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The trending news in the crypto market lately revolves around new cryptocurrencies with explosive gains and remarkable price actions. Stories like the explosive price action of the Bome memecoin and the influx of over $100 million into crypto presale projects have generated concerns across the market.
Nevertheless, the return of bullish trends to the crypto market has stirred a fresh round of optimism, and meme culture is again leading the gainers’ list. In the last 24 hours, projects in the memecoin category have printed sizeable price increases, with some reaching up to two-digit percentage gains.
Next Cryptocurrency To Explode
Newer crypto projects like Smog also post impressive performance as they recover from the downturn. One of Smog’s advantages in the crypto market is the ongoing airdrop offer, which would round off its season 1 in about 12 days. A summary of the event is included in the post.
1. Sui (SUI)
Sui has come a long way in improving the use of cryptocurrencies in everyday transactions. The team’s primary goal behind the project is to fast-track the global adoption of cryptocurrency, which it believes would also increase the use cases of blockchain technology. Even though cryptocurrency has more use cases today compared to a few years back, an enormous percentage of the world’s population has yet to get involved with emerging technology.
Hence, given its strong fundamentals, SUI’s vision and mission are quite significant, and it positions the token as one to watch. According to a post on its official Twitter page, the platform recently launched its Pilotfish technology, which it believes would advance its push toward its ultimate vision.
Pilotfish is described as the technology that would increase the throughput of the SUI network. Hence, it is argued that the throughput of the SUI chain will soon surpass what’s recorded on the Bitcoin blockchain. With the overall improvement of the SUI chain, there’ll likely be an increase in the use cases of the chain, and the growing demand would likely cause a complementary rise in the price of SUI.
Introducing Pilotfish, a new groundbreaking autoscaling technology built on Sui by @Mysten_Labs that, for the first time ever, enables single validators to employ multiple machines!
Pilotfish points to a future where the question is no longer whether a level of throughput is…
— Sui (@SuiNetwork) March 20, 2024
Currently, SUI is trying to break out of its month-long sideways trend. In the last 30 days, the coin has been on a price discovery with strong support established at the $1.5 price level and resistance mounted at the $1.6 area.
However, there’s been an upward trend in the last 48 hours, with the token printing higher highs and higher lows, indicating a growing demand for the coin. Ultimately, as the market returns to its bullish trend, SUI would break its ATH value at $1.96 and probably push into the $2 range.
2. Smog (SMOG)
Smog is back on the list of top crypto gainers today, with over 30% price pump in the last 24 hours. After a week-long overall price decline in the crypto market, memecoins are back to taking the lead as the top gainers.
Smog’s arrival on the crypto market gave investors who missed out on Pepe and other pumping crypto tokens the chance to participate in the ongoing rally. Since its launch, the token has allowed investors to win big from the memecoin rally, printing over 500% pump in less than 30 days.
Interestingly, current market data shows that SMOG is among the cryptocurrencies to watch as the quarter draws close. The token recently established support at $0.17 and is pushing against the upper trend line.
📢 Attention @dogwifcoin holders! 🎩
Update regarding the $SMOG airdrop:
It's an ongoing process, and we're ensuring all holders get their share! If you haven't received it yet, don't worry – more is on the way!
In the meantime, the quest is live for those who've received…
— SMOG (@SMOGToken) March 7, 2024
With consistent activities from the bulls, SMOG will likely maintain its progress toward higher value. Also, it is currently enjoying exposure from the ongoing airdrop event. The community has claimed that the airdrop would hold the record as the largest in the history of the Solana chain. Thus, it’s best to keep an eye on the future trend of the token.
3. THORChain (RUNE)
The return of RUNE from a downtrend presents an opportunity for short to medium-term hedging. The token recorded a surge earlier in the month after the community voted on the adjustment of its lending cap. The decision resulted in an influx of funds, which took the price of RUNE to a record level of over $10 in less than seven days.
However, the recent downturn in the market has forced RUNE to retrace its price, and its current price is around the $8.5 range. Nevertheless, recent data from the RUNE chart indicates that RUNE might return to an uptrend in the coming days. There’s been over a 10% increase in RUNE’s price in the last 24 hours, bringing the protracted price decline of the past seven days to a halt.
Similarly, the recent burn executed by the network might provide the catalyst that will make RUNE the next cryptocurrency to explode. Even though the burned tokens are not in circulation, they represent 12% of the total supply of RUNE, which, in the long run, would influence the asset’s price.
60m $RUNE was burned from the Standby Reserve, creating 20m RUNE ($140m) in space for lending collateral.
There is now room for ~2000 #Bitcoin or 36k ETH in THORChain lending. No liquidations, no interest.
Details on Medium: https://t.co/yLCdz13oyL pic.twitter.com/aNePxXpvLV
— THORChain (@THORChain) March 8, 2024
The technical analysis of RUNE shows that its short-term moving average is now below its current price, signaling a return to bullish sentiment. Also, its RSI reading indicates neutrality. A value of 55 presents the right atmosphere for the token to return to an uptrend. Moreover, if the overall outlook of the crypto market remains optimistic, the market can expect to see RUNE break above the $10 mark before the end of the month.
4. Arbitrum (ARB)
Arbitrum encountered a major price dump Following the over $2.2 billion ARB token unlock earlier in the month. It lost over 30% of its value within seven days of the token unlock, forcing a price decline from $2 to $1.4.
However, there’s been a change in the direction of the ARB trend as it began trending upward in the last 24 hours. There’s been an increase of over 6% today, and the chart pattern shows that it’s still poised for further gains. Ultimately, ARB will likely return to the $2 range before the end of the month.
Generally, a break above the $1.7 range positions the token for a move into the $2. Technical data from its chart reveals that the market is overly bearish on the ARB token, largely due to the recent token unlock. However, the price action presents an opportunity to buy the dip in anticipation of the return to an uptrend. Moreover, the ARB’s RSI value 40 shows that the token is largely undervalued and might soon begin an upward price retrace.
Exciting to see @kurorobrawl game now on mobile💙📱 https://t.co/Eh0e2QxZLW
— Arbitrum (💙,🧡) (@arbitrum) March 20, 2024
Investors should expect a further push for higher values in the coming weeks as the RSI reduces further. Also, the ARB network is making incessant moves towards ensuring the platform has increasing use cases, particularly in the gaming crypto sector. Adopting the platform in crypto gaming will ensure that the token benefits from the growing GameFi narrative.
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