Next Cryptocurrency to Explode Thursday, 17 August - Launchpad XYZ, Synthetix, Rocket Pool

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The crypto market dipped further on Thursday, showing what is beginning to look like a lingering bear market. Its market capitalization is now at $1.14 trillion—a significant difference from our last report. Traders will likely count days before the end of this current downturn.

In the US, most Feds expressed concern during the last policy meeting. The concern centered around inflation risks, and they think more interest rate hikes may be necessary. However, the meeting minutes that were made public on Wednesday revealed that some members disagreed. The same division among the Feds has been mirrored in public opinion.

Meanwhile, stocks in Asia sank further as the markets opened on Thursday. The US Dollar gained to a two-month high while investors feared the slow economic growth in China. They are equally worried that the US Feds may raise interest rates at their next meeting.

The Chinese economy has been in a poor state for some weeks. Investors must be more inspired by policymakers’ decisions as they demand more stimulus packages. The cloud is also over Europe as most economic indexes are down.

The Next Cryptocurrency To Explode

Economic implications spread across various sectors without being able to tell how far they can go. The current bear trend is not giving any clear signals. However, investors seem not to have an appetite for risky assets for now.

1. Launchpad XYZ (LPX)

Amidst the market chaos, crypto projects still in their presale phase are gaining the most. Investors have shifted their attention to this category of assets. Presale projects are not affected by the market condition because they have not been listed on crypto exchanges yet. So they are naturally immune to the wind. This cover will fortify presale projects before hitting the market entirely.

Launchpad XYZ is one of them. The project’s native token, LPX, has consistently shown that it is the next cryptocurrency to explode since the presale began.

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The project recently surpassed $1.3 million in its ongoing presale. It has now fully emerged as an ambitious project with a clear mission. It is working to foster the widespread adoption of Web3 assets through streamlined access to cryptocurrencies, NFTs, blockchain gaming, and the metaverse.

Within this ongoing presale, investors can buy the LPX token at an affordable price of $0.0445 while anticipating its exchange listings later this year. This strategic move is generating optimism, bolstered by the comprehensive scope of the Launchpad XYZ platform.

As stated in the project’s whitepaper, Launchpad XYZ promises to introduce an advanced trading terminal, trading signals, informative resources, and a new feature, the “Launchpad Quotient.” It is a metric for evaluating and ranking digital assets. The platform said it would introduce an AI-powered assistant named “Apollo.” The assistant is designed to furnish data-backed insights and strategies from experienced traders.

Moreover, the structure of incentives for holding LPX tokens over the long term is well-defined. These incentives include lower fees, privileged access to NFT whitelists, and exclusive entry to cryptocurrency presales.

Engaging discussions within the Launchpad XYZ Telegram channel is centered on the project’s forward-looking roadmap. The roadmap outlines the platform’s intentions to establish a decentralized exchange and an NFT directory.

Boasting an accomplished founding team and a formidable $1.3 million already secured, Launchpad XYZ has positioned itself as a compelling contender. It warrants close observation as it approaches its imminent exchange listing.

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2. Synthetix (SNX)

The Synthetix token price trajectory has exhibited an intriguing pattern of ascension and decline. It needs to improve to surpass major simple moving averages, including the 20, 50, 100, and 200-day daily moving averages. This trend indicates the prevailing challenges the general crypto market faces.

As far as investor sentiment is concerned, the SNX/USD price prediction suggests a bearish stance. Investors are advised to monitor the developments surrounding the SNX token closely. The SNX/USD price currently rests below the significant exponential moving average and simple moving average levels, underscoring the prevailing market conditions.

Currently, Synthetix’s valuation stands at $2.31, followed by a market capitalization of about $621.6 million and a fully diluted market cap of $706.09 million. The circulating supply of the cryptocurrency is noted at 268.697 million tokens.

Technical indicators show a prevailing selling pressure, while oscillators suggest a neutral outlook. The simple moving averages also align with a strong sell sentiment, underscoring the prevalence of a bearish trend. Despite this, sellers may encounter resistance around the 50-day simple moving average, a barrier to the crypto’s price movement. Notably, the asset’s 24-hour trading volume is $34.7 million, down by 14.51%.

Regarding performance, SNX has displayed a positive return of 59.83% year-to-date, although returns over the past six months have experienced a decline of -6.37%. The return was -13.18% in the last month and -10.96% over the past week.

The Synthetix price prediction indicates an attempt to breach the upper trendline on the daily timeframe chart. SNX crypto requires a boost of positive momentum to break free from the current pattern and become the next cryptocurrency to explode.

3. Rocket Pool (RPL)

The Rocket Pool network is one of the few networks performing quite impressively. It currently holds the 65th position on CoinMarketCap, boasting a global market capitalization of $526.5 million. Within the last 24 hours, the token has seen an upward surge of nearly 4.36%. As of the time of writing, its trading price stands at $26.84.

In a noteworthy development, Coinbase recently announced its acquisition of RPL, the native token of the liquid staking network established by RocketPool. Following this announcement, the RPL token saw an immediate surge of over 9%.

Coinbase has unveiled its intention to deploy numerous nodes on the RocketPool network. The purpose is to bolster security and decentralized infrastructure for Ethereum. Also note that the exchange recently introduced Base, a new Ethereum L2 protocol.

In the grand scheme of significant cryptocurrencies worldwide, Rocket Pool ranks 68th, commanding a total market capitalization of $526.5 million. The unique feature of the network lies in its capacity to enable users to stake Ethereum while retaining their liquidity. This decentralized network is supported by over 3,100 node operators, contributing to more than 780,000 ETH cumulative staking.

Rocket Pool’s notable distinction emerges in its extensive network of node operators surpassing any other staking provider. It is an indication of its dedication to promoting decentralization.

4. Injective (INJ)

Token burns play an essential role in the cryptocurrency space. It exerts a direct influence on prices by curbing inflation. Consequently, investors often envision a scenario where memecoins boasting trillions of units in supply undergo an abrupt burn, effectively trimming down the supply. However, news of a token burn originates from a distinct coin.

Injective, a platform that hosts decentralized applications, has introduced a new way for these decentralized applications to partake in the INJ burn auction. Notably, the magnitude of fees they can contribute for burning is reasonable. This endeavor can potentially reinforce the on-chain economy, increasing INJ’s value.

A statement released by Injective outlines the essence of the Injective Token Burn Auction. It stated that the inventive mechanism assimilates protocol fees and channels them into collective protocol value.

Initially, 60% of fees from exchange decentralized applications on Injective were funneled into the auction, where the corresponding tokens utilized as payment were burned. This weekly event allowed exchange decentralized applications to direct a significant chunk of transaction fees into the auction basket. It then fosters a competitive environment among community members vying for their bids.

After each auction, payments contributed to the basket were promptly burned, culminating in a reduced total token supply. This innovative approach has permanently removed more than 5.7 million INJ tokens from circulation, solidifying the model’s success.

This refreshed mechanism empowers network applications to allocate a more significant share of fees toward burning, a strategic move to attract a broader user base. This competition-driven approach has the dual advantage of enhancing user satisfaction and diminishing token supply, with the potential to drive up prices.

In response to this development, the value of INJ Coin has commenced an upward trajectory, buoyed by the positive news. It is currently up by 1.43$ and selling at $7.21.