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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 $65K to $66K, and Ethereum (ETH) is striving to reach $3,600, 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. Lido DAO (LDO)
Lido DAO (LDO), a Decentralized Autonomous Organization, has experienced a significant price increase in the last 24 hours, following a bullish trend. On Wednesday, the altcoin was valued at $2.36, showing a robust 15% rise during the US trading session.
Data from CoinMarketCap reveals that Lido DAO’s token saw a notable spike in trading volume, jumping over 31% to roughly $309 million. Additionally, its market capitalization surged by about 15.83%, reaching around $2.12 billion. This increase moved LDO to the 43rd position in market cap rankings.
Over the past week, Lido DAO’s price has risen by more than 27%, fueled by growing investor interest and positive market sentiment. LDO has been trading between $1.82 and $2.39, indicating increased trading activity. In the last 30 days, LDO has experienced an overall rise of approximately 36%, demonstrating a bullish trend.
Lido DAO is one of the top gainers, showing a notable uptrend that could mark the start of a bullish period. If it continues, this positive momentum may soon break the $3 resistance level. A sustained rise could push its value towards $4, hoping to reach $5 in the forthcoming bullish cycle.
2. Ethereum Name Service (ENS)
Despite increased market volatility, the price of ENS has risen by 15.46% in the past day, with a 34.59% increase in trading volume. Over the past month, this Ethereum-based token has surged by 82.75% and has a year-to-date return of 158.21%.
The ENS Simple Moving Average (SMA) shows a strong upward trend on the price chart, indicating positive price action for the Ethereum Name Service token this week. Additionally, the Relative Strength Index (RSI) has retested its neutral point, pushing ENS closer to its overbought range.
Moreover, the SMA shows a bullish trend on the price chart, signaling a positive outlook for the altcoin soon. If the market keeps the ENS price above the resistance level of $26.50, the bulls will aim to test the critical resistance level of $30.
That wraps up another great week in the ENS ecosystem!
Your support means a lot to us and we're eager to bring you more updates soon 🤝
— ens.eth (@ensdomains) June 14, 2024
Santiment’s data shows that ENS’s total open interest increased by 27% in the past day, rising from $60.32 million to $76.45 million. When open interest surges suddenly, it often leads to higher price volatility due to more liquidations. Detailed analysis reveals that the Ethereum Name Service price has moved above the Ichimoku cloud, indicating a bullish trend. The cloud ahead turning green suggests that this bullish trend might continue.
Additionally, the MACD (Moving Average Convergence Divergence) line is above the signal line, supporting the bullish trend. Positive histogram bars further confirm this bullish momentum. At the time of writing, Ethereum Name Service was trading at $25.91, up by 13.22% in the last 24 hours.
3. Conflux (CFX)
Conflux Network (CFX) is a fast layer-one blockchain that uses proof-of-work and proof-of-stake mechanisms. Based in China, it complies with local laws, earning the nickname “Chinese Ethereum.” The CFX token has multiple uses, including being a store of value and for governance. Additionally, staking CFX tokens can generate passive income in the form of more CFX tokens.
Recently, Conflux’s price has been rising along with Bitcoin’s approach to the $70K mark. However, sellers are now active and trying to prevent further price increases in the near future. Despite this, the recent introduction of a spot Ethereum ETF may positively impact Chinese crypto tokens, potentially leading to a significant increase in the CFX price soon.
Conflux aims to enhance its global presence by establishing offices in Dubai, Europe, and other regions. This expansion could boost the popularity of the Conflux Network token and its blockchain in 2024 and beyond.
🚀 NFT in China, on #Conflux we build! 🌐🎉
🪁 Princess Mononoke is an anime film directed by Hayao Miyazaki. The cymirror has collaborated with Conflux to launch digital collectibles of Princess Mononoke's hand-drawn original artworks, reminiscing their wonderful childhood with… pic.twitter.com/rvyN2WjmLk
— Conflux Network Official (@Conflux_Network) June 17, 2024
Moreover, Conflux Network is committed to educating Chinese artists on using its platform for NFTs throughout 2024. They are also promoting existing projects on the network, such as ConFi’s Friends and the MEI PROJECT sneakers, which have successfully introduced NFT-themed products. This initiative might increase the demand for CFX tokens in the Chinese market.
4. Base Dawgz (DAWGZ)
Base Dawgz ($DAWGZ) raised $200,000 on its first day and reached $1 million within a week. It then secured $1.6 million during its presale. The token, $DAWGZ, is gaining attention in the crypto community and aims to lead the Base chain as the top meme coin. The price of $DAWGZ, initially $0.00527, increased by 5% to $0.005271 in under six days.
Base Dawgz has all the features of a successful meme coin. Its integration into the fast-growing Base chain suggests it might see a significant rise when listed on exchanges. The coin’s popularity is likely boosted by its share-to-earn protocol, which rewards supporters for promoting $DAWGZ through social content.
Dog-themed meme coins are trendy in the crypto market. Examples include Dogecoin ($DOGE), Shiba Inu ($SHIB), Dogwifhat ($WIF), and Floki ($FLOKI). These four coins alone represent over $35 billion of the $51 billion market capitalization of all meme coins. Additionally, they have all performed well since the start of the year.
Base Dawgz’s Shiba Inu mascot significantly boosts its appeal and popularity, capturing the essence of virality. Additionally, Base Dawgz is building a solid community through its soon-to-be-launched share-to-earn feature. This feature will allow users to earn points by sharing content on social media, which can be exchanged for $DAWGZ tokens after the presale.
These aspects position Base Dawgz as a leading meme coin, potentially surpassing other popular options. The funds raised demonstrate substantial community support, suggesting a high likelihood of success. Investors are encouraged to purchase tokens now during the presale to gain an early advantage.
5. Mog Coin (MOG)
Mog Coin stands out for its engaging, community-driven features and playful branding. This meme coin uses its lively community to offer an interactive crypto experience. Additionally, Mog Coin supports cat rescues and other charitable causes, adding a layer of social good to its humor. The token has experienced steady growth and is expected to increase in value as its ecosystem expands and develops.
The price outlook for Mog Coin is positive, though some analysts predict a temporary dip from current levels. With a market capitalization of just $315.93 million, there is potential for further growth, especially given the strong buying interest reflected on the price chart.
Last month, Mog experienced substantial gains, and its price surpassed the resistance zone established during the March rally. Additionally, the price saw a notable increase of over 20% in the past 24 hours. The overall outlook for Mog Coin remains positive.
Moreover, consolidation could strengthen the bulls, but a drop in Bitcoin below $65k might negatively impact market sentiment. MOG’s price has ranged between $0.000001164 and $0.00000154. However, if MOG does not maintain a level above $0.000001300, bears might take over.
The MOG cryptocurrency has seen a significant rise in volume, resulting in increased volatility and price instability at the supply level. Nonetheless, sustained high demand could push MOG’s price higher.
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