Next Crypto Explosion Friday, March 8 – THORChain, EOS, Akash Network

adminMarch 9, 2024

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Investors are investing heavily in the cryptocurrency artificial intelligence sector. As a result, assets in the category are achieving multi-billion dollar valuations due to increased investor interest. While many investors urge caution, others believe this is the next cryptocurrency.

In addition to the growing interest in the AI field, the Ethereum ecosystem and many other altcoins are also witnessing a rapid rise in value. Today, AKT, RUNE, EOS and many other cryptocurrencies have made huge gains. This performance contrasts sharply with last week’s market data. Therefore, this trend suggests that confidence and optimism may gradually return to the cryptocurrency market.

Next Cryptocurrency to Explode

In addition to established cryptocurrencies, newer tokens like SMOG stand to benefit significantly. Today’s performance makes it one of the MEMCOIN cryptocurrencies to watch this season. SMOG has maintained a steady upward trend since the start of memecoin season and has maintained its position even through the recent market downturn. An overview of those trends is covered in the post.

1. TorChain (RUNE)

There has been a significant increase in activity across the THORChain ecosystem. Changes to the platform’s lending limits have resulted in massive inflows of funds into the network.

According to information from Market Data, the network records more than $1 million per hour in onboarding collateral. Likewise, token burns have also increased to record levels. As of this writing, the network has burned over 50 million RUNE. The decline in circulating supply is increasingly impacting asset prices.

RUNE price chart

RUNE broke the resistance line and recorded a price increase of over 25%. Trading volume also exceeded $1.1 billion in the last 24 hours, increasing by more than 137% over the period, reaching an all-time high.

The gains for RUNE are far from over as the token could become one of the next cryptocurrencies to explode. The trend on the chart indicates that RUNE may continue its current rally until it crosses $9. As of this writing, the price of RUNE is $7.59. As a result, you should achieve your goal within a few days.

Collateral is registered on THORChain at a rate of $1 million per hour.
Previously, it was $1 million per day.
If this continues, the loan limit will be full in a week. However, the loan limit is based on the RUNE:L1 price. Price reflexivity results in higher collateral limits.
— THORChain (@THORChain) March 8, 2024

Going beyond that region means RUNE can set a new ATH before the end of the branch. Ultimately, the current inflow of funds could provide the momentum needed for a further upward push.

Signals from bullish indicators already agree with this possibility. The MACD reading on the RUNE chart indicates a bullish trend and is also consistent with the neutral RSI value. Therefore, traders still have the opportunity to take advantage of a bullish trend before it fades away.

2. Akash Network (AKT)

AKT hit a YTD high today after posting a price rise of over 7%. The price surge brought the token closer to its ATH value of $8.08. Investors should keep an eye on AKT trends as only 25% reaches its value. Ideally, it should be one of the next cryptocurrencies to explode once it achieves its goal.

In general, the platform’s impressive advancements come from its stronghold in the cloud computing space. Akas Network is described as a supercloud computing initiative that will disrupt the way traditional providers deliver services. With decentralization at its core, we democratize how people use and deploy cloud services and resources.

AKT price chart

Additionally, growing interest in blockchain-based artificial intelligence technology is contributing to enhancing the potential of tokens like AKT. Investors who missed the price surge of FET, RNDR, and other AI-based cryptocurrencies should consider AKT’s performance as a signal to watch.

Akash is building its global reach with new providers in the APAC region, including Seoul, Tokyo and Singapore. pic.twitter.com/tAKbpC3bsC
— Akash Network (@akashnet_) March 7, 2024

Recently, Akash Network has established partnerships across several countries around the world. This move is believed to have sparked widespread adoption of the service, impacting visibility and interest in the AKT token.

Locations confirmed on the official Twitter page include Seoul, Tokyo, and Singapore. Each of these locations is an established hub for cryptocurrencies. Its presence in these countries will contribute to subsequent iterations. Also, prices may rise further.

3. SMOG

Smog continues to rise today with a price increase of more than 26%. Today’s increase has resulted in a 358% surge in prices over the past seven days. Since its recent launch on the market, Thetoken’s performance has been remarkable.

Nonetheless, the timing of the launch contributed to its impressive performance. Recently, memecoins have played an essential role in SMOG’s visibility. Additionally, the success of the pre-sale offering also provided the initial investors needed to achieve critical mass.

At the current pace, it is likely that most Degen tokens will continue to increase their value and maintain the positive feedback loop needed to attract more investors. SMOG’s market capitalization has already surpassed $268 million, 22% higher than yesterday.

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— Smog (@SMOGToken) February 22, 2024

Again, social media engagement is increasing, a sign that the assistant’s visibility will increase. Ultimately, considering that the cryptocurrency market is currently looking for the next cryptocurrency to pump, the chances of SMOG being the next memecoin to explode are relatively high.

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4. EOS

EOS, an open source blockchain platform, will send shockwaves throughout the entire cryptocurrency market. The intended supply cut was recently halted, which has left some traders wondering whether the dormant cryptocurrency will soon return from its slumber.

Clearly the effect of the news can be seen as the EOS chart settles near $1. As of today, EOS has increased its price by more than 10.64%, making it worth $1.2. There are signs that prices will continue to rise if supply is cut.

EOS price chart

The propeller to reawaken EOS is not limited to news of the proposed burn. We also recently completed over 2 million EOS recoveries through our Recover+ initiative. The move returned all tokens hackers stole from the platform in recent heists. The bill restored investor confidence in the asset and explained why tokens are clearly returning to their glory days.

There are only 146 days left until the most monumental upgrade in history. $EOS history!#prairie #InstantFinality
Learn more 👇https://t.co/gcVABP8EDF pic.twitter.com/Cs8rwIzqWB
— EOS Network Foundation (@EOSNetworkFDN) March 7, 2024

Investors should keep an eye on trends in EOS, as recent activity suggests that EOS could spark an explosive price rise. More importantly, the network has been significantly upgraded. At press time, it is scheduled for the next 146 days. The launch of an upgrade is another event that investors should consider when analyzing the prospects of the EOS token.