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Cryptocurrency prices have been on the rise lately, and the overall feeling in the market is favorable. Recently, Bitcoin (BTC) has been hovering around $66.5K, and Ethereum (ETH) is striving to stabilize above $3,500, creating mixed sentiments among investors.
However, identifying the next cryptocurrencies to explode might take some work as most funds are attracted to pumping assets. Today’s article explores the performance of cryptocurrencies that have dominated the gainers list in the last 24 hours. The objective is to identify coins with some potential and inform investors and traders about each token.
Next Cryptocurrency To Explode
Today’s article discusses the performance of potentially explosive cryptos that investors should add to their watchlist. It also includes a special mention of Base Dawgz, one of the newest memecoin launches on the Base Network. It features a distinctive multi-chain experience with smooth interoperability across various blockchains. The details of its presale and the performance of the top-performing cryptos today are shared below.
1. Ethereum Name Service (ENS)
ENS, a distributed naming system on the Ethereum blockchain, has recently gained significant attention. Since the start of the year, its price has hovered near a major resistance zone but has yet to break through. However, recent price movements suggest that the token could experience a healthy upswing soon, reaching the desired range quickly.
Recently, the ENS price entered the critical resistance zone between $27.54 and $30.17. Although the token has struggled to break this range since the beginning of the year, technical indicators point to increasing bullish momentum. The RSI has bounced back from its average levels, and the Bollinger bands are about to expand from their contraction. This indicates that the bulls are preparing for a significant move, which could push the ENS price up to $35.
In the last 24 hours, the Ethereum Name Service price surged by 13.27%, reaching $30.05, with trading volume soaring by 183% to $382.723 million. While many of the top 100 cryptocurrencies by market capitalization are in the red, ENS has risen due to the US launching of spot ETH ETFs (exchange-traded funds).
We’re thrilled to have collaborated with @BitwiseInvest to enhance transparency for their new Ethereum ETF using subnames of ethw.bitwise.eth!
Bitwise is assigning subnames to all addresses holding onchain assets backing their ETF.
ETHW is now the most crypto-native ETF 🫡 https://t.co/lsPYAjRQk3
— ens.eth (@ensdomains) July 23, 2024
ENS converts Ethereum addresses into a human-readable form, making them easier to read and remember. The project has been around for years and has become essential for simplifying using ETH-based coins and tokens. This recent surge has made ENS the top gainer among the 100 largest cryptocurrencies by market cap. Interestingly, even Ethereum is down 0.53% in the last 24 hours, with some experts suggesting that ENS outperforms ETH because it offers a cheaper alternative.
2. Ribbon Finance (RBN)
Aevo, which started as Ribbon Finance, is a decentralized exchange on Ethereum’s Layer-2. It uses an order book system. It leverages the OP Stack and works with Conduit, a Rollup-As-A-Service provider. Conduit handles rollup transactions efficiently by sequencing, batching, and sending them to Ethereum every hour. There is a two-hour window to dispute transactions. Users can deposit various cryptocurrencies from Ethereum, Optimism, or Arbitrum to Aevo Rollup without paying gas fees.
Ken Chan and Julian Koh founded Ribbon Finance in November 2020 to create a protocol for structured cryptocurrency products. The protocol launched in February 2021 with ETH strangle options. Theta Vaults followed in April 2021, and the RBN token was introduced in May 2021 for community governance. Ribbon V2 and V3 introduced advanced vault parameters, automated vaults, and new UX features. Aevo was announced on September 28, 2022, and launched on April 7, 2023. It offers perpetual futures and Pre-Launch Token Futures.
Today, the RBN price is $0.5936, reflecting a rise of over 10.60% in the past 24 hours. The market cap increased by 1.81%, reaching $81,749,587. The 24-hour trading volume grew by 33.28%, totaling $1,548,774. Ribbon Finance is trading 171.69% above its 200-day simple moving average (SMA) of $0.21713. The current price prediction sentiment for Ribbon Finance is neutral, while the Fear & Greed Index shows 71 (Greed).
In 2025, a favorable regulatory environment and the introduction of Ethereum ETFs are expected to drive the average price of Ribbon Finance to $50, with the potential to reach $70. Low inflation rates and increased use of cryptocurrencies for daily transactions will also contribute to this price increase.
3. Base Dawgz (DAWGZ)
Base Dawgz is revolutionizing the crypto world with its innovative multi-chain strategy. This project spans Ethereum, Solana, Binance Smart Chain, and Avalanche, giving users unprecedented freedom in the decentralized space. Base Dawgz is creating a more interconnected and user-friendly crypto experience by breaking blockchain barriers.
The project addresses a major issue in crypto: limited interoperability between blockchains. Base Dawgz uses advanced Web3 technologies like Wormhole and Portal Bridge to ensure seamless interactions across different ecosystems. This allows users to benefit from each blockchain without the usual hassles of switching between them.
Base Chain is the technological backbone of Base Dawgz, offering a robust foundation for its multi-chain functionality. This approach enables faster transactions, lower fees, and enhanced security across all supported blockchains. Users can enjoy a smooth and efficient experience regardless of their chain.
Potential investors have exciting news: Base Dawgz is launching a “Be Social for Airdrop” campaign. By engaging with their social media networks on X, users can earn $DAWGZ tokens. This unique opportunity allows early supporters to get involved and potentially earn significant rewards before the official launch.
Staking $DAWGZ is the best way to make some extra cash while you wait for the presale to end 🤑
If you're chasing nirvana or an active thrill-seeker, this is for you. pic.twitter.com/ggM1ibSgZd
— Base Dawgz (@BaseDawgz) July 22, 2024
While specific partnerships are still being finalized, Base Dawgz’s multi-chain strategy opens up endless possibilities for collaboration. The project’s innovative technology and growing community make it an attractive partner for established blockchain projects and emerging DeFi platforms. Early investors could benefit significantly from these future partnerships and ecosystem expansions.
The ongoing presale has already raised an impressive $2.68 million, with $DAWGZ currently trading at $0.006725. This strong start indicates investor confidence and sets the stage for a successful launch. Early supporters have a unique chance to secure their position in what could be the next top meme coin in crypto.
4. Convex Finance (CVX)
Convex Finance (CVX) is gaining attention as a notable DeFi altcoin. It has established support at the significant $2 level. Despite resistance around the 50-day EMA, CVX’s recent performance suggests a trend reversal. Over the past week, CVX has increased by 19.80%, indicating a bullish trend in the MACD indicator. This trend suggests a potential breakout, making CVX an appealing DeFi altcoin if it surpasses the trend line resistance, potentially reaching $5.50 for an expected 120% rise.
Convex Finance is a DeFi protocol that allows Curve liquidity providers to earn a share of trading fees on Curve without directly staking their liquidity. LPs can receive enhanced CRV and liquidity mining rewards by staking with Convex. The project team highlights that this process offers CRV stakers better capital efficiency.
Unquestionably, an interesting use case has emerged for the $CVX token from @protocol_fx. https://t.co/M3MOm6WUaL
— Convex Finance (@ConvexFinance) July 19, 2024
In the past week, CVX’s price increased by 19.80%. Currently, CVX’s total market cap is about $267 million. Over the last 24 hours, the price surged by 18.65%, reaching $2.75 at 04:00 a.m. EST. During this period, trading volume soared by 206.79% to $43.54 million. The CVX price trades well above the 50-day and 200-day Simple Moving Averages (SMAs), breaking through resistance levels at $2.57.
5. Maneki (MANEKI)
The cat-themed meme coin MANEKI, with a market cap of $82.02 million, has increased by 55% over the last two weeks. This upward trend continued this week, beginning with an intraday rise of more than 4%. MANEKI’s price moved above the secondary resistance trendline on the daily logarithmic price chart. Following this, an intraday drop retested the broken trendline, hinting at a potential post-retest increase in the coin’s value.
Currently trading near the 38.20% Fibonacci level at $0.0085, the coin has hinted at surpassing the $0.010 psychological mark. If this occurs, the critical resistance trendline could be challenged near the 61.80% Fibonacci level at $0.014.
Today, the Solana-based meme coin Maneki (MANEKI) experienced a significant 20% price surge during early U.S. trading hours. This notable increase follows a crucial listing update, boosting investor confidence and excitement.
The recent rally of Maneki is mainly due to its listing on the prominent crypto exchange, Bybit. Bybit announced that the “MANEKIUSDT Perpetual Contract is now live on Bybit,” drawing investor attention to the crypto.
The Two-Day MANEKI Cards Burn has concluded, surpassing 15 million $MANEKI in proceeds!
With the Tesla Cybertruck unclaimed, we bought 15 million $MANEKI worth $120,000 off market and added it to the burn wallet, totaling 30 million $MANEKI burned!
burn tx:… pic.twitter.com/1aPeufMwFK
— MANEKI (@UnrevealedXYZ) July 21, 2024
The announcement states that the listing allows traders to use leverage ranging from 1 to 12.5 times with the MANEKI token. This offers investors expanded trading opportunities, potentially increasing their gains.
This development is a significant milestone for MANEKI, enhancing its accessibility to a wider audience and integrating it into a platform known for high trading volumes. Support from major exchanges is often seen as a strong endorsement within the crypto community, reflecting the token’s growing acceptance and legitimacy.
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