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What are the next cryptocurrencies to explode? With over $2 billion in crypto tokens unlocked and earmarked for the first quarter of 2024, many are worried that inflation will result in instability across the market.
Usually, crypto unlock events result in inflation. Consequently, investors’ confidence in the market’s future potential often declines. Nonetheless, the overall outlook of the market this season remains optimistic.
Next Cryptocurrency To Explode
Today’s analysis unveils a few tokens with the potential of becoming the next cryptocurrencies to explode. It reviews the sudden rise of Powerledger and the recent performance of TON. Additionally, it includes a review of Bitcoin Minetrix. As the market approaches the BTC halving event, it’s best to hold a back of tokens that would rise with the event. Thankfully, this is what BTCMTX seeks to achieve.
1. Powerledger (POWR)
Like BONK, POWR appears to be recovering from a multi-year slumber. The token embarked on a surprising upward trend in the second quarter of 2023, and by the third quarter, it kicked into a rally.
The POWR rally coincides with all optimism in the crypto market, giving it a total of 365% gains in the last 52 weeks. Today, the token recorded over 10% gains in the early hours of its intraday performance, and at press time, it gained over 120% increase in trading volume.
More importantly, Powerledger, as the name suggests, focuses on decentralizing the energy market. Its goal is to provide access to market-driven grids where consumers fully control the energy they consume.
It also ensures that a more significant part of the energy consumed globally comes from clean and renewable sources. The emerging technology has received growing acclaim and adoption recently. However, it’s still quite ahead of its time as the world doesn’t seem ready for distributed energy.
🚀 Proof-of-Stake in blockchain: Where energy efficiency meets #scalability, decentralisation fosters inclusivity, and security is the heart of innovation. Explore more about our PoS blockchain https://t.co/cZW5fCKCje#ProofOfStake #BlockchainInnovation pic.twitter.com/s1wcF1YrSI
— Powerledger (@PowerLedger_io) January 2, 2024
Notwithstanding, as the world becomes more receptive to the idea and cryptocurrency becomes mainstream, assets like POWR are adequately positioned to take over the sector. Moreover, technical indicators of POWR indicate that investors can still capitalize on its short-term trends as its RSI remains neutral, and its moving averages all indicate bullish trends.
2. Sponge V2 (SPONGE)
SPONGE has earned high regard from degen investors since it printed its impressive ATH after its V1 launch. If you own SPONGE, it’s time to step up and earn bigger. The project recently launched the V2, allowing investors to stack their tokens for fresh opportunities.
Apparently, with the success of the V1, the Sponge team and its community proved to the world that it’s able to deliver winning assets to the crypto community. It had a market cap of over $100 million, giving investors over 100x returns on their investment. Now, the project is offering investors a chance to reap a reward that could be many times the worth of the V1.
One of the unique features of Sponge V2 that’s not present in V1 is the opportunity to participate in the play to earn a game slated for a period after its launch, according to its roadmap. With the utility feature, the chance of an increased value is much higher.
🚀 Missed Sponge V1's 100x Success?
With an even larger campaign for #SpongeV2, we’re coming back stronger than ever! 💪
Hurry and stake your $SPONGE tokens today! 🔥$SPONGE #Crypto #CryptoStaking pic.twitter.com/QIo0RMz4LT
— $SPONGE (@spongeoneth) January 6, 2024
Moreover, the community is currently 13 thousand holders strong based on the success of the V1. Hence, version 2 will build on the share size of the V1 community. At the time of writing, over $2 million has been staked towards the launch of the V2. The presale page has a guide on how to participate in the staking.
3. Toncoin (TON)
Toncoin is finally recovering after a price decline that took about 8% off its price. However, it makes up for the lost ground with over 4% gains today, bringing the TON price to $2.20.
Moreover, the current market data of the token indicates that the rally may not be over yet. According to its technical analysis, the token’s oversold RSI value of 46 will likely continue its uptrend.
Besides its RSI value, other oscillators also print neutral or bullish readings, except its MACD value, which appears bearish. On the other hand, too. Its long-term moving averages reveal that the bulls will continue to have the upper hand. The current price of TON trends below its 200-day and 100-day moving averages, showing that long-term holders are willing to hang onto the asset.
2023 was truly a landmark year for #TON. We shattered world records, formed industry-changing partnerships, and brought together Web3's best developers for meetups across the world! 💎
Let's have a quick look at some of the key moments🧵 pic.twitter.com/XxI7ht9OKZ
— TON 💎 (@ton_blockchain) January 5, 2024
Further, looking at the fundamental activities in its community, Toncoin recently established a relationship to bridge the gap between cryptocurrency and traditional financial systems.
Investors hope the partnership will boost the value and demand for the TON token in the future. As the year unfolds and TON continues to implement its initiative, the rate of growth and potential it holds may surprise investors. Ultimately, TON should be on every investor’s watchlist.
4. GMT (GMT)
GMT, also called Green Metervers Token, has been on an uptrend since the beginning of the fourth quarter of 2023. The token recently started doing so well that investors may need to watch it. In the last 24 hours, it amassed a price increase of over 66%.
GMT is the FSL native token, according to its CoinMarketCap page. It serves as a reward for community participation and drives the project’s economy.
GMT trading volume increased by over 900% today, with over $950 million of GMT changing hands today. Is GMT the next crypto to explode? The technical data of GMT reveals that it has a solid potential to do well in the coming months.
However, its relative strength index shows that investors might have to brace for a short-term reversal due to its high value of 69. Besides the high RSI reading, most indicators applied to GMT market data reveal that the token still has a chance of recording a bullish trend in the coming days.
Conversely, the circulating supply of GMT may be one of the factors that would derail its chance of becoming the next crypto to explode. Less than 50% of its total supply is currently in circulation. It means future token releases may influence its performance. Thankfully, the project combats the possibility of inflation by capping the supply of its token at 6 billion tokens.
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