Blockchain

Next Cryptocurrency to Explode Tuesday, 19 December – Sponge V2, Sei, VeChain

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News begins from the NFT sector today as OKX’s Non-Fungible Token (NFT) platform experienced a massive soar ahead of industry giants like OpenSea, Blur, and Magic Eden, marking a significant milestone with a record-breaking 24-hour trading volume. On Monday, according to DappRadar, the OKX NFT Marketplace achieved an astonishing $50 million in daily trading volume, outperforming its rivals.

This surge in trading volume for the OKX NFT Marketplace can be directly linked to the introduction of Bitcoin Ordinals trading. CryptoSlam data reveals that the Bitcoin network has surpassed Ethereum and Solana in NFT sales volume over the last seven days, registering an impressive $404 million. In comparison, Solana reached over $95 million, while Ethereum, once a dominant force in NFT trade volumes, recorded $90 million in sales.

Meanwhile, the global cryptocurrency market cap currently stands at $1.61 trillion. This has resulted in a 3.89% increase over the previous day.

Within the last 24 hours, the overall crypto market volume has surged to $64.78 billion, indicating a notable 27.26% increase. The decentralized finance sector contributes $7.39 billion, representing 11.41% of the total crypto market’s 24-hour volume. Notably, the volume of all stablecoins has reached $57.85 billion, constituting a substantial 89.31% of the total crypto market’s 24-hour volume.

Next Cryptocurrency To Explode

Bitcoin’s dominance in the market presently stands at 52.09%, marking an increase of 0.34% over the last 24 hours. The OKX NFT Marketplace’s exceptional performance underscores the evolving landscape of NFT trading and highlights the rising significance of Bitcoin in this rapidly expanding market segment.

1. Sponge V2 (SPONGEV2)

The crypto market is, again, seeing huge movement toward the Sponge network as investors dive into the latest sensation in the memecoin space. Sponge V2 (SPONGEV2) is the new version of the iconic Sponge (SPONGE) memecoin. The Sponge V2 project is making waves by introducing a bespoke Play-to-Earn (P2E) game, ushering in a new dimension of utility for the token, and also trying to make its way up as the next cryptocurrency to explode.

The innovative aspect of Sponge V2 lies in its gaming integration, where users can actively earn SPONGEV2 tokens by engaging in the upcoming game and securing positions on the leaderboard.

The game’s framework offers both free and paid versions, allowing users to partake in casual gameplay or leverage SPONGEV2 tokens to acquire in-game credits for additional earnings within the game environment.

crypto heat map

Unlike conventional presales, acquiring Sponge V2 involves two distinct methods. Interested participants can either purchase and stake Sponge V1 via the Sponge.vip website’s buy widget or stake held Sponge V1 through the Sponge.vip website. The accumulation of V2 tokens correlates with the quantity of V1 tokens staked and the duration of their staking. As the remaining supply of Sponge V1 diminishes, the claimable status for Sponge V2 will commence.

Any V1 tokens directed to the V2 staking pool will reserve an equivalent amount of V2 tokens and generate V2 tokens based on a variable annual percentage yield (APY). The more V1 tokens staked, the higher the yield in V2 tokens, emphasizing a proportional incentive system.

A crucial aspect to consider is that staked V1 tokens will be permanently locked, underlining the transition away from supporting V1 tokens post-Sponge V2 launch.

However, Sponge V2 stands apart by not solely relying on market speculation; it integrates Play-to-Earn (P2E) functionality, adding substantial utility to its ecosystem and offering participants an active way to engage with the token beyond trading.

Visit Sponge V2.

2. Sei (SEI)

Sei (SEI), the native token powering the Sei blockchain network, has seen a meteoric rise in value, surging by 51.00% in the past week alone. Within the last 24 hours, it recorded a staggering increase of 52.29%, marking an impressive 6.95% growth a few hours ago. The current trading price stands at $0.37 per SEI, presenting a slight 4.01% difference from its all-time high of $0.39.

SEI tokens serve as the backbone of the Sei blockchain, strategically designed to empower developers by furnishing the necessary infrastructure to construct efficient and secure decentralized exchanges (DEXs). Beyond facilitating network gas fees, SEI tokens hold multiple utilities, including participation in governance mechanisms and the ability to be staked for network security.

SEI price chart

Sei (SEI) stands as a specialized Layer 1 blockchain, meticulously tailored to optimize the realm of trading. It distinguishes itself by prioritizing attributes crucial to exchanges—speed, scalability, and reliability. The blockchain aims to handle a high throughput of orders per second, boasting an impressive transaction finality of 380 milliseconds. Its design emphasizes appeal to institutional entities, underpinned by a robust commitment to fortifying security measures.

Operating on an entirely open-source framework, Sei extends native frontrunning protection, seamless interoperability, and a multi-tiered approach to transaction bundling. This infrastructure is purpose-built to evolve hand-in-hand with the industry’s advancements, employing a modular architecture that allows the Sei technology stack to integrate innovations as directed by the community’s governance readily.

The remarkable surge in the value of the Sei (SEI) token underscores growing confidence in the platform’s ability to revolutionize decentralized exchanges. It is leveraging its optimized infrastructure to offer a competitive edge in the trading crypto landscape and become the next cryptocurrency to explode.

3. VeChain (VET)

VeChain (VET) is also exhibiting an impressive surge, making it the next cryptocurrency to explode. It has grown by over 76% since the beginning of January 2023. Despite a minor 4.7% correction in the daily charts, VET continues to maintain a solid upward trend, boasting a 6% increase over the past week. Over the monthly and yearly charts, VeChain increased by over 34% and 66%, respectively.

VET price chart

The ongoing rally of VeChain (VET) appears to have the potential for further upward movement, according to insights shared by renowned cryptocurrency analyst Ali Charts. Drawing parallels to its consolidation phase observed between 2018 and 2020, the analyst suggests that VET might be on the brink of breaking past its critical resistance level at $0.033 within the next two weeks. Should this breakout occur, VeChain could potentially rally to $0.077 by late January 2024, signaling a remarkable growth of approximately 185% from its current levels.

However, other analysts offer a slightly contrasting perspective. They foresee a possible dip in VET’s price to $0.026 by December 26, 2023, representing a marginal decline of about 3.7% from its current levels. Despite this anticipated short-term decrease, it is anticipated that VeChain will regain momentum as it heads into early January 2024.

The divergent viewpoints regarding VeChain’s short-term price movements reflect the dynamic nature of cryptocurrency markets, presenting investors and enthusiasts with a spectrum of predictions. The recent trajectory of VeChain and the contrasting forecasts indicate an intriguing period ahead, raising anticipation and interest within the cryptocurrency community as VET potentially gears up for further price action in the coming weeks.

4. Fetch.ai (FET)

While Artificial Intelligence (AI) has been a catalyst for transformative advancements across various industries, its integration into the crypto space has notably reshaped trading strategies. Fetch.AI (FET) is a pioneering force in leveraging AI within the crypto sphere, spearheading a revolution in this domain.

Fetch.ai (FET) is also a formidable contender, attracting significant attention from traders amidst prevailing bearish sentiments tied to the awaited Federal Reserve decision.

FET price chart

Fetch.ai (FET) has prominently led a rally within this landscape, showcasing an impressive surge of 28.40% over the past week alone. In the most recent 24-hour period, Fetch.ai (FET) recorded a substantial climb of 12.29%. As of the latest data, Fetch.ai (FET) is trading at $0.6577, marking a notable upward trend amidst market fluctuations.

The increased investment and interest in AI-based tokens, particularly Fetch.ai (FET), underline the growing confidence and recognition of the potential offered by AI-driven trading strategies. Fetch.ai’s advancements in this realm have drawn attention for their innovative approach to navigating market dynamics during uncertain times.

Fetch.ai’s integration of AI technology into the crypto trading landscape highlights the evolving nature of market strategies. All these indicate a paradigm shift towards utilizing sophisticated technological solutions to navigate market volatility and potentially offering traders an edge in their investment approaches.

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