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The crypto market once again lost tangibly on Thursday. It seemed to be on the verge of making an ascent on Wednesday with the gains it made. The market capitalization rose by more than a percent, as seen in our previous next cryptocurrency to explode post.
There are speculations that the crypto market is affected by events on the macro-economic scene. Stocks and the US Dollar have slipped as the Consumer Price Indexes from China, and the US are expected. The inflation report for July will give more clarity on what steps to be taken next.
Investors will closely monitor what the US Federal Reserve releases and the Fed Chairman’s speech after. Inflation is expected to rise further.
The country’s inflation has been above the Federal Reserve’s 2% mark for a long time. The inflationary situation and the tight job market both suggest that the Feds may continue to raise interest rates for the foreseeable future.
In Asia, stocks are also down and hovering in the vicinity of a month’s low. Investors’ sentiment is also heavily impacted by the recent decision of the US government to restrict investment in sensitive technologies in China.
There is no knowing for now how far these will affect the broad crypto market. But investors will also be watching how thongs turn out.
The Next Cryptocurrency To Explode
Cryptocurrencies gained today but by a very lean margin. Recent advancements are majorly due to platform upgrades and feature introduction. The next few days will give further directions.
1. Cowabunga (COWABUNGA)
Cowabunga is one of the crypto presales put on a fast track. It is a memecoin that was inspired by the globally relevant TV series Ninja Turtles. It is taking after a coin like Spongebob that was also inspired by a TV character, Spongebob Square Pants.
It's simple: $COWABUNGA shows who's in charge here #memecoin pic.twitter.com/cW5CyUJAle
— $COWABUNGA Coin | Presale Live Now! (@CowabungaCoin) August 10, 2023
The Ninja Turtles have been relevant through the decades from their beginning as an idea. They have since moved to become cinematic sensations and captured the heart of viewers around the world. They are now joining the web3 world with a transformative approach. The Cowabunga presale will be over in a few hours, and it has really done its best to get some market share.
The Cowabunga presale was launched on the 4th of August with the goal of raising just $500,000. 35% of its total token supply was put up to be sold. The tokens are sold at $0.000357 per token for the entire duration.
A good measure of excitement accompanies the token and its presale, probably because of its marketing strategy. The team behind Spongebob is the same team handling Cowabunga’s marketing.
Combining the coin’s power and sensation with its marketing team’s dexterity will make it the next cryptocurrency to explode. Cowabunga’s chances of leading the market are getting higher as time goes by.
The community should know more about it as Cowabunga steps out of the presale phase. Apart from being associated with the Ninja Turtles culture, this token also shows promises. Its ability to showcase tokenomics drew the attention of many market players. The rate at which the presale went placed its market capitalization over $1.4 million. This means Cowabunga may become a low-capitalization token.
Another attribute the token and platform has is the focus on community engagement. Up to 25% of the total token supply is set aside to be used for airdrops and rewards. It directly creates incentives for early investors. The strategy will encourage loyalty and discourage the urge for fast profit-taking.
Importantly, how the tokens are allocated reflects that the process was well thought out. The team took steps to make sure liquidity was always available from the beginning. 20% of its token supply is set aside for decentralized exchanges, while 10% will go to centralized exchanges.
This project wants to integrate the sweet memories many have of the Ninja Turtles with the growing meme culture. The crypto community has opened its arms to embrace it.
Visit Cowabunga.
2. Maker (MKR)
MakerDAO, the owners of the MKR token, has been in the news lately. The DAO increased the maximum Dai Savings Rate from 3.19% to 8% last Sunday. The temporary decision tagged the Enhanced Dai Savings Rate is a move to encourage Dai holders to deposit their holdings on Maker and receive interest.
The Dai token got a lot more traction after the announcement. Its market capitalization rose by up to $57 million in a matter of days. This information can easily be accessed on CoinMarketCap.
Furthermore, the number of Dai tokens in the DSR has since surged. It rose from 396.8 million tokens on Sunday to 906.7 million on Thursday. The incentive plan is set to be adjusted based on all observations while it is on.
The platform’s native token, MKR, is also benefitting from this movement. Another factor is also contributing to MKR’s rise.
The Maker community reacted badly to the announcement that VPN users will be barred from using the platform’s Spark Protocol. The community’s outrage spread and caught the attention of many.
While that went on, the exploit on Curve Finance quickly sent investors running to Maker (MKR) for safety. New users that came in are increasing activities on the Maker network and giving the platform the needed push. This is speculated to inspire a rally in the coming days or weeks.
3. Uniswap (UNI)
Uniswap is dominating news about the crypto market to an extent. The reason is that it also has an upward movement. How did this happen? Uniswap was used to rescue Curve Finance from a recent exploit.
Bulls are now staging a massive return to the Unswap decentralized finance. It is happening only because of its price increase. Remember that UNI’s price jumped by more than 12%. The price rose to $6.33 and moved on to $6.70 shortly after. The price rally came after a public announcement that the exchange was used to salvage funds when Curve Finance came under attack. Curve Finnce lost $52 million to the cyber attack, but it could have been worse if not for Uniswap’s intervention.
Reports have it that an MEV bot operator deployed Uniswap. The operation was able to recover $5.4 million to Curve Finance. The news caused UNI’s price to spike as it gained by more than 10% in the last 7 days.
4. Chainlink (LINK)
Chainlink also showed some impressive results in the early hours of Thursday. Its price is positive as it is currently selling at $7.64. Analysts expect it to rise further and become the next cryptocurrency to explode. The asset began to rise as it broke above a bearish position near $7.34 on its hourly chart.
After the LINK token went through correction for a short period, it found support close to $6.95. A low point was finally formed close to $6.93, and the price began a new uptrend. This was not seen in leading assets like Bitcoin and Ethereum.
While the uptrend consolidated, there was a clear movement above $7.10 and $7.20, initially resistance points. Apart from that, a major bearish trendline saw a significant break with some resistance around $7.35.
A high has now been formed close to $7.91. The first major resistance LINK will encounter at $7.95. If it breaks above this point, the price may start a new trend toward $8.20 and $8.25. The next resistance at this stage will be $8.50. After this, $8.80 will be next.
But if LINK fails to beat $7.95, then it may begin to correct downward. The first support it will find is $7.50. After that will be $7.30 down to $7.00.
5. Aptos (APT)
Aptos’ APT tokens are selling at high rates. The token rose as high as 11% after the announcement that the platform will be using Microsoft’s artificial intelligence tools. The collaboration between Aptos and Microsoft will aid web3 adoption across financial organizations. The initiative will also see Aptos exploring new territories using Microsoft Azure Open AI.
Aptos CEO said that uniting AI and blockchain technologies will create a generational breakthrough. This means APT is really the next cryptocurrency to explode because it will gain more utility.
The token jumped by about 17.6% when the news filtered in. The token sells for $7.38 at the time of this report. But the token is still down by about 62% from its all-time high. The new partnership could send it skyrocketing again.
Read More.
- Next Cryptocurrency To Explode 2023
Wall Street Memes - Next Big Crypto
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