Blockchain

5 Best Altcoins to Invest in Right Now January 13 – Sui, Tribe, aelf

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Investors are constantly looking for promising alternatives to the more established digital currencies. As such, altcoins are gaining traction and presenting unique investment opportunities. However, the crypto market’s dynamic requires investors to stay informed regarding the best tokens to consider. As such, Insidebitcoins curates the best altcoins to invest in, providing a comprehensive overview of some of the most promising digital assets.

5 Best Altcoins to Invest in Right Now

On the inaugural day of spot Bitcoin ETF trading, Bitwise Asset Management outpaced its counterparts by garnering the highest inflows among the 11 products launched. The San Francisco-based crypto index fund manager recorded $237.9 million in inflows within less than 24 hours of the Securities and Exchange Commission’s approval. This contribution constituted a significant portion of all issuers’ approximately $721 million total inflows.

1. TRON (TRX)

TRON recently forged a strategic partnership with industry player Blockchain.com. This partnership aims to boost cryptocurrency transactions’ efficiency and enhance user experience on the TRON Network. In addition, this collaboration seeks to make TRON (TRX) more accessible and scalable over the long term.

Due to this announcement, TRON’s value surged by 5.14%, keeping the coin on a positive trajectory. As such, analysts are optimistic about TRON’s growth potential rally in 2024. Moreover, experts predict a substantial 72.5% increase in TRON’s value, building on the impressive 94.5% growth in 2023. TRX could reach $0.187 in sustained bullish market conditions and even push towards $0.2.

Assessing liquidity through the market cap-to-volume ratio, TRON appears robust with a ratio of 0.0927. The current market cap is $10.45 billion, while the 24-hour trading volume is $968.78 million.

Regarding token circulation, over 93% of TRON’s total supply actively circulates, reflecting a relatively low level of dormant tokens. Also, TRON actively trades on reputable exchanges like Binance, KuCoin, Kraken, and 15 others, affirming its presence on reliable and trustworthy platforms.

Furthermore, the success of the recent collaboration with Blockchain.com could attract a surge in investors acquiring and holding TRX tokens. Therefore, these factors positively impact TRON’s price and position the project among the top 10 cryptocurrencies globally.

2. Tribe (TRIBE)

Tribe shows a positive trend in its price prediction, matching a Fear & Greed Index score of 64. This indicates a ‘Greed’ sentiment, signaling investor interest in the token. Moreover, the circulating supply of Tribe is 533.29 million TRIBE out of a maximum of 1.00 billion TRIBE. 

Over the last year, there has been a 17.61% yearly supply inflation, creating 79.84 million TRIBE. In addition, Tribe is ranked 63rd in the Ethereum (ERC20) Tokens sector based on market capitalization.

TRIBE Price Chart

Furthermore, Tribe has seen an impressive 119% price increase over the past year, outperforming 72% of the top 100 crypto assets. It trades above its 200-day simple moving average, indicating positive market conditions.

As a leading digital asset, Tribe has gained attention in the crypto market, backed by strong fundamentals and an active community. Hence, TRIBE’s price is predicted to surpass $0.67 by 2024 if there are potential collaborations with other networks. 

3. Sponge V2 ($SPONGE V2)

Sponge V2 has garnered market interest despite evolving from the $SPONGE meme coin. The token has witnessed a remarkable market capitalization surge from $1 million to over $100 million. Sponge V2 has a strong market presence, with a market cap of $16 million and a substantial holder base exceeding 11,500.

Furthermore, the project introduces a strategic Stake-to-Bridge model. This allows existing $SPONGE holders to smoothly transition to V2 by staking their V1 tokens, showcasing a commitment to investor loyalty. Moreover, staked V1 tokens are set to earn a minimum APY of 40% over four years. This highlights the project’s dedication to fostering long-term engagement.

A standout feature of Sponge V2 is the introduction of a Play-to-Earn (P2E) game. This feature offers free and premium versions for players to earn V2 tokens. Meanwhile, SPONGE’s innovative approach aligns with the project’s goal of enhancing user engagement and incentivizing community participation.

Furthermore, a total token supply of 150 billion is strategically allocated to support ecosystem development. This includes substantial portions for staking rewards (43.09%) and P2E gaming (8%). 

Therefore, this emphasizes Sponge V2’s focus on fostering community engagement and user incentives. Looking ahead, Sponge V2 aims to list on major exchanges. However, this move is backed by a robust community of 30,000 members, indicating growth potential.

4. aelf (ELF)

ChainsAtlas, a blockchain tech provider, has teamed up with AELF, a scalable blockchain firm, to boost the aelf blockchain’s capabilities. The collaboration focuses on integrating ChainsAtlas’ virtualization tech to smoothly move decentralized apps (DAPPs) from various blockchains to aelf. This will be achieved regardless of the DAPPs’ smart contract specifics.

Furthermore, the deal includes ChainsAtlas’ Virtualization Unit (VU). This tool helps the aelf blockchain support Ethereum Virtual Machine (EVM) and non-EVM digital assets. Moreover, it aims to create a strong foundation for cross-chain interoperability. Creating this foundation helps improve data and assets flow between aelf and other blockchains.

aelf Price Chart

By partnering, ChainsAtlas and aelf aim to establish a transfer mechanism that allows aelf to execute smart contracts. This move is expected to expand the range of digital assets on the aelf blockchain, encouraging more participation in the Web3 community.

Moreover, this collaboration enhances the aelf blockchain, making it more versatile for deploying different DAPPs and games. It’s also likely to attract developers with various coding experience levels to contribute to the aelf blockchain.

In the bigger picture, aelf offers strong fundamentals and dedicated crypto community support, positioning it for growth. In addition, projections suggest a potential maximum price of the ELF Coin with collaborations will reach $0.77 by 2024. 

5. Sui (SUI)

SUI, the native token of the Sui blockchain, has witnessed an enormous value leap. Within four days, the token catapulted from $0.79 to $1.33, marking a remarkable 50% increase. This bullish momentum continued as the token recorded a significant 21% surge in the past 24 hours alone.

Furthermore, SUI’s value surge is accompanied by a substantial increase in trading volume. Therefore, this indicates a substantial influx of capital from prominent investors who anticipate further growth. 

SUI Price Chart

Meanwhile, the $1 mark breach, backed by robust trade volumes,  strengthens the breakout’s credibility. Likewise, it suggests a potential stabilization at these elevated price levels. SUI’s price trajectory reflects a rally, with a potential target of reaching the $2 mark shortly. Hence, sustaining the current momentum can break the $5 resistance level. 

Moreover, price stability above the 50-day Exponential Moving Average (EMA) signals continuous buyer interest, hinting at the possibility of further gains. In any downward movement, the EMA is anticipated to provide strong support, ensuring the continuity of the prevailing bullish trend.

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