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Next Cryptocurrency to Explode Saturday, 19 August – Sonik Coin, Hedera, Injective

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Hedera HBAR
Hedera HBAR

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The crypto market is currently in the middle of a continued bear trend. The market capitalisation is down by 0.82%. It is a relative difference from the number on our next cryptocurrency to explode post. Bears have a measure of control as the Fear and Greed Index is at 34, indicating lots of fear.

Global share also had its share of the downturn. The market fell to a two-month low, whereas the bond yields of the US government stayed consistent at the 16-year high. Investors are already betting that interest rates will remain high for the foreseeable future. The Chinese economic crisis also dampens investors’ optimism.

The US Dollar is set to enter its fifth week of gain. It is the most prolonged period that the currency has seen in the last fifteen months. The long gain period is underpinned by the idea that interest rates will remain high or even go higher.

Investors also focused on the Chinese liquidity crunch as it spread through the country’s shadow banking space. One of China’s most significant asset management firms, Zhongzhi, told investors that it has to restructure its debts.

The most extensive Asia-Pacific share index fell by 0.9% to get close to a nine-month low. The total loss for the index is now more than 3%. It becomes its third consecutive week of decline.

The Next Cryptocurrency To Explode

The crypto market is strongly affected by events and data in the stock market and macroeconomy. It has lowered Bitcoin to a two-month low, losing 0.44% of its market dominance.

1. Sonik Coin (SONIK)

The new Sonik Coin is an Ethereum-based ERC-20 token inspired by SEGA’s famous Sonic the Hedgehog franchise. When it entered the memecoin space, Sonik Coin arrived with a unique blend of humour and charm. It aims to carve a niche for itself in this multifaceted crypto market.

Since it debuted on the Ethereum blockchain, the SONIK token has a maximum supply of 299,792,458,000. The token supply is a homage to speed and humour – a nod to the speed of light and Sonic’s iconic velocity as he dashes to collect his coins.

Some of the platform’s activities include the initiation of its presale, which puts up half of the token supply to the general public. This strategic choice underscores the team’s commitment to early supporters who align with their vision. The presale has each SONIK token selling at $0.000014. The move will foster community engagement and ensure fair accessibility for active participants within the ecosystem.

The ultimate objective of the Sonik project is crystal clear. It aspires to quickly race a $100 million market capitalisation, mirroring the famed character’s renowned swiftness. Leveraging its playful design and tapping into the nostalgia linked to a beloved gaming icon, Sonik Coin appeals to memecoin enthusiasts who tend to harbour higher risk tolerance.

Distinctively positioned as a meme coin that marries humour with ambitious aspirations, Sonik Coin’s charm is further amplified by its whitepaper, unveiling a forward-looking strategy that aligns with contemporary crypto trends and prioritises community involvement.

The interplay of community engagement will shape the trajectory of SONIK’s future value, prevailing market dynamics, and the team’s adeptness in executing its vision. A robust staking mechanism works in tandem to reduce billions of coins from active circulation, incentivising long-term holding and presenting rewards for token stakers.

As the launch sets the stage and establishes an initial price point, the journey ahead for the SONIK token appears promising. However, as with any investment in a rapidly evolving landscape, potential investors should thoroughly research and assess their risk tolerance before making decisions.

With ambitious plans on the horizon, the project envisions listing SONIK on multiple exchanges by year-end. These potential listings are projected to amplify its market presence and price. It will generate heightened excitement and intrigue within the crypto community.

Visit Sonik Coin.

2. Hedera (HBAR)

Hedera has emerged as one of the standout cryptocurrencies in the past 24 hours. It captures the attention of investors amid a roller-coaster ride of price volatility. While optimism fuels expectations of a potential price rally, a sense of caution is warranted due to the looming uncertainty depicted by HBAR’s Bollinger Bands. Nevertheless, it is proving to be the next cryptocurrency to explode.

As of the current update, CoinMarketCap records HBAR’s price at $0.06341, reflecting an impressive 13.81% surge within the past 24 hours. Notably, the token has demonstrated a seven-day uptick of 13.33%, solidifying its influence on recent market dynamics.

While HBAR’s recent performance showcases its resilience in the face of market fluctuations, investors should brace themselves for its inherent volatility. The Bollinger Bands, a widely employed tool in technical analysis, serve as a flashing indicator of HBAR’s ongoing turbulence. The token trades above the upper band of the indicator, potentially signalling an overbought scenario. Furthermore, the noticeable divergence between the upper and lower bands accentuates the prevailing high volatility. This disparity is an exemplary signal of impending correction, highlighting the capricious nature characterising HBAR’s market behaviour.

HBAR price chart

The surge in HBAR’s valuation can be attributed to a significant development within the coin’s ecosystem. The endorsement by the United States Federal Reserve of the FedNow payment system, which seamlessly integrates support for Dropp—a micropayment platform built on the Hedera Network—has undoubtedly propelled HBAR’s value.

This endorsement follows a series of favourable milestones for Hedera. In the preceding week, the network reaffirmed its commitment to a “blockchain-powered future” by joining the ranks of Blockchain for Europe.

Amidst the market’s tumultuous landscape, Hedera’s accomplishments continue to underscore its prowess. The recent milestone of processing 17 billion transactions on its blockchain is a testament to its efficiency and scalability. Data sourced from Arkhia indicates a current total transaction count of an impressive 17.5 billion. Furthermore, the network’s user base is expanding, creating 3.1 million accounts as of press time. These achievements signify the network’s growth and underscore its potential as a significant contender within the blockchain arena.

3. Akash Network (AKT)

In the current market landscape, AKT stands out as another select cryptocurrency riding an upward trend. With a market capitalisation of $309.5 million, AKT is trading at $1.43, boasting a 20.31% surge within 24 hours. Its trading volume has climbed to over $5.7 million, marking a 50.11% increase from just a day ago.

The altcoin’s journey of gains commenced on August 6, when it was valued at around $0.573. Within a week, it managed a remarkable 144% surge, reaching $1.40 on August 13. Despite experiencing a subsequent 19% drop, the price has since hovered between $1.13 and $1.32.

AKT continues to paint a positive picture, displaying a 21.90% rise in the past week and an impressive 116% surge over the past fortnight. The year 2023 has proven to be prosperous for AKT, as it has rallied more than 575% year-to-date (YTD). Despite an impressive 213% increase over the past year, AKT remained 82% below its peak value of $8.07 in April 2021.

AKT price chart

The recent gains for the native token of the Akash Network coincide with the launch of its hackathon. Founded by CEO Greg Osuri and CTO Adam Bozanich, the network is driving a transformative shift in cloud computing by harnessing blockchain technology to develop an open-source, decentralised marketplace for cloud computing that excels in speed, efficiency, and affordability. The platform’s upcoming support for GPUs, given the growing emphasis on AI, adds to its allure.

The Akash Network, focusing on cloud-centric decentralised finance (DeFi), machine learning, and artificial intelligence, recently introduced the testnet for its Stable Payments feature. This innovation enables traders to settle payments using the stablecoin USD Coin (USDC), diversifying payment options beyond AKT. This strategic addition aims to enhance AKT’s stability and broaden Akash’s accessibility, leveraging the broader adoption of USDC.

This ecosystem’s core is AKT. It serves as the linchpin for transaction execution, network security, contract deployment, and incentivising community engagement through staking and rewards. Token holders also wield the power to shape the protocol’s future by participating in network advancement decisions and influencing the distribution of decentralised cloud foundation reserves and resources.

The token’s total supply is capped at 388.5 million AKT, of which 217 million are circulating in the market, fueling its role in the evolution of the Akash ecosystem.

4. Injective (INJ)

Following a dip to a monthly low of $6.75, a resilient support structure rose for the INJ token. It effectively extinguished the prevailing bearish momentum. Subsequently, the INJ price experienced a dramatic surge, reaching a 24-hour peak of $7.96 before encountering resistance. The INJ market exhibits a bullish sentiment, propelling the price by 7.08% from Friday’s low to $7.81. It has proven to be the next cryptocurrency to explode within this general bear trend.

INJ price chart

Overcoming the $7.96 resistance level could trigger additional upward momentum. It could lead to a test of the subsequent resistance at $8.50. A consolidation phase or a minor corrective movement loom if the bullish forces cannot breach this threshold.

Notably, there has been a substantial increase in INJ’s market capitalisation and 24-hour trading volume. It has surged by 10.65% and 40.88%, respectively. It brings a total of $653 million and $94.2 million. This pronounced increase shows improved investor engagement and activity surrounding the token. The notable surge in trading volume also signifies a high demand for the INJ token, which could contribute to further appreciation in its price.

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