Next Cryptocurrency To Explode Monday, January 8 – Wall Street Memes, VeChain, Axelar

On Jan 8, 2024

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Investors are constantly on the quest to identify the next cryptocurrency to explode. Usually, it’s the only way they get compensated for taking the risk in the market.

However, today’s market has been quite discouraging, with hundreds of altcoins shedding their last quarter gains. On the other hand, BTC seems to have found its will to climb out of the $43k price as it printed $45k today. Hopefully, it’ll break new ground as the week progresses.

Next Cryptocurrency To Explode

In the meantime, what are the next cryptocurrencies to explode? Today’s post explores the performance of VeChain, Axelar, and Stacks. It also examines how the crypto market interacts with the Wall Street Memes token, WSM. Generally, the community is working hard towards improving the token’s performance, and so far, it has made it into the top 1000 tokens. This update explores its future potential.

1. VeChain (VET)

VET has been on an upward trend for the last 24 hours, recording over 3% gains. And its trading volume increased by 176%, putting more pressure on its current price. Hence the likelihood of a price increase.

The recent integration of VeRocket into the VeChain ecosystem will likely trigger the asset’s return to the $0.05 region. Also, Vechain’s performance in recent times has been quite impressive. In the past 52 weeks, it had over 89% price increase, putting it above 60% of the top 100 tokens in the market.

Furthermore, considering it has a 200-day moving average below its current, the market can expect a continuous bullish trend toward its next resistance at $0.05.

However, there are downsides that investors should keep in mind. At first, the performance of VET was entirely below BTC, making BTC a better investment option in the short term. Again, VET has only seen 14 green days in the last 30 days, meaning there is uncertainty in the market.

Thanks for your efforts in integrating VeWorld, @VeRocket team! 🙌
Now the community can swap digital assets with ease from the comfort of our powerful new wallet.#Vechain #DEX $VET $VTHO https://t.co/51JQlkLksq
— vechain (@vechainofficial) January 8, 2024

Besides, VET has an RSI reading of about 47, indicating that investors are pretty neutral now. With its moving averages still below its price, accumulation might continue for a few more days or till the end of the quarter. However, it’s best just to add VET to the watchlist and keep an eye on the trend as it unfolds.

2. Axelar (AXL)

As the adoption of blockchain technology continues to increase, there’s a growing demand for cross-chain communications. Axelar is taking the position in the market by providing novel systems to help dApps achieve seamless cross-chain communication. In the last 24 hours, AXL achieved a price increase of about 5% today, putting it as one of the top gainers on the list.

Axelar is currently working towards increasing the value of its assets through growing use cases. Recently, the ecosystem launched support for AXL proof of stake token support, which supports programmability at the interchain layer.

The capability was made possible by the Exodus platform. Thus, AXL is now a part of the 1000+ assets that holders can swap on through Exodus. With the growing demand, the token is ready for explosive growth.

👛 Exodus is a crypto wallet that supports 50+ networks, enabling swaps between 1000s of assets.
Users can now stake $AXL — @axelarnetwork native proof-of-stake token that supports programmability at the interchain layer — on Exodus 👇 https://t.co/dUeTygRXWG
— Axelar Ecosystem (@Axl_Ecosystem) January 5, 2024

Moreover, Axelar currently has an RSI reading of 54, which is relatively neutral, and its price is much below its long-term moving average. It implies that the bulls will maintain an upper hand for now.

On the other hand, the AXL has less than 20 percent of its maximum supply in circulation, which might affect its price in the long run. However, given its strong position in the interoperability sector, investors should add AXL to their watchlist.

3. Stacks (STX)

Stacks ended the previous year as one of the best-performing cryptos with over 800% price gains. Currently, STX is valued at $1.94, up from $0.26 52 weeks ago. In the last 24 hours, its price recorded a 12% increase, making it the highest gainer on CoinMarketCap. Today, STX’s trading volume increased by about 173% and has consistently risen since the beginning of the quarter.

Will Stacks become the next crypto to explode? With Stacks being one of the use cases of the BTC chain, it is currently enjoying the FOMO building up around the Bitcoin trend. With STX above the $1.9 resistance, investors can expect a continued push toward the $2 resistance zone.

More importantly, if STX can break above the $2 region, the likelihood of a sustained rally is higher. Conversely, the current RSI value threatens the long-term prospect of STX. It reveals that STX is hovering around the oversold region.

Investors can expect a short-term pullback, pending when the market returns to stability. Ultimately, investors who missed out on the October rally can take advantage of the STX price movement as it shows potential for a rally in the quarter.

4. Wall Street Memes (WSM)

Wall Street Memes updates may finally be paying off. After optimizing its staking feature, the tokens’ value remarkably increased. Also, the increasing utility features restore investors’ confidence, securing it a spot in the top 1000 cryptocurrencies. Without a doubt, WSM takes the prime spot for the next crypto to explode.

At press time, the platform has burnt over 2.5 million WSM tokens in the push to drive up the asset’s value. More recently, it initiated the program to match token values burnt by users. So far, holders have burnt over 322,000+ tokens.

Again, the community continues taking initiatives to increase the WSM token’s utility. Recently, it added support for gaming offers that holders can key into. Casinos, slots, live casinos, game shows, and crash games are popular offers featured on the platform. As mentioned before, the growing adoption of its gaming offerings equally implies that there’ll be an increase in the value of the WSM token. Hopefully, it will break into the top 500 cryptos soon.

Even more bullish on ChatGPT now https://t.co/YQIRrNyHqc pic.twitter.com/50DudhiSBp
— Wall Street Memes (@wallstmemes) January 8, 2024

Fundamentally, the Wall Street Memes focus on building a well-grounded community bound together by their interest in mutual wealth. Also, the emphasis on having fun is not any different from what it used to be. Its social media outlets continue to receive a flood of meme posts.

Visit the Wall Street Memes Page

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