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China has pledged to set up support for its struggling economy. The decision made Asia stock markets rise sharply on Tuesday as traders got excited. The Asian stock market has now broken a losing streak that lasted for the last 3 days. The current 1.5% gain on Tuesday is so impressive on the market that it gives signs of more up-trend.
Meanwhile in Argentina, weaker peso exchange rates have been introduced. This is a move to help the country meet up with a $44 billion agreement it has with the International Monetary Fund. The rates will help improve the state of Argentina’s export as farmers can sell their produce at 340 pesos to the US dollar. In all, the government is moving to avoid slipping into a costly currency devaluation.
While stocks are high, traders are still waiting for the decision of top central banks. The US Fed and the ECB will determine many policy directions once they make their next rate decision known.
The crypto market has slipped again today by 1.88% at the time of this report. But the market’s trading volume rose by 38.78% in the last 24 hours. A lot of assets are in the red for various reasons. It is hoped that the market will rebound soon as economic meetings are on the way.
The Next Cryptocurrency To Explode
As speculated, traders may be on the sideline, waiting for policy directions before making decisive moves. But the increased trading volumes point to massive activities, just devoid of new inflows.
1. BTC20 (BTC20)
It looks like the optimism that always greets Bitcoin is fading as it struggles to take its kingly position. There have, therefore, been increased concerns about the coin’s future while many investors seek alternative crypto assets to invest in.
This is where BTC20, the next cryptocurrency to explode, comes in. BTC20 comes with compelling attributes for a futuristic token that are worth taking a deep look at.
For starters, BTC20 is a project looking to rewind the glory days of when crypto started. It wants investors to re-live the cheapest days of Bitcoin when it sold at just $1. Most importantly, this is done on the Ethereum blockchain. By doing that, this new chain combines the technology of Ethereum with the tokenomics strategy of Bitcoin to become the most revolutionary token since those two.
The main goal of BTC20, therefore, is to recreate the glory days of Bitcoin’s rising while it runs on a PoS mechanism. By building on Ethereum, BTC20 is then compatible with other infrastructure compatible with Ethereum. These include wallets and ERC-20 tokens. It also makes it possible for the token to seamlessly integrate with decentralized apps which is not possible with Bitcoin.
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Another important feature of BTC20 is the staking mechanism it offers. It is a means to get token holders to earn income passively. The staking system is built on a PoS protocol that is energy-efficient and impacts the environment positively.
The staking platform has been insured with 14.95 million BTC20 coins locked away. Users are, thus, encouraged to stake their tokens on the network. They also know that their reward percentages increase as their stakes increase.
Just like it is with the actual Bitcoin network, users receive rewards automatically once new blocks are validated.
BTC20 decided to get into the market through a presale. An excellent choice for a platform that is building a community-focused ecosystem. Just Bitcoin, BTC20 minted 21 million coins and put up 3 million to be sold at the first phase of its presale. Another 3.05 million tokens will be opened at $1/token once the first phase is sold out. This will make it a total hard cap of $6.05 million for the presale.
The funds raised during the presale are important to bring the BTC20 vision to life. As of the time of this writing, the presale has raised more than $1.8 million. Traders and investors who are yet to get a stake in the next big cryptocurrency to explode should take advantage of the renewed Bitcoin opportunity.
2. Maker (MKR)
Maker has sufficient trappings for the next cryptocurrency to explode. The asset has gained at least 53.5% in the last 30 days and it is still seeing more surge now. It has also been the token with the highest daily gain for almost a year now. A number of factors are responsible for the asset’s surge and they can only be hoped to be sustained.
MakerDAO, the platform responsible for issuing MKR and DAI tokens, revealed a new roadmap two months ago. The upgrade it calls “Endgame” consists of a new blockchain. Rebrand plans, and two new tokens that feature more functionalities.
Its co-founder, Rune Christensen, said the main component of the new upgrade involves incentives. They are said to be programs to encourage interactions and participation in the governance system. All these will be based on a new blockchain that will be bridged to Ethereum. In essence, users will be able to initiate hard forks if there is an abuse or power attack.
But it would be quite simplistic to ascribe MKR’s price surge to the proposed plan. This is basically because the asset’s price maintained stability for more than 30 days after the announcement.
According to analysts, it looks like some venture capital movement with MKR also contributed their quota to its surge. Paradigm Capital was said to have moved some of its MKR holdings in March. Another venture capital firm, A16z, has also been cutting down its holding for some weeks. It is quite difficult to determine their sell pressure, however.
It seems Maker is properly positioned to maintain its current rally. This is because there is a buyback mechanism in place to mop up MKR. The co-founder, Christensen, also made a commitment to adjust his personal crypto holdings to have more MKR increases investors’ confidence.
3. Shiba Inu (SHIB)
There are lots of speculations that Twitter’s rebranding to X may cause new interest in memecoins. Shiba and Dogecoin, to be precise. No doubt, Dogecoin began to rise on Monday as soon as the rebranding went live. Elon Musk’s support for Dogecoin fueled wide speculation, and Shiba Inu would simply benefit from it to become the next cryptocurrency to explode.
Shiba Inu has an active ecosystem with decentralized apps like Shibarium, Shi Metaverse, and Shibanet which is still under development. Because of superior tech power, Shiba Inu may be better positioned to be integrated with Twitter when it fully embraces crypto.
Furthermore, the SHIB token could be driven and gain more utility through partnerships. Dogecoin, on the other hand, may not be really ready to take on the demands ahead of it. It is not sufficiently equipped, for now, to take advantage of the trends in Web3. This is where Shiba Inu’s more advanced roadmap comes in.
According to charts, Shiba Inu has shown more stability than some memecoins even as it tries to navigate its way out of a bearish condition. Now selling at $0.000007799, traders anticipate for the price to hit $0.000009. This would give assurance that the token is about to set out on a bull run while taking advantage of current trends.
4. GMX (GMX)
Despite the crypto market’s slump, GMX remains one of the most efficient decentralized finance platforms. But it had a number of flaws in its initial v1 state which necessitated the launch of its v2. The upgrade to v2 is the major reason for the protocol’s native token surge and why is the next cryptocurrency to explode.
The issues with the first version of the GMX network hindered it from being adopted widely. Part of the issues were high transaction fees, a small number of trading pairs, and fewer transaction fee options. Version 2 aims to remove these obstacles and create a turnaround in the protocol’s development.
Version 2 has an important improvement that helps it solve transaction fee issues and address scalability issues. This is especially when it has to do with LPs that trade risky assets. Streamlining these processes, v2 is going to create an easy trading experience for all users.
Importantly, the growth potential of GMX v2 is more promising than ever. Analysts share the opinion that the latest version will narrow the gap between GMX and other DeFi platforms. GMX’s strategy includes maintaining its token handling but with a slight change. There will be a 10% deduction from its charges on integration with Chainlink.
This move is said to potentially put GMX on the path of long-term growth in the DeFi space.
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