The woes of the Chinese slow economy continue to get deeper. The panic following it is currently overshadowing any optimism coming from the US. Asian stocks were consequently mixed on Wednesday. But stocks were high in Japan and Australia due to the good company reports from the US. It brought hopes that the world’s biggest economy may avoid slipping into a recession.
Reports also show inflation slowing down in the UK. Although the inflation is still very high, bonds have a prospect of rallying further. This depends on traders knowing there are fewer interest rate hikes ahead. The President of the Dutch central bank, Klass Knot said it is not certain that the ECB will hike rates beyond its next meeting.
The crypto market is now trying to find its foot after sliding for the last 2 days. The market is currently up by 0.35% on Wednesday with most top assets in the green. The top gainers are not leading with so much margin for now. It is, however, expected that trading activities will boast their performance as the day processes.
The Next Cryptocurrency To Explode
While the recession is slowing down among some economies and their stock markets rise, the recession is still high. The high cost of living may not leave much behind to push into investment for the average household.
Whales holding upward of 10,000 individual assets may be the major players in the crypto space for a little while longer. This period will also force crypto and decentralized finance platforms to come up with inclusive ideas. They must seek other means of integrating with the daily life of the average person to survive.
1. Chimpzee (CHMPZ)
The Chimpzee crypto projects have the capacity of becoming the next cryptocurrency to explode. The simple reason is because of the social campaign it is about. Basically, it is a project that sets out to raise awareness about the environment. While at that, it aims to offer financial aid to other projects committed to fighting deforestation and protecting endangered animals.
Exciting news! Prepare for a significant $CHMPZ token burn announcement on Wednesday, 19th July!
This will reduce the total supply and boost the value of CHMPZ!
— Official Chimpzee Project (@RealChimpzee) July 17, 2023
Touching a nerve like that is sure to get the attention of environmentally continuous investors. Focusing on endangered species, deforestation, climate, and the environment at large are sensitive topics. So many funds have been spent on them by various interest groups as well.
Apart from token sales, Chimpzee also has an eco-friendly store where it sells various merchandise. Funds raised from these sales are also added to the project’s purse. According to the project’s official Twitter page, patrons get rewarded with the CHMPZ token after every purchase.
Chimpzee announced via its Twitter page also that it will burn some CHMPZ tokens. The burn is scheduled to hold today Wednesday to reduce the number of CHMPZ in circulation. Reducing the total CHPMZ supply, it said, will boost the token’s value.
Now in its 7th stage with 2 days to the end of this stage, CHMPZ has raised close to $900,000. A total of 1,526,047,736 tokens have been sold so far. While it currently sells at $0.0007, traders and investors are encouraged to buy theirs.
There is enough excitement about the token in the market and its exchange listing is anticipated. The exchange listing price is $0.00185.
2. Stellar (XLM)
Stellar rose to the top of the gainers’ list on Wednesday with an 11.39% gain. Jumping to the lead position among gains is a sign that something is going on. The events may lead Stellar to become the next cryptocurrency to explode.
The reason for Stellar’s rise is not far-fetched in the real sense of it. It began mainly with Ripple’s victory against the US Securities and Exchange Commission. The court’s ruling that Ripple did not break any Federal law in selling XRP was a victory for the entire market.
Stellar began to see remarkable increases and shot by as much as 104% within a few weeks. At that time, its price got to a peak performance of $0.196. The price increase was owed to nothing else than the positive sentiment that followed the court ruling. The ruling was seen as a possible beginning for a chain of other events. The general crypto market was ecstatic.
Since it has been a while since the ruling, Stellar’s price surge has cooled off. The cool-off has a number of other factors responsible for it. One of them is the rapid profit cash out from investors. Another factor is that the long-term implication of the court ruling on Ripple and the SEC was reevaluated by some market players.
According to analysts, the long-term effect of the ruling against the SEC is not known. It is so much dependent on other regulatory developments that the market isn’t relaxed about it. But while there is yet to be much regulatory pressure, investors may want to make the most now. XLM is leading the way in the market today, interested investors and traders to accumulate more. A bull run may be in sight.
3. XRP (XRP)
XRP and Stellar have the same roots and their prices historically have not been too far from each other. Usually driven by similar factors. XRP is also the next cryptocurrency to explode after Stellar.
However, the hype around XRP from Ripple’s win did not cool off as Stellar did. Rather, XRP’s future seems to be getting brighter with the turn of events. As a matter of fact, it might have launched the next phase of its growth.
The US Senate is said to be on the path of making some decisions concerning cryptocurrencies. Those familiar with the event say XRP’s victory in court is at the center of the decision. It is expected to also have a huge impact on the decision that would be made. These are part of the reasons for building optimism around XRP.
The judgment has made it necessary for regulators to come up with clear decisions about crypto assets. There is, then, optimism that regulators will have clarity. Ripple has taken a lead while taking advantage of the recent victory. It has brought back the debate regarding the implementation of instant global settlement.
If Ripple is able to pull its new plans through, it will find it easier to get collaborations with financial institutions. The platform is equally working on spreading its tentacles into other areas. The announcement XRP made concerning the metaverse verifies what it may be pursuing.
XRP holders are still optimistic that the asset will see more movement. This is despite the huge price surge in the past week. Then, the asset sold at $0.76. It was 20% lower than its all-time weekly high.
It revealed that there was not so much attention on taking a profit in the short term. Further evidence of this is that the gains remained intact. XRP holders are, therefore, confident that the token will rise further.
XRP holders are, however, advised to consider the possibility of a limited downside. The relative strength index was in the overbought region at the time of this report. There are high chances of taking profit now, especially if bears appear on the scene.
Bulls have an ongoing chance to accumulate XRP for go reasons now. It will serve every interest well in the coming days.
4. Maker (MKR)
Maker is also doing exceptionally well in the market today as the next cryptocurrency to explode. The asset is up by 8.25% as of the time of this report and it sells at $986.58.
The Maker network has been seeing increased activities for more than a week. This followed three updates implemented on it. The updates pushed up trading volumes as the network attracted whales to itself.
One of the most notable whale moments was on Monday when 6 new wallets bought huge MKR tokens. The purchase was said to be worth $17.7 million.
The updates also pushed Maker to get a new milestone with regard to fees. The network secured $315,000 worth of fees after the updates. That also added to its price surge.
MKR is a good buy for traders and investors at this time.
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