Next Cryptocurrency to Explode Tuesday, August 1 - Immutable, Wall Street Memes, PancakeSwap

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As the market reflects on the weekend saga, what might be the next cryptocurrency to explode? The chance that any cryptocurrency will explode right now has gotten slimmer.

Primarily, the market is still getting over the news of the curve exploit, which sent chills down the spine of many investors. Many investors drag their feet before summoning the courage to make bold moves.

The hack eventually shows that the crypto industry and the DeFi sector, especially, still have a long way to go regarding security. However, some cryptocurrencies have been on an upward trend before the exploit and have continued.

Next Cryptocurrency to Explode

As the week unfolds, the tokens below will build momentum, and the trends will become more precise. Hence, it’s best to watch the directions closely to have enough facts to make an informed decision. Also, the list ends with a reference to WSM. Wall Street Memes is arguably one of the upcoming cryptos to explode.

1. Immutable (IMX)

iMX has been relentless in its quest for more significant gains. Its explosive trend kicked off over the weekend when it recorded over 1000x trading volume in less than 24 hours. Not only did the token experience a blast in trading volume, but it also recorded multiple increases in price.

Although the weekend trend has died down, its price continues upward, with a 24-hour gain of 3%. It raises the question of IMX being the next token to explode.

It is rumoured that the IMX may fly past the $1 mark before the end of the quarter. Most speculators view this from the sudden change in market sentiment toward IMX. The bullish sentiment signifies that there is a likelihood of explosive growth.

Similarly, the market’s confidence would also increase with innovations across the network and its bonds across the cryptocurrency industry.

Some of the latest relationships are the ones it established with Polygon, as seen on its official Twitter handle. While the impact of its growing influence is yet to take effect, the gains are gradually trickling in, and IMX might soon witness an explosive price action.

The caution, however, is that the IMX is currently trading at a value that might only hold for a short time. Even if it experiences a rally, it would be in the short run because the current price of Immutable is below its price earlier in the year. Some categories of long-term holders would want to get sold, which will push the price even further down. But at the moment, the rally is building up and might cause a short-term explosive increase in price.

Immutable zkEVM allows you to build the ultimate sandbox game with zero roadblocks

🔗Trustless gameplay mechanics
🔒Secure asset interaction at a low cost
🕰️'Forever utility' for assets
✨Seamless end-to-end experiences

Web3 can take sandbox games to the next level. Every… pic.twitter.com/VuIVt4nALm

— Immutable (@Immutable) July 31, 2023

Also, its indexes, especially the relative strength index, signify that the token is still within a market-friendly price.

2. Litecoin (LTC)

LTC should be on a booming trend now, considering its price history. It’s barely 24 hours to the halving of the token, and it is yet to find support for its declining price. Does that mean Litecoin is not one of the next cryptocurrencies to explode?

1000 blocks until the HALVING!$LTC ⚡

— Litecoin (@litecoin) August 1, 2023

Usually, tokens often experience value drain before a pump occurs. Usually, cryptocurrencies often experience sharp price decline before a pump. The value drain often results from the action of bears who hope to get in at a much lower price.

Putting downward pressure on a token helps them maximise their gains in the uptrend. A similar situation is currently playing out with LTC. As its halving date draws near, the bearish momentum is reaching its peak.

Eventually, LTC would swing into recovery in the days after its halving. The current price indicates a potential reversal Compared to its price in the last 100 days. Despite the downtrend, the current price of LTC is much above its price three months ago.

One can deduce that long-term holders are unwilling to sell, which has kept the price where it is, considering that other indicators show that the token is closer to being oversold. The chances are very high that LTC will soon begin an explosive upward trend.

The date is set for August 2, and all eyes are on LTC price action. Hopefully, LTC will ride the wave to new Y2D highs.

3. PancakeSwap (CAKE)

The exploit that rocked Curve Finance shifted attention towards other platforms in the DeFi sector, especially Auto Market Makers. PancakeSwap is a growing platform in the AMM category. It is best known for its compatibility with BEP20 Swap and runs on the Balance Smart Chain.

PancakeSwap saw a shift in investors’ sentiment over the weekend. More CAKE holders and traders became bullish after announcing its decision to embark on a profit-sharing plan. The platform is set to distribute 5% of the platform’s revenue from fees to CAKE holders. The ensuing trend might make CAKE one of the next cryptocurrencies to explode.

According to the announcement, the goal is to provide more avenues for stakers to earn more rewards and drive more interest in staking. The profit sharing is set to kick off on August 9.

Unfortunately, the development coincides with the exploit of the Curve Finance platform. As the fear sentiment builds up in a section of the market, the drive to gain from the profit-sharing move will likely drive interest in CAKE. Eventually, it’ll establish a balance.

This trend showed up slightly in the early hours of today, with CAKE trading at an intra-day increase of over 5%.

4. BNB (BNB)

Binance, the parent company of the popular BNB token, has been at the centre of the SEC legal battle against the crypto industry. The investment regulatory body believes that Binance may have violated investment regulations in the United States. If the allegations hold in court, it could end Binance’s operations in the US.

Consequently, the value of BNB may plummet beyond recovery. However, while the struggles still linger, BNB holds an opportunity for investors to lean in and make some gains. In its intraday trend, BNB recorded gains of over 2%. It contrasts the gloomy outlook that bedeviled the exchange tokens in the last 24 hours.

The trends of BNB against all odds show there’s still some hidden bullish momentum in the asset. Furthermore, information shared on the Binance website indicates that the platform is now legally recognised as a virtual exchange service provider in Dubai. With the licence, it can now provide services to accredited investors in the country. Also, it announced its official launch in Japan today.

We’re proud to announce that #Binance has officially launched in Japan as Binance Japan K.K.

Users in the country now have access to more tradable tokens than any other exchange, with Spot and Earn products available.

Find more details below.https://t.co/grxPYSsp84

— Binance (@binance) August 1, 2023

As the new development unfolds, it’s possible to see renewed momentum in the BNB token. By all metrics, BNB is one of the next big cryptocurrencies to explode.

5. Wall Street Memes (WSM)

Wall Street Memes presale I continue upward, with over $20 million raised. It is gradually moving towards its next milestone of $21.9 million, ultimately pushing the token’s price even further up.

The new price is projected to reach $0.0328. Savvy investors understand that the difference of a single penny can make a huge difference. It’s why delays in these cases might be consequential to potential benefits. Also, delay could mean missing out on a fun-loving community.

Every CT influencer rn pic.twitter.com/iI1jQfughh

— Wall Street Memes (@wallstmemes) July 15, 2023

The Wall Street Memes project is in the memecoin category, which implies that there are no intended utilities for the token. Its values are derived from the community and the market. Nonetheless, it offers some fascinating tokenomics that degen investors might want to look into. Also, its growing community of users might offer some level of social influence in the future. It might be safe to say that WSM is one of the upcoming memecoins to explode.