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Which are the next cryptocurrencies to explode? With over $2 billion in crypto tokens unlocked and reserved for the first quarter of 2024, many are concerned that inflation will cause instability across the market.
Typically, cryptocurrency unlock events result in inflation. Consequently, investors' confidence in the future potential of the market often decreases. However, the overall market outlook this season remains optimistic.
The next cryptocurrency to explode
Today's analysis reveals some tokens with the potential to become the next cryptocurrencies to explode. Check out the sudden rise of Powerledger and the recent performance of TON. Additionally, it includes a review of Bitcoin Minetrix. As the market approaches the BTC halving event, it is best to hold on to a portion of the tokens that would rise with the event. Fortunately, this is what BTCMTX seeks to achieve.
1. Powerledger (POWR)
Like BONK, POWR appears to be recovering from a multi-year slumber. The token embarked on a surprising upward trend in the second quarter of 2023 and, in the third quarter, it recovered.
POWR's rally coincides with all the optimism in the cryptocurrency market, giving it a total of 365% gains over the past 52 weeks. Today, the token recorded gains of over 10% in the first few hours of its intraday performance and, at the time of this publication, saw an increase of over 120% in trading volume.
More importantly, Powerledger, as the name suggests, focuses on decentralizing the energy market. Its goal is to provide access to market-driven networks where consumers fully control the energy they consume.
It also ensures that a more significant share of the energy consumed globally comes from clean and renewable sources. The emerging technology has recently received increasing recognition and adoption. However, it is still quite ahead of its time, as the world does not seem to be ready for distributed energy.
๐ Proof of stake in blockchain: where energy efficiency lies #scalability, decentralization fosters inclusion and security is at the heart of innovation. Explore more about our PoS blockchain https://t.co/cZW5fCKCje#ProofOfStake #BlockchainInnovation pic.twitter.com/s1wcF1YrSI
- Powerledger (@PowerLedger_io) January 2, 2024
However, as the world becomes more receptive to the idea and cryptocurrencies become mainstream, assets like POWR are well-positioned to take over the sector. Additionally, POWR technical indicators indicate that investors can still capitalize on its short-term trends as its RSI remains neutral and all of its moving averages indicate bullish trends.
2. SPONGE V2 (SPONGE)
SPONGE has earned high esteem from degen investors since it printed its impressive ATH after the release of its V1. If you own SPONGE, it's time to step up and earn more. The project recently launched V2, allowing investors to accumulate their tokens in search of new opportunities.
Apparently, with the success of V1, the Sponge team and its community showed the world that they are capable of offering winning assets to the crypto community. It had a market capitalization of more than $100 million, giving investors a return on their investment of more than 100 times. Now, the project offers investors the opportunity to obtain a reward that could be many times higher than the value of V1.
One of the unique features of Sponge V2 that is not present in V1 is the opportunity to enter the game to win a game scheduled for a period after its release, according to its roadmap. With the utility function, the possibility of increasing the value is much greater.
๐ Did you miss the 100x success of Sponge V1?
With an even bigger campaign to #SpongeV2We come back stronger than ever! ๐ช
Hurry up and bet your $SPONGE chips today! ๐ฅ$SPONGE #Crypto #CryptoBet pic.twitter.com/QIo0RMz4LT
โ $SPONGE (@spongeoneth) January 6, 2024
In addition, the community currently has 13,000 owners thanks to the success of V1. Therefore, version 2 will be based on the V1 community share size. As of this writing, more than $2 million has been staked on the V2 launch. The pre-sale page has a guide on how to participate in staking.
3. Toncoin (TON)
Toncoin is finally recovering after a price crash that took about 8% off its price. However, it makes up for the lost ground with gains of over 4% today, pushing the TON price to $2.20.
Furthermore, current market data for the token indicates that the rally may not be over yet. Based on its technical analysis, the token's oversold RSI value of 46 will likely continue its uptrend.
Apart from its RSI value, other oscillators also print neutral or bullish readings, except its MACD value, which appears bearish. On the other hand also. Their long-term moving averages reveal that the bulls will continue to have the upper hand. The current price of TON is trending below its 200-day and 100-day moving averages, showing that long-term holders are willing to hold on to the asset.
2023 was truly a historic year for #TON. We broke world records, formed industry-changing partnerships, and brought together the best Web3 developers for meetups around the world! ๐
Let's take a quick look at some of the key moments๐งต pic.twitter.com/XxI7ht9OKZ
โ TON ๐ (@ton_blockchain) January 5, 2024
Furthermore, by looking at the fundamental activities in its community, Toncoin recently established a relationship to bridge the gap between cryptocurrencies and traditional financial systems.
Investors hope that the partnership will increase the value and demand for the TON token in the future. As the year progresses and TON continues to roll out its initiative, the growth rate and potential it has may surprise investors. Ultimately, TON should be on every investor's watch list.
4.GMT (GMT)
GMT, also called Green Metervers Token, has been on an uptrend since the beginning of Q4 2023. Recently, the token started performing so well that investors may want to keep an eye on it. In the last 24 hours it accumulated a price increase of more than 66%.
GMT is FSL's native token, according to its CoinMarketCap page. It serves as a reward for community participation and boosts the economics of the project.
GMT trading volume increased by over 900% today, with over $950 million of GMT changing hands today. Is GMT the next cryptocurrency to explode? GMT's technical data reveals that it has strong potential for good results in the coming months.
However, its Relative Strength Index shows that investors might have to prepare for a short-term reversal due to its high value of 69. In addition to the high RSI reading, most indicators applied to the GMT market data reveal that the token still has a chance of registering an uptrend in the coming days.
On the contrary, the circulating supply of GMT may be one of the factors that would derail its chances of becoming the next cryptocurrency to explode. Currently, less than 50% of its total supply is in circulation. It means that future token releases may influence its performance. Fortunately, the project combats the possibility of inflation by limiting its token supply to 6 billion tokens.
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