May 11 Best cryptocurrencies to invest in right now – Injective, Monero, Chiliz

adminMay 12, 2024

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.This analysis provides traders with valuable insight in evaluating the growth potential of various stocks. token. Several tokens are showing upward trends, indicating promising investment opportunities.

The cryptocurrency market is experiencing a lull with the overall market capitalization and trading volume remaining in the red zone. Nonetheless, this outlook is expected to change due to a newly formed alliance between major cryptocurrency market players Ripple, Hedera, and Algorand. The conflict, called the “DeRec Alliance,” aims to transform Web3 digital asset recovery.

News of this development received a lot of attention as investors rushed to update their wallets. Moreover, digital assets such as Injective, Monero, and Chiliz are showing favorable trends and rising even amid market downturns.

The best cryptocurrency to invest in right now

Chiliz collaborated with SBI Holdings to bring Fan Tokens to Japan. At the same time, we have joined forces with Azuro to drive adoption of the on-chain sports prediction market. Meanwhile, SMOG is in the third phase of conducting an airdrop campaign called Smog Airdrop Season 2 to attract thousands of new holders and distribute SMOG to investors of other popular meme coins. Additionally, AKT’s current price is $5.99, showing a notable intraday surge of 5.12%, indicating strong buying interest.

1. Akash Network (AKT)

Akash Network is positioned as a decentralized cloud platform that aims to provide an alternative to traditional cloud services. These changes can potentially lower costs and increase user efficiency. The platform has continuously upgraded its features, including better GPU support and validator fees.

This shows a strong commitment to advancing technologically and satisfying users. Additionally, the recent launch of Akash ML represents a focused effort to capitalize on the growing AI development market.

AKT price chart

Based on the latest trading data, the price of AKT is $5.99, showing a notable intraday surge of 5.12%, reflecting strong buying interest. Sentiment around Akash Network’s price prediction is currently bullish, with a Fear and Greed Index of 53, indicating an overall neutral sentiment.

The open source AI space is growing every day.
Akash supports permissionless access to computing and welcomes all projects that build towards a more open and sovereign future.
Please confirm @TriVenice For generative AI inference on leading open source models. https://t.co/QURAGrRmt1 pic.twitter.com/KQblXRGqyi
— Akash Network (@akashnet_) May 10, 2024

The token is trading above its 200-day simple moving average, which is a positive sign indicating an upward trend. Even based on market capitalization, it shows good liquidity.

Moreover, the token has shown strong bullish momentum and appears poised for further upside. Continuous development and strategic initiatives demonstrate a proactive approach towards technological leadership and market capture.

2. Phantom (FTM)

Fantom (FTM) is a cryptocurrency that improves interoperability between various trading platforms. It leverages a smart contract platform called Direct Acylic Graph (DAG) to improve transaction throughput. The current value of FTM is $0.7262, down slightly by 1.73% during the day.

Over the past week, the token has increased by 3.09%. If Fantom maintains its value above $0.7090 despite the near-term fluctuations, there is a chance it could reach $1 in the coming weeks. FTM is currently trading well above its 200-day simple moving average (SMA) of $0.420010, indicating strong market performance.

FTM price chart

In addition, it is showing positive growth compared to the initial token sale price and boasts high liquidity based on market capitalization. This liquidity is supported by a growing investor base and presents promising long-term value prospects. The project has won the confidence of investors and its value is expected to remain stable even during market downturns.

1/ “Growth across multiple key metrics in the first quarter is a testament to what Phantom and the Phantom ecosystem have achieved.”@MessariCrypto2024 first quarter report #fantasy We covered ecosystem growth, including:
📈 DeFi TVL Increase
💹 Increased DEX volume
Let’s take a look at what’s in the report 👇 pic.twitter.com/zjkL5Aj7QX
— The Phantom Foundation (@FantomFDN) May 9, 2024

Moreover, the increase in positive market activity is expected to push the value of FTM to $1.45 soon. This potential growth is driven by the project’s goal of improving cross-platform trading efficiency and the support of a strong investor community.

3. SMOG

recent surge smogThe price reflects growing interest in meme coins despite recent market fluctuations. Its success is due to its unique strategy, including allocating a significant portion of its tokens to airdrops and implementing a multi-chain approach that connects tokens to the Solana and Ethereum blockchains. Support from influential figures and active on-chain participation also contributed to investor confidence.

I just signed up. #smog #airdrop season2? 😍🐉
Want more XP in your bag?
Well – just start trading $smog! 💸
Any of the following:
🌐 @MEXC_Official – https://t.co/aYGh32y696
🐦 @birdeye_so – https://t.co/rrS2pI9Qz8
Show your community that you’re ready to be the best. #dragon! 🔥 pic.twitter.com/lsxLjU8Njd
— Smog (@SMOGToken) May 11, 2024

Currently, SMOG is in the third phase of its airdrop campaign called Smog Airdrop Season 2. Users can earn XP and receive SMOG tokens by purchasing, trading, and completing community quests. This initiative attracted thousands of new holders and distributed SMOG to investors in other popular meme coins such as Samoyedcoin (SAMO).

SMOG is benefiting from Solana, but its creators are expanding their reach by deploying their tokens on Ethereum. This dual-chain strategy allows SMOG to differentiate itself from many other meme coins by leveraging both the liquidity and user base of the ecosystem.

Additionally, the token’s roadmap includes plans for a burn protocol that could potentially accelerate its growth. furthermore, smog It appears well-positioned to capitalize on the growing interest in meme coins among investors.

The project’s ability to connect multiple blockchains and engage users through airdrops and community activities highlights its potential for exposure and adoption in the competitive meme coin space.

Visit the Smog website

4. Monero (XMR)

Monero is a privacy-focused cryptocurrency that prioritizes anonymity and security during transactions. Unlike Bitcoin, which operates on a public ledger, Monero uses advanced cryptography to hide the identities of senders and recipients. This makes tracking Monero transactions much more difficult than with other cryptocurrencies.

Additionally, Monero was launched as a fork of Bitcoin to provide improved privacy features. We use the CryptoNote protocol to achieve our privacy goals. One notable aspect of Monero is its resistance to ASIC mining, ensuring a more level playing field for miners and reducing the dominance of large-scale mining operations.

XMR price chart

Recently, Monero has been attracting attention due to developments within its ecosystem. The closure of LocalMonero, Monero’s peer-to-peer trading platform, has raised concerns amid a government investigation.

This has caused mixed feelings in the community, which has been reflected in recent price movements. Despite a slight decline in the 24-hour price, Monero has shown resilience with a positive trend over the past week.

Analysts speculate that potential partnerships with other protocols could boost Monero’s price, which could soon exceed $400.28. The average price forecast for Monero by the end of 2024 is approximately $362.52, assuming favorable developments and market conditions.

5. Chiliz (CHZ)

Chiliz recently partnered with SBI Holdings to introduce Fan Tokens to the Japanese market. The move aims to improve the sports experience for Japanese fans by allowing them to participate in governance through token-based voting and participating in activities on the platform.

Boasting millions of customers, this strategic partnership with SBI Holdings reflects a bright future for Chiliz. Through this collaboration, SBI CEO Fernando Luis Vazquez expressed interest in enhancing Japan’s sports and entertainment sector.

CHZ price chart

Additionally, Chiliz has over 82 Fan Tokens and has established global partnerships with 150 sports organizations. Operating through Socios.com, an integrated Web3 wallet and engagement platform, Chiliz is poised to significantly expand its reach, especially in Japan, through the SBI partnership.

We are excited to announce that Azuro and Chiliz will be working together to drive adoption of on-chain sports prediction markets 🤝@azuroprotocol Developers can build applications with sports prediction capabilities.#ChilizChain ⚡ $CHZ pic.twitter.com/84NKONyHNr
— Chiliz ($CHZ) – Sports Blockchain ⚽🏆 (@Chiliz) May 9, 2024

Chiliz has also partnered with Azuro to drive the adoption of an on-chain sports betting market. The partnership aims to enable fans around the world to further support their favorite teams and players by introducing a fair and transparent prediction app.

Despite the recent price drop, Chiliz has shown resilience with weekly surges and notable gains over the past year. Sentiment towards Chiliz’s price prediction is currently bullish, indicating positive investor sentiment. Trading above its 200-day simple moving average and with high liquidity based on its market cap, Chiliz remains one of the best cryptocurrencies you can buy right now.