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The crypto market capitalization has reached an impressive $1.26 trillion, marking a modest increase of 0.16% over the past 24 hours. The next cryptocurrency to explode will find a more straightforward expression in the latest market dynamics.
Despite the slight uptick in market capitalization, the total trading volume across all cryptocurrencies in the last 24 hours has decreased significantly by 23.90%, now standing at $35.73 billion.
The decentralized finance sector contributed a trading volume that reached $3.47 billion, comprising 9.71% of the total crypto market’s 24-hour trading volume. Stablecoins also played a significant role, with a total trading volume of $32.37 billion, making up a substantial 90.62% of the overall 24-hour crypto market volume.
Bitcoin currently holds a dominance of 52.95%, which has seen a slight decrease of 0.09% within the day.
Global stocks faced challenges yesterday, even as technology giants provided some support. Meanwhile, benchmark Treasury yields and the US Dollar showed minimal movement, as data confirmed that US inflation remained elevated but in line with expectations.
According to a report from the US Department of Commerce, underlying inflation increased last month, primarily due to rising housing costs. However, as spending is anticipated to slow down in early 2024, most economists believe that the Federal Reserve has concluded its interest rate hikes, although the possibility of a rate increase still lingers.
Next Cryptocurrency to Explode
European shares were not much different as they declined to levels near seven-month lows on Friday. The decline marked a second consecutive week of losses. France’s blue-chip index was at the forefront of this downturn after Sanofi abandoned its 2025 profit forecast. In contrast, MSCI’s broadest index of Asia-Pacific shares, excluding Japan, managed to close approximately 1% higher, rebounding from a recent 11-month low it hit on Thursday.
1. Injective (INJ)
The current price of the Injective (INJ) token is $13.63, with a 24-hour trading volume of $156.62 million. Over the past 24 hours, the price has surged by 13.15%, and in the last seven days, it has seen an impressive 58.90% price increase. Injective’s market capitalization is currently valued at $1.15 billion, supported by a circulating supply of 84 million INJ tokens.
Injective is a blockchain designed for the financial sector, serving as an open, interoperable layer-one blockchain that drives the next generation of DeFi applications. These applications include decentralized spot and derivatives exchanges, prediction markets, lending protocols, and more.
The network also offers robust core financial infrastructure primitives, including a fully decentralized MEV-resistant on-chain order book. It supports various financial markets, including spot, perpetual, futures, and options, all fully on-chain. The decentralized cross-chain bridging infrastructure is compatible with Ethereum, IBC-enabled blockchains, and non-EVM chains like Solana.
At the same time, it boasts a highly interoperable smart contract platform based on CosmWasm, with advanced interchain capabilities. Built with the Cosmos SDK and utilizing the Tendermint-based Proof-of-Stake consensus mechanism, Injective provides lightning-fast performance with instant transaction finality (10,000+ TPS).
The Injective ecosystem includes over 100 projects and more than 150,000 community members worldwide. Notable investors backing Injective include Binance, Pantera Capital, Jump Crypto, and Mark Cuban.
The highest price ever reached for Injective (INJ) was $24.89, recorded on April 30, 2021, over two years ago. Currently, the price is approximately 44.97% lower than this all-time high.
Injective is inevitable 🥷
— Injective 🥷 (@Injective_) October 27, 2023
The lowest price ever paid for Injective (INJ) was $0.657401, recorded on November 3, 2020, almost three years ago. The current price is significantly higher, approximately 1,983.51% above the all-time low price.
Over the last seven days, Injective (INJ) has outperformed both the global cryptocurrency market, which saw a 10.20% increase, and similar Layer 1 (L1) cryptocurrencies, which increased by 13.60%. Injective’s price has surged by an impressive 59.50% during this period.
The community sentiment for Injective (INJ) is bullish, with more than 80% of users feeling optimistic about its performance today. And with its latest achievement, the token is being pushed hard toward being the next cryptocurrency to explode.
2. TG.Casino (TGC)
The TG.Casino project seeks to revolutionize the $250 million cryptocurrency gambling industry by introducing the first authorized casino and sportsbook integrated into the Telegram platform. This feature is attracting users to the platform. The sheer strength of users promises to raise the native token to where it becomes the next cryptocurrency to explode.
TG.Casino, with its KYC-free and anonymous instant play features, offers users a hassle-free and secure gaming experience, capitalizing on Telegram’s encryption technology and its vast user base.
The platform operates with its native TGC token, currently available during its presale at $0.1375, anticipated to be priced at a discount compared to its eventual listing on exchanges.
Telegram is a brilliant platform for crypto. So why not take that one step further and make a crypto casino on the platform🎰
Watch the full video from @cryptonews here➡️ https://t.co/z9qn8XNquL pic.twitter.com/0gj2J0JF6c
— TG Casino (@TGCasino_) October 27, 2023
Holding TGC tokens presents numerous advantages, including the potential for staking rewards reaching up to 343% APY and access to exclusive games.
TG.Casino employs a buyback and burn mechanism, as detailed in the project’s whitepaper. This means a portion of the casino’s earnings will be used to acquire TGC tokens from the open market, subsequently reducing the circulating supply.
TG.Casino also demonstrates a commitment to transparency and security by getting a complete gaming license from Gaming Curacao and a smart contract audit conducted by Coinsult.
Prospective investors can acquire TGC tokens through the official TG.Casino website using either ETH or USDT.
Visit TG.Casino.
3. THORChain (RUNE)
THORChain (RUNE) is exhibiting a noteworthy surge in performance. It came from a bearish level to gain over 8% in the last 24 hours. Its native currency, RUNE, currently sells at $2.50. The gain percentage it saw is indicative of renewed trader strength and interest. A feat that could make it the next cryptocurrency to explode.
Functioning as a decentralized liquidity protocol, THORChain enables seamless cross-chain cryptocurrency swaps while ensuring asset custody remains in the hands of the user. Its significance in the decentralized finance arena is undeniable, as it plays a pivotal role in the ecosystem.
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Estimated 12 days to break even based on past yieldNew era of Savers is herehttps://t.co/JJH11OuWy9 pic.twitter.com/0Kvc1VKHuj
— THORChain (@THORChain) October 27, 2023
The native utility token, RUNE, assumes a central position within the THORChain ecosystem. Notably, it serves as the foundational currency and carries out essential functions related to platform governance and security.
4. Render (RNDR)
Render is also going through a price surge. The platform has extended its strong performance over the past week. In the 24 hours up to the time of writing, RNDR recorded a more than 8% increase, reaching highs of $2.35. The token has also seen gains of 19.14% in the past week and an impressive 57.96% in the last month.
Render’s upward momentum has defied potential selling pressure, even as on-chain data revealed that FTX/Alameda had transferred over 974,000 RNDR tokens, valued at around $2 million at the time. Although this transfer may have been intended for selling, the market’s response has allowed the bulls to maintain control.
This positive trend for the altcoin followed the successful passage of the RNP-005: Beam Compute Client proposal in a community vote.
As announced by the Render Network Twitter account early on Friday, the core proposal, submitted on October 23, received overwhelming support. 99.79% of the votes, representing 1.4 million RNDR, endorsed the integration of the cloud platform Beam. This platform has the potential to become the second Compute Client utilizing Render Network’s GPUs for machine learning (ML) workloads.
Beam’s cloud platform facilitates the accelerated development and deployment of AI operations using GPUs without the need to manage infrastructure, as highlighted in the proposal.
The community vote for RNP-005 is now closed. The proposal has been passed with 1.4M RNDR (99.79%) for approve and 2.9K RNDR (.21%) for Deny.
The proposal now moves onto "Render Network Team Review." If it passes technical feasibility the Foundation will post the final RNP-005… pic.twitter.com/JyUeev4zNj
— The Render Network (@rendernetwork) October 26, 2023
The integration with this platform positions Render’s decentralized GPU network to power ML workloads, potentially broadening the utility of RNDR and increasing demand for the token.
With the community vote concluded, the proposal has now advanced to the “Render Network Team Review” stage. If RNP-005 passes the technical feasibility assessment at this stage, the Render Foundation will proceed to publish the final vote, expected to occur next Wednesday.
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