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Next Cryptocurrency to Explode Wednesday, 23 August – Sonik Coin, Shiba Inu, dYdX

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Shiba Inu SHIB
Shiba Inu SHIB

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On Wednesday, the global crypto market continued down the bear path as its market capitalization slipped by 0.09%. The market’s Fear and Greed index is down to 34, indicating strong fears among investors. While the market capitalization is low, the trading volume over the last 24 hours rose by 24.73%. The result of the increased trading activities was an increased number of gainers. However, their gains were expected low.

The stock market attempted to stage a comeback on Tuesday but failed to hit the mark. As we reported on Tuesday, US Treasury yields rose to a 16-year high. The rise followed fears that interest rates may remain high for a long time. The development also kept the US on the high side.

The global market is waiting for clues from policymakers regarding interest rates. Policymakers from the Federal Reserve, the Bank of England, the European Central Bank, and the Bank of Japan are scheduled to meet later this week. They will address important issues at the annual Jackson Hole conference in Wyoming.

The Chairman of the Federal Reserve, Jerome Powell, may give hints on interest rates staying high. It is a move to ensure that inflation gets down and stays down.

Next Cryptocurrency to Explode

Whatever the disposition of policymakers, crypto traders will have to determine their course at this point. The crypto market needs a lot of push for a protracted time to shake off the bear trend.

1. Sonik Coin (SONIK)

Sonik Coin has raised over $340,000 from investors to become the fastest cryptocurrency to achieve a $100 million market capitalization. Achieving this will confirm SONIK as the next cryptocurrency to explode. While not directly related to Sonic the Hedgehog, Sonik Coin draws inspiration from the meme culture and the iconic status of Sonic in the gaming-internet zeitgeist. The presale campaign has gathered a substantial sum of $347,132, and with less than two weeks remaining, the presale is nearing its conclusion.

Like other meme coins, SONIK aims to harness its viral potential, a feat hinted at by its visually appealing website artwork. Notably, SONIK stands out as a meme coin that offers token holders the practical advantage of earning staking rewards. To access the stake-to-earn utility of SONIK, token holders merely need to deposit their tokens into the staking smart contract.

Many early investors actively participate by immediately staking their newly acquired tokens, even before the presale concludes. According to the Sonik staking dashboard data, approximately 11,434,202,900 tokens have been staked out of 299,792,458,000.

The peculiar total token supply figure of SONIK corresponds to the speed of light, 299,792,458,000 meters per second, a creative touch that aligns with the project’s theme. The allocation breakdown includes 50% for the presale, 40% for staking, and 10% for exchange liquidity. Around 7.6% of the total presale token allocation has already been staked.

The project aims to raise $2,098,547 with a token price of $0.000014. The current fundraising total of $307,000 constitutes 14% of the hard cap goal, showcasing a significant proportion of buyers engaging in staking activities. The presale is approaching potential sellout status at its current rate, underscoring the demand.

SONIK staked in the smart contract are locked for at least seven days, and staked tokens continue to yield rewards throughout their staking period. There’s no need to pre-determine the staking period; users can withdraw from the pool after the minimum seven-day lock period.

SONIK staking rewards are distributed at 9,125 SONIK tokens per Ethereum block over four years. The earnings are influenced by the share of the staking pool held and the duration of the staking.

In addition to passive income from staking, investors can capitalize on capital appreciation as the coin’s price increases, thus magnifying the staking rewards’ value.

Sonik Coin exhibits substantial upside potential, given its relatively low market capitalization of $2,098,547. Moving from $2 million to $100 million entails a gain of 4,665%, well within the realm of possibility for a meme coin like SONIK.

Investing $1,000 in SONIK could yield significant returns, reaching $50,000 or even $100,000 if Sonik Coin experiences a 50x or 100x increase for its presale buyers.

The website’s delightfully meme-friendly characters offer a glimpse into the exciting creative possibilities that artists can explore with Sonik and its companions.

2. Shiba Inu (SHIB)

Shiba Inu has witnessed a 4% surge within the last 24 hours. This upward movement in SHIB’s price follows Shibarium, Shiba Inu’s Layer-2 network’s announcement regarding its upcoming relaunch with improved features. The network has conveyed its readiness to reopen its services to the public.

As of the present moment, SHIB is being traded at $0.000008271. Shibarium, which encountered initial challenges in the previous week, is poised to reintroduce itself with a revamped monitoring system and other enhancements designed to manage high levels of user traffic effectively. In a blog post on Tuesday, the enigmatic Shiba Inu developer, Shytoshi Kusama, detailed that after thorough testing and parameter adjustments, Shibarium has undergone optimization and improvement.

Kusama explained, “As mentioned, it is still in testing, but producing blocks. Moreover, we have enabled a new monitoring system and additional fail safes including rate limiting at the RPC level and auto server reset in case we get a huge level of traffic again.”

SHIB price chart

Shibarium, an Ethereum layer-2 network backed by SHIB tokens, aims to establish itself as a significant player in the blockchain sector. By concentrating on applications within the metaverse and gaming realms and furnishing a cost-effective settlement solution for DeFi applications, Shibarium aspires to showcase the extensive potential of the Shiba Inu project beyond its origins as a meme coin.

Kusama emphasized, “Ensuring impeccable security measures while scaling and testing the network has been our core focus. Once more validators join the network and testing concludes, we will gear up for another phase of public availability.”

The developer also unveiled their plan to execute the ShibPaper, an exhaustive blueprint encompassing the entirety of the Shiba Inu project and its extended strategy for achieving full decentralization. All these innovations and updates come together to fast-track Shiba Inu’s progress as the next cryptocurrency to explode.

3. dYdX (DYDX)

New data has initiated conversations within the cryptocurrency about the DYDX token. Emerging reports indicate that a crypto whale has successfully transferred more than 500,000 DYDX tokens to Binance. The transfer was estimated at approximately $1 million. 

This occurrence is not an isolated event. Over the last three months, the same whale has moved about 1.12 million DYDX tokens from various exchanges worth an astonishing $2.43 million.

DYDX price chart

Movements of such magnitude often carry significant implications, potentially signaling strategic adjustments to portfolios or shifts in overall market sentiment. Monitoring these sizeable transactions offers invaluable insights, presenting the possibility of identifying potential investment prospects.

DYDX currently sells at $1.99, with a trading volume of $46.4 million in the last 24 hours. It is one of the assets that bulls hope to consolidate to tilt the market.

4. Astar (ASTR)

Astar Network is a platform that empowers developers in building decentralized applications and layer 2 solutions. It achieves this by offering interoperable Web3 infrastructure, financial incentives, incubation programs, and technical assistance. The primary aim is to cater to developers’ various needs by supporting Ethereum Virtual Machine and creating a parachain that enables the coexistence and interaction of EVM and WebAssembly (WASM) smart contracts.

Astar Network bridges the Polkadot ecosystem with various layer 1 blockchain like Ethereum and Cosmos. Operating as a Polkadot Parachain, it has been designed as a versatile Polkadot decentralized application hub that facilitates DeFi, NFTs, DAOs, and more, allowing developers to shift their focus from infrastructure concerns to application development.

ASTR price chart

This project, enjoying support from prominent entities such as Binance Labs and Coinbase Ventures, functions across two layers. The first layer is built upon the Substrate framework, while the second leverages the Optimistic Virtual Machine (OVM) for enhanced scalability.

The ASTR token, the platform’s native token, is currently up by 10.41% and selling at $0.06578 as of this publication. The sheer speed of its movement makes it the next cryptocurrency to explode.

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