Next Cryptocurrency to Explode, 20 January — Near Protocol, Hedera, EigenLayer, Compound

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The altcoin market looks promising, and many altcoins are recording gains. Late last year, the cryptocurrency market experienced heightened volatility as several tokens experienced price fluctuations. But things have mostly been on the green side for many investors since November. Investors need to stay alert during this consolidation phase, as it could be a chance to catch a ride on a rising trend.

Prices of various altcoins are already showing positive movements, even before the market takes off entirely. This article is dedicated to identifying the next cryptocurrencies to explode and inform investors and traders about each token.

Next Cryptocurrency To Explode

Savvy investors capitalized on this year’s boom in the altcoin market and taking positions in upcoming tokens like the Meme Index. Meme Index simplifies investing in meme coins by offering exposure to a curated collection of meme coins, reducing individual risks.

1. Near Protocol (NEAR)

NEAR Protocol is making waves as a user-friendly and developer-focused platform for creating decentralized applications (dApps). Currently priced at $5.42, the token has seen a 0.56% rise in the last 24 hours and a more substantial 20.83% increase over the past week, pushing its market cap to $6.39 billion and ranking it #27 by market capitalization.

NEAR’s focus on scalability and ease of use has attracted developers looking for alternatives to congested networks. As the demand for dApps continues to grow, NEAR appears poised for steady, long-term growth, distinguishing itself from tokens that rely on rapid, short-lived price spikes.

One of NEAR Protocol’s standout features is its sharding technology, which, along with low transaction fees, addresses major blockchain challenges. Sharding can be likened to adding more cashiers to a busy supermarket, significantly reducing wait times. Similarly, NEAR’s sharding reduces network congestion, making it a faster and more efficient option compared to platforms like Ethereum.

In a milestone last month, NEAR Protocol became the first non-Ethereum Virtual Machine (EVM) blockchain to integrate with MetaMask fully. This integration, powered by the NEAR Snap feature from HERE Wallet and the Banyan Collective, allows MetaMask users to create NEAR accounts and sign transactions within the ecosystem seamlessly.

2. Hedera (HBAR)

As the altcoin market shows signs of recovery, Hedera (HBAR) is capturing attention with an impressive 7% gain. Its recent breakout and retest suggest a strong potential for further bullish movement.

HBAR’s upward momentum began in November, starting from the $0.046 level and surging to a $0.39 resistance zone. After this rally, the token consolidated into a bullish pennant formation, often signaling a pause before further growth. On 16 January, HBAR broke above the pennant’s upper trendline, reaching a local high of $0.40. It then retraced to test the $0.32 support zone, confirming the breakout.

Currently trading at $0.3660, HBAR is poised for a potential rally. If it successfully surpasses the $0.40 resistance zone, it could aim for a short-term target of $0.55, marking a possible 50% upside from its current price.

Upcoming session: ‘Expanding Tokenization: Unlocking Liquidity in Global Markets’ with @GregoryLBell, SVP @HBAR_foundation during #HalbornACCESS.
HalbornACCESS is a premier digital asset security summit exploring the future of financial services and digital assets through DLT.… pic.twitter.com/nfHbiTCzCY
— Hedera (@hedera) January 17, 2025

Beyond price movements, Hedera is making significant strides in adoption. The World Gemological Institute (WGI) partnered with fintech firm Vaultik to tokenize $3 billion of luxury assets on the Hedera blockchain, such as diamonds, gemstones, watches, and jewelry. This innovative step modernizes the $100 billion diamond industry, leveraging blockchain for enhanced authenticity, transparency, and security.

Additionally, HBAR is benefiting from speculation around the approval of a spot HBAR exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission under the new Trump administration. Canary, a fund manager, has already filed for an HBAR-focused ETF. Analysts suggest it could have a strong chance of approval in 2025, potentially outpacing competitors like Ripple, Solana, and Litecoin.

3. Meme Index (MEMEX)

The Meme Index is making waves as the first-ever decentralized meme coin index, currently in its presale phase. With an impressive $2.6 million already raised, the project is steadily gaining attention and momentum in crypto. Its MEMEX token offers a unique opportunity for investors, featuring a range of investment baskets tailored to different risk tolerance levels.

The available baskets include the Meme Titan Index, designed for those seeking relatively stable options, and the Meme Frenzy Index, which appeals to thrill-seekers by focusing on emerging, high-volatility meme coins with potentially huge returns. This variety allows investors to choose options that align with their financial goals and risk appetite.

Moreover, MEMEX token holders can take advantage of the presale staking pool, which offers an extraordinary annual yield of 887%. The current presale price of $0.0154077 per token presents a compelling opportunity for those looking to maximize their returns early on.

In addition, the platform taps into the enormous $120 billion meme coin market, simplifying investments by offering a diversified approach. This strategy minimizes the risks usually linked to individual meme coin investments, making it easier and less intimidating for newcomers to enter the market.

The presale offers a limited-time chance to secure tokens before the price increases in less than two days. Interested buyers can purchase MEMEX tokens on the official website using USDT, ETH, or a bank card.

Visit the MEMEX Presale

4. EigenLayer (EIGEN)

EigenLayer has recently faced challenges on daily, weekly, and monthly performance charts following the announcement of its new governance system, EigenGov V1. This system aims to decentralize decision-making and promote collaboration among participants in the ecosystem. Despite the short-term price dip, this innovative framework has sparked investor interest and boosted confidence in the protocol’s long-term potential.

Over the past few months, EigenLayer has encountered significant hurdles, including a major hack that resulted in the loss of over 1.6 million tokens valued at $6.8 million. However, the project is making steady progress toward recovery. Developers have planned to distribute 67 million tokens—equivalent to 4% of the initial supply—over the next year. These tokens will be released weekly, with 3% allocated to Ethereum and liquid staking token stakes. In comparison, the remaining 1% will go to EIGEN stakes and operators.

On 14 January, EigenLayer announced the creation of a Protocol Council tasked with ensuring protocol security and reviewing EigenLayer Improvement Proposals (EIPs). This development was shared by the Eigen Foundation via a tweet, emphasizing the platform’s commitment to strengthening its infrastructure. EigenLayer launched a testnet about a month ago for its latest protocol upgrade.

This upgrade, known as “Slashing,” is a significant step in enhancing accountability and security within EigenLayer’s ecosystem. According to the team, Slashing is a critical mechanism enabling Asset Value Securing (AVS) participants to uphold their crypto-economic commitments, ensuring a more secure and reliable environment.

5. Compound (COMP)

COMP is priced at $84.59, marking a 16.31% increase over the past week. Over the last 24 hours, its trading volume surged by 51.35%, reaching $80.51 million. Despite this growth, its price and market cap experienced fluctuations, showing some volatility during this period.

The token is trading 29.10% above its 200-day Simple Moving Average (SMA), indicating strong bullish momentum. Market sentiment for COMP remains optimistic, with the Fear & Greed Index at 76, signaling “Extreme Greed.” This reflects a rise in token transactions and growing confidence in a potential uptrend.

About a month ago, the Mantle Network brought attention to COMP by integrating Compound III into its ecosystem. This collaboration is a significant step toward enhancing borrowing and lending services on Mantle. It also introduces new collateral options in a secure environment, making it a promising development for users.

Compound Finance has also expanded its platform by adding two new assets for borrowing and lending: Ethena’s stablecoin “USDe” and Mantle’s liquid staking token “mETH.” These additions, approved by a token holder vote on 8 January, offer more flexibility for users seeking collateral options.

Moreover, discussions are underway to include cmETH, another token from Mantle, on the platform. This aligns with the growing trend of liquid staking tokens gaining traction in decentralized finance (DeFi).

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