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Investors are constantly trying to find the next cryptocurrency to explode. Typically, this is the only way to get rewarded for taking risk in the market.
However, the market today is quite discouraging, with hundreds of altcoins losing their gains from last quarter. BTC, on the other hand, appears to have found the will to break away from the $43,000 price, printing $45,000 today. As this week progresses, I hope to break new ground.
Next Cryptocurrency to Explode
So what cryptocurrency will explode next? In today’s post, we look at the performance of VeChain, Axelar, and Stacks. We also examine how the cryptocurrency market interacts with WSM, the Wall Street Memes token. In general, the community is working hard to improve the performance of the token and so far it has entered the top 1000 tokens. This update explores future potential.
1. VeChain (VET)
VET has been on the rise with gains of over 3% over the past 24 hours. And volume has increased by 176%, putting more pressure on the current price. So there is a possibility of price increase.
The recent integration of VeRocket into the VeChain ecosystem will likely see the asset return to the $0.05 region. Additionally, Vechain’s recent performance has been quite impressive. Its price has increased by more than 89% over the past 52 weeks, making it more than 60% of the top 100 tokens on the market.
Also, considering that the 200-day moving average is lower than it is now, the market can expect a continued bullish trend towards the next resistance level at $0.05.
However, there are downsides that investors should keep in mind. Initially, VET’s performance was outright lower than BTC, making BTC a better investment option in the short term. Again, VET has seen only 14 green days in the last 30 days, meaning there is uncertainty in the market.
Thank you for your efforts in integrating VeWorld. @VeRocket team! 🙌
Now the community can comfortably exchange digital assets through a powerful new wallet.#VChain #DEX $VET $VTHO https://t.co/51JQlkLksq
– VeChain (@vechainofficial) January 8, 2024
Moreover, VET’s RSI reading is around 47, which indicates that investors are fairly neutral at the moment. Since the moving average is still below the price, the accumulation may continue for several days or until the end of the quarter. However, it is best to add VET to your watchlist and keep an eye on trends as they unfold.
2. Accella (AXL)
As adoption of blockchain technology continues to grow, so does the demand for cross-chain communications. Axelar is establishing its presence in the market by providing a new system to help dApps achieve seamless cross-chain communication. In the last 24 hours, AXL has achieved a price increase of around 5% today, making it one of the highest gainers on the list.
Axelar is currently working to increase the value of its assets through increasing use cases. Recently, the ecosystem launched support for the AXL proof-of-stake token, which supports programmability of the interchain layer.
This feature is made possible through the Exodus platform. Therefore, AXL is now part of the 1000+ assets that holders can exchange through Exodus. As demand grows, the token is poised for explosive growth.
👛 Exodus is a cryptocurrency wallet that supports over 50 networks and allows you to exchange over 1000 assets.
Now users can stake $AXL — @axelarnetwork Native proof-of-stake token supporting programmability at the interchain layer — Exodus 👇 https://t.co/dUeTygRXWG
— Axelar Ecosystem (@Axl_Ecosystem) January 5, 2024
Additionally, Axelar’s current RSI reading is 54, which is relatively neutral and the price is well below its long-term moving averages. This means the bulls will maintain the upper hand for some time.
AXL, on the other hand, holds less than 20% of its maximum circulating supply, which could impact its price in the long term. However, given its strong presence in the interoperability space, investors should add AXL to their watchlist.
3. Stack (STX)
Stacks ended last year as one of the best-performing cryptocurrencies, with a price increase of over 800%. STX is currently worth $1.94, up from $0.26 52 weeks ago. In the past 24 hours, the price has risen 12%, the highest gain on CoinMarketCap. Currently, STX’s trading volume has increased by approximately 173% and has continued to rise steadily since the beginning of the quarter.
Will Stack Be the Next Exploding Cryptocurrency? Stacks is one of the use cases for the BTC chain, so it is enjoying the FOMO building around the current Bitcoin trend. With STX breaking above the $1.9 resistance level, investors can expect the price to continue rising towards the $2 resistance level.
More importantly, if STX can break the $2 area, a sustained rally is more likely. Conversely, the current RSI value threatens the long-term prospects of STX. STX appears to be hovering in the oversold area.
Investors can expect a short-term decline until the market regains stability. Ultimately, investors who missed the October rally can take advantage of STX price action, which shows the potential for a rally this quarter.
4. Wall Street Meme (WSM)
Your Wall Street Memes update may finally pay off. After optimizing the staking function, the value of the tokens increased noticeably. Additionally, its growing utility features have restored investor confidence, securing a spot among the top 1000 cryptocurrencies. Without a doubt, WSM is primed to be the next cryptocurrency to explode.
As of press time, the platform has burned over 2.5 million WSM tokens to increase the value of the asset. We recently launched a program to match the value of tokens burned by users. So far, holders have burned over 322,000 tokens.
Again, the community continues to work to increase the usefulness of the WSM token. We recently added support for game offers that holders can participate in. Casinos, slots, live casinos, game shows, and crash games are popular offerings on the platform. As previously mentioned, increasing adoption of gaming products means increasing the value of the WSM token. Hopefully, it will enter the top 500 cryptocurrencies soon.
Now ChatGPT is more bullish https://t.co/YQIRrNyHqc pic.twitter.com/50DudhiSBp
— Wall Street Memes (@wallstmemes) January 8, 2024
Fundamentally, Wall Street Memes focuses on building a strong community united by an interest in mutual wealth. Also, the emphasis on fun is not much different from before. Social media outlets continue to be flooded with meme posts.
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