.7 and reach $1 during the next bullish run. Conversely, if bearish sentiment prevails, XRP’s value could stabilize around $0.49.
4. JasmyCoin (JASYMY)
JASMY has seen a significant price increase in the past 24 hours. On Monday, the altcoin traded at $0.03566, a 4% rise, according to CoinMarketCap. This increase follows a remarkable 143% surge in trading volume, bringing JasmyCoin’s 24-hour trading volume to about $243 million. As a result, the cryptocurrency’s market capitalization has risen to approximately $1.76 billion, placing it 53rd in the market cap rankings.
JasmyCoin integrates IoT and blockchain technology to give users complete control over their data. It connects service providers with data users, ensuring secure data exchange between IoT devices like computers, cars, and phones. The platform safeguards individual data sovereignty, turning information into personal assets.
Jasmy is experiencing a notable value increase due to rumors of a potential collaboration with Nvidia, one of the top three global corporations. These rumors started after Jasmy announced plans to develop AI infrastructure in Japan. However, there is some skepticism since Nvidia has historically avoided large investments in the cryptocurrency sector.
Exciting news! 🎉
A campaign has launched on #DeGate, the DEX powered by Zero Knowledge rollup, for #Jasmy holders! 🚀
Dive into the details now👇@JanctionMGT @HARA_JasmyCFO $Jasmy @DeGateDex https://t.co/SLVaaeSjdC
— Jasmy-MGT (@JasmyMGT) June 14, 2024
The bullish trend in JasmyCoin suggests it might enter a bullish market phase. The current upward trend indicates that JASMY could soon exceed the $0.04 resistance level. If this positive momentum continues, the price might approach $0.1, and it is possible it could reach $1.
However, JasmyCoin might find initial support at $0.036 if market sentiment turns negative. If the decline persists, the price could drop to around $0.035. In a more bearish market, the price could fall to $0.03.
5. Curve DAO Token (CRV)
CRV is a decentralized exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity. Known for its role in the DeFi movement, Curve has grown significantly since mid-2020. The platform launched a decentralized autonomous organization (DAO) with CRV as its native token, using Ethereum-based Aragon to connect multiple smart contracts for deposited liquidity.
On June 13, 2024, Curve Finance’s CRV token experienced a significant 30% price drop within three hours. This drop led to millions in CRV collateral liquidations over the past 24 hours, attracting considerable attention from crypto investors and the community.
In response to the crisis, Curve Finance is addressing the liquidation issue that impacted the CRV token market. After liquidating large loans, founder Michael Egorov proposed burning 10% of the total CRV supply to stabilize the token price, which recently fell by almost 30%.
The launch of the DAO and CRV token enhanced profitability. CRV is used for governance and is awarded based on liquidity commitment and ownership duration. The DeFi trading boom has ensured Curve’s longevity, with AMMs managing substantial liquidity and generating profits for users. The platform serves DeFi participants like yield farmers and liquidity miners, who maximize returns by holding stablecoins. Revenue is generated through modest fees paid to liquidity providers.
Inflows into veCRV are already 6x the inflation of this week. These include direct locks, as well as locks via @ConvexFinance, @StakeDAOHQ and @yearnfi.
This is the highest weekly inflow into CRV locking in years! pic.twitter.com/ADlDXWq5Zz
— Curve Finance (@CurveFinance) June 17, 2024
Regarding market performance, CRV has experienced fluctuations, with a 48.63% decrease in price over the past year. However, recent data shows a promising 4.40% increase in value over the last 24 hours. Despite trading below the 200-day SMA, the 14-day RSI indicates neutral trading conditions. With 47% of the previous 30 trading days showing positive performance, Curve maintains high liquidity.
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