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Cryptocurrency prices have been fluctuating for a while, and the overall feeling in the market is bearish. Bitcoin (BTC) is struggling to get back to $60K and above, and Ethereum (ETH) is striving to stabilize at $2,500.
However, identifying the next cryptocurrencies to explode might take some work as most funds are attracted to pumping assets. Today’s article explores the performance of cryptocurrencies that have dominated the gainers list in the last 24 hours. The objective is to identify coins with some potential and inform investors and traders about each token.
Next Cryptocurrency To Explode
Today’s article discusses the performance of potentially explosive cryptos that investors should add to their watchlist. It also includes a special mention of Pepe Unchained, a new Pepe-themed meme coin launched on its Ethereum Layer 2 blockchain. Within minutes, it attracted over $150,000 in investments. The details of its presale and the performance of the top-performing cryptos today are shared below.
1. Pyth Network (PYTH)
Pyth Network (PYTH) is trading between $0.2327 and $0.2979, offering a promising opportunity as it nears key resistance at $0.34. With solid support at $0.21 and a weekly rise of 11.67%, PYTH has shown strength despite a slight 0.83% dip over the past month. The neutral momentum, indicated by the RSI and Stochastic, suggests that the coin is preparing for its next move. If PYTH builds momentum, it could rise 35% to $0.40, indicating a potential recovery for strategic investors.
Pyth Network plays a key role in decentralized finance (DeFi) by providing accurate, real-time market data to blockchain platforms. This data is essential for the smooth operation of smart contracts and other DeFi applications. One of its standout features is its decentralized Oracle system, delivering direct data from financial institutions and exchanges. With updates every 300-400 milliseconds, Pyth ensures that even slight delays don’t affect financial operations.
Great article by @Cointelegraph on the rise of Pyth Network in both TVS and trading volume.
Read the full article here: ⬇️https://t.co/O5KbCXDULi
— Pyth Network 🔮 (@PythNetwork) September 12, 2024
In 2024, Pyth’s decentralized oracle network has grown significantly, with its total value secured (TVS) increasing 46 times in nine months, from $98.4 million to $4.7 billion. According to Michael Cahill, co-founder of Douro Labs, Pyth now leads all oracles, including Chainlink, in total trading volume facilitated.
2. Drift (DRIFT)
Drift’s price surged 21% in the last 24 hours, trading at $0.6948 as of 3 a.m. EST. This sharp rise was fueled by a 75% increase in trading volume, which reached $57.6 million. Over the past week, DRIFT has jumped 63%, up 108% for the month. A major driver of this growth is the launch of the BET capital-efficient prediction market, which has sparked excitement within the DeFi sector.
BET on Drift has introduced prediction markets as the next big step for DeFi, blending trading with real-world outcomes. Coinbase Wallet highlighted Drift as a versatile platform offering borrowing, lending, spot trading, and prediction markets. This exposure has helped boost the DRIFT price to $0.70, a key resistance level.
Traders are now watching to see if DRIFT can break through this resistance. Technical indicators suggest a good chance of surpassing the $0.70 mark. Drift’s prediction market recently saw a 3,398% increase in trading volume within a week, surpassing altcoins like PolyMarket, signaling a growing interest in its offerings.
At the time of writing, Drift’s RSI stands at 64.62. Traders using this indicator may wait for it to hit 70 or higher before making moves. Additionally, there are alternatives whose prices have yet to surge, such as the Pepe Unchained (PEPU) presale. This promising token is gaining attention and could be a strong contender for future growth. While it hasn’t experienced the same price hike as DRIFT, it offers an exciting opportunity for early investors looking to capitalize on the next big move in the market.
3. Pepe Unchained (PEPU)
High transaction fees and long processing times on the congested Ethereum network have slowed the original PEPE’s performance, leading to a less-than-ideal user experience. Pepe Unchained (PEPU) aims to fix these problems by moving PEPE transactions to its sidechain. This change will boost transaction speeds up to 100 times compared to meme coins on Ethereum while significantly lowering fees.
There is strong excitement around Pepe Unchained, which recently surpassed $13 million in funds raised during one of the year’s most successful ICOs. Analysts believe Pepe Unchained could lead the meme coin sector after its launch. The project’s Layer 2 network could also pave the way for future meme coin projects, adding more utility to the meme coin market.
Pepe Unchained — Groundbreaking Layer 2 Blockchain technology.
Welcome to the future of meme coins. 🐸 pic.twitter.com/iC9b6YSynT
— Pepe Unchained (@pepe_unchained) September 6, 2024
Part of the growing interest in $PEPU is due to the 158% APY offered to early stakers. Investors can buy $PEPU using ETH, USDT, BNB, or a bank card through a simple widget on the project’s website. To earn these rewards, tokens must be locked via the staking page. Currently, $PEPU is available for purchase at $0.009651, with a price hike expected in less than 2 hours, so early buyers should act quickly.
4. Wormhole (W)
Wormhole (W) is currently trading between $0.203 and $0.4. Over the past week, its price has increased by 4.74%, with a 3.87% rise in the last 24 hours. Although there was a small dip last month, the price outlook for Wormhole remains neutral. It is trading 25.19% below its recent cycle high but still 26.44% above the low. The coin has also shown low volatility, at 9% over the past 30 days.
Wormhole’s market cap is $535.732 million, and its 24-hour trading volume is $22.36 million, a 14.80% increase. This rise in volume points to growing investor confidence in Wormhole’s ongoing progress.
Wormhole is known for its interoperability platform, which connects multichain applications and provides access to liquidity across more than 30 blockchain networks. It plays a key role in DeFi, NFTs, and governance, making it a vital part of decentralized ecosystems.
Deploy natively multichain tokens in minutes with Wormhole's new NTT CLI 🏗️
Watch @nsuri_'s guided demo below ⤵️
Note: Outputs in the demo may differ as Wormhole contributors constantly improve the CLI. pic.twitter.com/HYqiQygTBC
— Wormhole (@wormhole) September 5, 2024
Major platforms like Circle and Uniswap trust Wormhole. The network has processed over $40 billion in transactions through over 1 billion cross-chain messages. Currently, Wormhole is trading below its 50-day simple moving average (SMA). Despite this, market sentiment remains positive, and technical indicators suggest a potential rebound. With a possible bull run, Wormhole’s price could reach $1.
5. Big Time (BIGTIME)
Big Time is a unique multiplayer action RPG that combines fast-paced combat and an open-world economy. The game allows players to generate and trade in-game items while keeping Web3 elements in the background, offering a smooth, user-friendly experience. This blend of entertainment and technology makes Big Time stand out in gaming.
In the past 24 hours, Big Time’s price has surged by 16.17%, reaching $0.1066. Its high liquidity, shown by its 11.9851 volume-to-market cap ratio, supports this strong market performance. However, with a 14-day RSI of 62.18, the token is in a neutral zone, indicating potential sideways movement in the short term.
Big Time’s economy is a key highlight. Players can collect and trade items through the Open Loot Marketplace, which is central to the game’s dynamic economy. The in-game currency, $BIGTIME, allows crafting and other transactions, enhancing the overall experience. Security is a priority, with end-to-end encryption and successful audits ensuring player safety.
Additionally, Big Time has just launched its Original Soundtrack (OST), featuring 18 tracks, five of which were created with the Budapest Scoring Orchestra. This enriches the game’s immersive experience. With 15 green days in the last 30 and a stable 30-day volatility of 9%, Big Time is a token to watch.
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