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.This analysis offers traders valuable insights into assessing the growth potential of different tokens. Several tokens are showing upward trends, indicating promising investment opportunities.
The crypto market is experiencing a lull with the overall market cap and trading volume in the red zone. Nonetheless, this outlook is expected to change with the newly formed alliance by major crypto market player, Ripple, Hedera and Algorand. The collision termed “DeRec Alliance” aims to transform Web3 digital asset recovery.
News of this development has received wide attention, with investors rushing to update their wallets. Moreover, digital assets such as Injective, Monero, and Chiliz are printing gains, showcasing favourable trends amidst the market downturn.
Top Crypto to Invest in Right Now
Chiliz has teamed up with SBI Holdings to bring fan tokens to Japan. Concurrently, it has also joined forces with Azuro to boost the adoption of on-chain sports prediction markets. Meanwhile, SMOG is in its third phase, conducting an airdrop campaign named Season 2 of the Smog airdrop, drawing in thousands of new holders and distributing SMOG to investors in other popular meme coins. Additionally, AKT is currently priced at $5.99, showing a notable intraday surge of 5.12%, indicating strong buying interest.
1. Akash Network (AKT)
Akash Network is positioned as a decentralized cloud platform that aims to provide an alternative to traditional cloud services. This shift could potentially lower costs and boost user efficiency. The platform has consistently upgraded its features, including better GPU support and validator commissions.
This demonstrates a strong commitment to staying technologically advanced and satisfying users. Furthermore, the recent launch of Akash ML indicates a focused effort to tap into the growing AI development market.
As of the latest trading data, the AKT is priced at $5.99, showing a notable intraday surge of 5.12%, which reflects strong buying interest. The sentiment for Akash Network’s price prediction is currently bullish, with the Fear & Greed Index at 53, indicating a neutral sentiment overall.
The open-source AI space is growing by the day.
Akash stands for permissionless access to compute — and welcomes all projects building towards a more open, self-sovereign future.
Check out @TryVenice for generative AI inference on the leading open-source models. https://t.co/QURAGrRmt1 pic.twitter.com/KQblXRGqyi
— Akash Network (@akashnet_) May 10, 2024
The token trades above its 200-day simple moving average, a positive sign indicating an upward trend. Based on its market capitalization, it has also shown good liquidity.
Furthermore, the token has demonstrated robust bullish momentum and appears poised for further gains. Its ongoing developments and strategic initiatives suggest a proactive approach towards technological leadership and market capture.
2. Fantom (FTM)
Fantom (FTM) is a cryptocurrency that enhances interoperability between various transaction platforms. It leverages a smart contract platform called Direct Acyclic Graph (DAG) to improve transaction throughput. FTM’s current value stands at $0.7262, having experienced a minor intraday decline of 1.73%.
Over the past week, the token increased by 3.09%. Despite short-term fluctuations, if Fantom maintains a value above $0.7090, it could potentially reach $1 in the coming weeks. Presently, FTM is trading significantly higher than its 200-day Simple Moving Average (SMA) of $0.420010, indicating strong market performance.
Furthermore, it has shown positive growth compared to its initial token sale price and boasts high liquidity based on its market capitalization. This liquidity is supported by a growing investor base, suggesting promising long-term value prospects. The project has garnered investor confidence, which is expected to stabilize its value even during market downturns.
1/ "Growth across many key metrics in Q1, a testament to [what] Fantom and its ecosystem have accomplished."@MessariCrypto's Q1 '24 report on #Fantom covered our ecosystem growth, including:
📈 DeFi TVL increase
💹 DEX volume increaseLet's explore what the report said 👇 pic.twitter.com/zjkL5Aj7QX
— Fantom Foundation (@FantomFDN) May 9, 2024
Moreover, increased positive market activity is anticipated to drive FTM’s value up to $1.45 soon. This potential growth is driven by the project’s goals of improving cross-platform transaction efficiency and its backing by a robust investor community.
3. Smog (SMOG)
The recent surge in SMOG‘s price reflects the growing interest in meme coins despite recent market fluctuations. Its success can be attributed to its unique strategies, including allocating a significant portion of its tokens for airdrops and implementing a multichain approach connecting the token to Solana and Ethereum blockchains. Support from influential figures and active on-chain participation have also contributed to investor confidence.
Just joined the #SMOG #Airdrop Season 2? 😎🐉
Desperate to get more XP in the bag?
Well – just start trading $SMOG! 💸
Either on:
🌐 @MEXC_Official – https://t.co/aYGh32y696
🐦 @birdeye_so – https://t.co/rrS2pI9Qz8Show the community you’re ready to be the Top #Dragon! 🔥 pic.twitter.com/lsxLjU8Njd
— SMOG (@SMOGToken) May 11, 2024
Currently, SMOG is in its third phase, running an airdrop campaign called Season 2 of the Smog airdrop. Users are encouraged to buy, trade, and complete community quests to earn XP and receive SMOG tokens. This initiative has attracted thousands of new holders and distributed SMOG to investors in other popular meme coins like Samoyedcoin (SAMO).
While SMOG benefits from being on Solana, its creators are also expanding their reach by deploying the token on Ethereum. This dual-chain strategy allows SMOG to tap into both ecosystems’ liquidity and user base, setting it apart from many other meme coins.
Furthermore, the token’s roadmap includes plans for a burn protocol that could potentially accelerate its growth. Moreover, SMOG appears well-positioned to take advantage of the increasing interest in meme coins among investors.
The project’s ability to bridge multiple blockchains and engage users through airdrops and community activities highlights its potential for exposure and adoption in the competitive meme coin space.
4. Monero (XMR)
Monero is a privacy-focused cryptocurrency that prioritizes anonymity and security in transactions. Unlike Bitcoin, which operates on a public ledger, Monero uses advanced cryptographic techniques to conceal sender and recipient identities. This makes tracing Monero transactions much more challenging than other cryptocurrencies.
Moreover, Monero was launched as a fork of Bitcoin, aiming to provide enhanced privacy features. To achieve its privacy objectives, it employs the CryptoNote protocol. One notable aspect of Monero is its resistance to ASIC mining, which ensures a fairer playing field for miners and reduces the dominance of large mining operations.
Recently, Monero has seen increased attention due to developments within its ecosystem. The closure of LocalMonero, a peer-to-peer trading platform for Monero, has raised concerns amid government scrutiny.
This has contributed to mixed sentiment in the community, which is reflected in recent price fluctuations. Despite a minor decline in its 24-hour price, Monero has shown resilience with a positive trend over the past week.
Analysts speculate that potential partnerships with other protocols could drive Monero’s price upward, possibly exceeding $400.28 soon. By the end of 2024, the average price projection for Monero stands around $362.52, assuming favorable developments and market conditions.
5. Chiliz (CHZ)
Chiliz has recently partnered with SBI Holdings to introduce fan tokens to the Japanese market. This move aims to enhance the sports experience for Japanese enthusiasts by enabling them to participate in governance through token-based voting and engaging activities on the platform.
The strategic partnership with SBI Holdings, which boasts millions of customers, reflects a promising future for Chiliz. Through this collaboration, SBI’s CEO, Fernando Luis Vazquez, expressed interest in enhancing Japan’s sports and entertainment sector.
Furthermore, Chiliz boasts over 82 fan tokens and has established global partnerships with 150 sports organizations. Operating through Socios.com, which integrates a Web3 wallet and an engagement platform, Chiliz is poised to expand its reach significantly with the SBI partnership, particularly in Japan.
We're excited to announce Azuro and Chiliz will work together to boost adoption of onchain sport prediction markets 🤝@azuroprotocol enables developers to build applications that feature sports prediction functionality.#ChilizChain ⚡ $CHZ pic.twitter.com/84NKONyHNr
— Chiliz ($CHZ) – The Sports Blockchain ⚽🏆 (@Chiliz) May 9, 2024
Additionally, Chiliz has collaborated with Azuro to drive the adoption of on-chain sports prediction markets. This partnership aims to introduce fair and transparent prediction apps, allowing fans worldwide to support their favorite teams and athletes further.
Despite a recent price decline, Chiliz has demonstrated resilience with a weekly surge and a notable increase over the past year. The sentiment around Chiliz’s price prediction is currently bullish, indicating positive investor sentiment. Trading above its 200-day simple moving average and with high liquidity based on market capitalization, Chiliz remains one of the best cryptos to buy now.
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