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The cryptocurrency market looks bullish, with some coins trying to bounce back. Bitcoin (BTC) is gradually returning to $70,000, hoping to find support for its next big move. Investors need to stay alert during this consolidation phase as it could be a chance to catch a ride on a rising trend.
Institutional investors are now paying more attention to interoperability and tokenizing real-world assets. Prices of these assets are climbing, even before the market takes off entirely. The objective is to identify the next cryptocurrencies to explode and inform investors and traders about each token.
Next Cryptocurrency To Explode
Attention in the crypto market in the coming month will go toward the altcoin sector and making the most of the altcoin market. Hence, investors can capitalize on the moment and take a position in upcoming tokens like the Dogeverse. The project enables investors to explore different chains to find the most lucrative decentralized yield-generating opportunities. This post covers the details of its presale.
1. Bittensor (TAO)
The decentralized AI project Bittensor has experienced a significant increase in the value of its native token, TAO. Over the past day, TAO has risen by more than 10%, possibly due to an unverified rumor about Grayscale planning to register a new trust for the token. Bittensor’s price has increased by 11.55%, reaching $475.64. This represents a 20.85% gain compared to last week, according to CoinMarketCap data.
This recent achievement has made TAO the best-performing asset among the top 100 on CoinGecko, surpassing even ETH meme coin favorite PepeCoin. A pseudonymous Crypto Twitter user, CEYEBER, who founded the official Bittensor Community Channel on Telegram, asserts that the Grayscale rumor has been “confirmed by close sources.” Nevertheless, there is no supporting evidence in SEC filings.
If the TAO offer were structured as a closed-end fund available over the counter to wealthy investors, similar to the Grayscale Bitcoin Trust before it became a spot ETF, there would likely be a regulation filing. The Taobot, part of the Bittensor ecosystem, has had a successful week.
On Tuesday, the team announced its acceptance as one of the first projects to join Akash Network’s LlaMa 3 API beta. The Taobot team has also started collaborating with the Bittensor Subnet 15 project, Blockchain Insights. This partnership aims to enable users to analyze blockchain data using simple language.
2. Livepeer (LPT)
Since the beginning of the month, the LPT price has shown strong upward movement, increasing by 87.95%. Additionally, in the past 24 hours, the altcoin’s trading volume has surged to $169.24 million, reflecting a 134.79% increase and a 6.45% rise in price.
Livepeer is one of the blockchain projects that has significantly changed how we consume content. Recently, Livepeer introduced a new feature: an AI video generation layer. This update, announced during Berlin Blockchain Week, has set high expectations. Livepeer will showcase its latest advancements in decentralized content creation and streaming at the event.
The new feature adds generative AI capabilities and a video generation subnet to Livepeer’s fast decentralized streaming approach. This makes content production and viewing simpler and more affordable through decentralization. Creators handle writing, editing, and submitting work, while Livepeer manages distribution.
Introducing the Livepeer AI Subnet! 🚀
The dawn of generative AI marks a tidal shift in video creation. That’s why today we are launching the Livepeer AI Subnet: the world’s first decentralized video processing network with AI compute capabilities.
Let's dive in 🧵👇 pic.twitter.com/SFXlGwYTyY
— Livepeer (@Livepeer) May 21, 2024
Livepeer’s LPT tokens are issued as rewards to the 100 Orchestrators who set the network’s consensus. Recently, the number of delegated tokens has decreased, while new orchestrator rewards have been introduced, leading to a slow inflation rate of 0.046%. Livepeer also plays a vital role in the Arbitrum network while maintaining some activities on Ethereum.
3. Ethereum Name Service (ENS)
The Ethereum Name Service (ENS) has seen a significant rise due to the increasing likelihood of spot Ethereum ETFs being approved. Consequently, profit-taking has begun in ENS, which has surged by up to 50% in the past two days. In the last 24 hours alone, it has experienced a notable increase of over 12%.
Over a longer timeframe, the ENS token has seen a dramatic price increase, rising over 72% in the past week and 55.38% in the last 30 days. As a result of this surge, there is a growing interest from investors and traders, leading to an increase in ENS’s 24-hour trading volume.
Ethereum Name Service (ENS) is a decentralized, open, and flexible naming system on the Ethereum blockchain. ENS translates human-readable Ethereum addresses into the alphanumeric codes used by wallets like Metamask. It aims to simplify and improve the accessibility of the Ethereum-based web for users.
We recently announced that we will be participating in the 5th year of @ETHGlobal HackFS 😎
Today’s the last day to register for those interested in attending! https://t.co/xvNpxteQp6
— ens.eth (@ensdomains) May 17, 2024
Technical analysis indicates that ENS is trending upward, approaching the $26.5 level. Yet, this $26.5 level poses significant resistance. The daily ENS chart reveals a possible correction, given that ENS has surged over 50% in the past three days.
4. Dogeverse (DOGEVERSE)
Dogeverse (DOGEVERSE) is on track to become one of 2024’s leading meme coin presales, having already raised over $15 million. It is nearing the end of its presale phase, having surpassed its soft cap of $8.8 million some time ago. The main question is whether the presale will sell out before the official listing. Some tokens remain available despite reaching the soft cap since the hard cap is set at $17 million.
Currently, Dogeverse is striving to reach its hard cap before listing. With high demand and potential, a significant price increase upon launch is likely, especially if the market experiences a short-term bull run. However, this remains speculation for investors to consider before purchasing.
Dogeverse is unique as the first multi-chain meme coin operating on six chains simultaneously: Ethereum, Solana, Base, Polygon, Avalanche, and BNB Chain. This allows presale investors to choose the chain from which they claim their tokens and quickly transfer between chains without needing stablecoins or different cryptocurrencies.
The goal is to create a community of Doge enthusiasts where community, rewards, and fun come together. Dogeverse also offers staking, allowing users to stake their tokens immediately after purchase. Presale investors have already staked 30 billion DOGEVERSE, with an annual percentage yield (APY) of 53%. Currently, stakers receive 6088.28 $DOGEVERSE for each Ethereum block solved.
Additionally, Dogeverse tokens can be exchanged for cryptocurrencies like ETH, USDT, BNB, MATIC, AVAX, BASE, and SOL. The current price is $0.00031, but the price at launch remains to be seen.
5. ConstitutionDAO (PEOPLE)
Today, the price of the ConstitutionDAO (PEOPLE) token jumped by 12.30%, with a 3.96% rise in trading volume. This sudden increase comes as the token tries to break through a descending trendline that has limited its price movement since early March. During this time, PEOPLE saw a 70% drop.
Now, with the current price rise, bulls are hopeful again. They are looking for a clear breakout above the descending trendline. If this happens, it could soon lead to a 100% price increase.
It’s important to note that this isn’t the first time PEOPLE has seen a price spike. Previous attempts to break the descending trendline have failed. Over two weeks ago, the token tried to rise above this line but couldn’t maintain the move.
Experts suggest a decisive breakout and successful retest would happen if the PEOPLE token reaches around $0.036, where resistance is anticipated. While the current price action is exciting, it’s essential to be cautious and analytical. Carefully observing key levels and confirming the breakout’s sustainability is crucial before making investment decisions.
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