Next Cryptocurrency to Explode Friday, August 16 — Injective, Sun Token, Uniswap, Convex Finance

The altcoin market is fluctuating, but some coins try to bounce back. Investors need to stay alert during this consolidation phase, as it could be a chance to ride a rising trend.

Institutional investors are now paying more attention to interoperability and tokenizing real-world assets. Prices of these assets are climbing, even before the market takes off entirely. The objective is to identify the next cryptocurrencies to explode and inform investors and traders about each token.

Next Cryptocurrency To Explode

Attention in the crypto market in the coming month will go toward the altcoin and meme coin sectors and making the most of the altcoin market. Hence, investors can capitalize on the moment and take a position in upcoming tokens like The Meme Games. The Meme Games combines the trill of the Olympics with meme coins to give crypto enthusiasts a fun and competitive presale event. This post covers the details of its presale.

1. Injective (INJ)

INJ’s price has shown a sideways trend recently, indicating weak buying and selling pressure in the cryptocurrency market. Despite this, the altcoin has risen by about 6% over the past week, even with growing bearish sentiment. Analysts have noticed a possible bullish signal despite the slight decrease.

The recent breakout from a downward wedge pattern has renewed investor interest, making Injective’s current price an attractive option. If this positive outlook continues, we might see a significant increase in its value, potentially reaching new highs.

The RSI, a key technical indicator, remains close to its mid-point, suggesting weak price movement. The average trendline has also flattened, indicating uncertainty in future price action. If the market turns bullish, Injective could test a crucial resistance level of $21.35 this month. However, if bearish forces take over, the price could drop to around $15.

Injective has gained considerable attention as a leading DeFi token in recent months. Trading at around $19 in December last year, its price surged in the first quarter of 2024, hitting a record high of $52 in March. Recently, it has been recognized as one of the top DeFi coins.

1/ Injective is officially integrated with the @ton_blockchain ecosystem, a historic moment for both communities.

Now, Injective assets such as $INJ can be bridged & utilized across TON while $TON is also leveraged across Injective dApps.

Open finance, reimagined 💎 pic.twitter.com/Dt1r3NBBKK

— Injective 🥷 (@injective) August 14, 2024

Although the daily chart slightly dipped, Injective’s intraday trading has increased. The token’s daily trading volume increased by 40.22% in the past day, reaching 105,442,384. With a market cap of approximately $1.73 billion, Injective shows resilience in a declining market. At the time of writing, the trading volume indicates that it continues to attract traders and investors.

2. Sun Token (SUN)

The current price of SUN is $0.01015, reflecting a 10.08% increase in the last 24 hours. The market cap has also grown by 10.09%, reaching $101,001,518. Moreover, the 24-hour trading volume has surged by 254.30%, reaching $59,463,200. SUN is now trading 23.93% above its 200-day simple moving average (SMA) of $0.008192.

The price prediction sentiment for SUN is currently neutral, while the Fear & Greed Index shows a level of 27, indicating fear. Despite this, the recent growth in price and daily trading volume suggests increased token transactions, which signals growing optimism about a potential uptrend.

SUN.io is TRON’s first one-stop platform that supports stablecoin swaps, token mining, and self-governance. The new SUN token grants holders various rights, including voting and governance, value capture, and staking rewards.

$sun on its way to one of the most potential coin of this year. https://t.co/7kM1Sr5LyW

— Sun Meme (@defi_sunio) August 14, 2024

With strong fundamentals and support from a dedicated crypto community, SUN has the potential for significant growth. If the project announces collaborations with other networks, the maximum price of SUN could surpass $0.1 by 2024. If the current bullish trend in the crypto market continues, the average cost of SUN could reach $1 by 2025. However, if the market experiences a downturn, the minimum value could drop to $0.008 in 2024.

3. The Meme Games (MGMES)

The Meme Games combine the thrill of the Olympics with the lively world of meme coins. It gives crypto enthusiasts a chance to participate in a fun and competitive presale event, where they can earn significant token bonuses. The idea is centered around popular meme characters competing for gold, capturing the excitement of the upcoming 2024 Olympics.

Moreover, this unique presale format lets users choose their favorite meme characters and watch them compete, which could lead to multiplying their token holdings. The $MGMES token is the entry ticket to this digital competition, where the top meme coins battle for dominance. Participants can join multiple times, increasing their chances of earning a 25% token bonus.

The Meme Games has caught the attention of key players in the crypto world. It has been featured on major platforms like Binance Square, TradingView, and CoinCodex, as well as in publications such as The Times of India. This widespread recognition underscores the project’s growing popularity and potential impact on the meme coin market.

The Meme Games is currently in its presale phase, with the official launch on decentralized exchanges set for September 10, 2024. The presale has already raised $367,682.84 out of a $1,078,567 target, with tokens priced at $0.00925.

Additionally, the presale process is designed to be user-friendly and engaging. Participants can easily purchase $MGMES tokens through the presale widget on the official website, making it simple for a wide range of crypto enthusiasts to join in the excitement of The Meme Games.

Visit the MGMES Presale

4. Uniswap (UNI)

Despite increased selling pressure, the Uniswap price has risen by about 2% in the past day and over 5% in the last seven days. Additionally, the altcoin has been trading within a consolidated range between $5.350 and $6.920 since the beginning of the month, indicating weak bullish momentum. However, the Relative Strength Index (RSI) has steadily climbed towards the neutral point, suggesting increased buying interest for the UNI coin in the crypto market. With a bullish trend in its average trendline, the outlook appears positive for the near future.

If Uniswap maintains its price above the resistance level of $6.920, it could pave the way for the price to test its upper high of $8.40. On the other hand, if bearish forces take control, the altcoin might retest its low of $2.350 this month.

In the meantime, Uniswap Labs has launched a security contest for its upcoming v4 release, featuring a $2.35 million prize pool. This initiative aims to ensure that v4’s smart contracts undergo extensive audits, making them some of the most secure on the blockchain. 

We’re teaming up with @UniswapFND and @cantinaxyz for the largest security competition in DeFi history

$2.35M is up for grabs to help make sure v4 is the most audited code ever deployed onchain

Competition starts September 4th 🦄 pic.twitter.com/OwqgxX6pul

— Uniswap Labs 🦄 (@Uniswap) August 16, 2024

The $2.35 million prize pool is the largest ever in the decentralized finance (DeFi) sector and is backed by the Uniswap Foundation and the web3 auditing network Cantina. This reward will encourage independent audits of Uniswap v4’s smart contracts and the new Universal Router, facilitating swaps between ERC-20 tokens and NFTs.

The anticipated v4 upgrade has also sparked discussions about its licensing terms. Similar to v3, v4 will be released under a four-year Business Source License, which limits the use of the code by others. The audit contest will begin on September 4 and run until the end of the month.

5. Convex Finance (CVX)

Convex Finance (CVX) is gaining attention as a noteworthy DeFi altcoin. It has established strong support at the important $2 level. Despite facing resistance around the 50-day EMA, Convex Finance’s recent performance suggests a trend reversal. Over the past week, Convex Finance has risen by 19.80%, indicating a bullish trend in the MACD indicator. This positive movement suggests a potential breakout, making Convex Finance an appealing option if it surpasses the trend line resistance, potentially reaching $5.50 for an anticipated 120% rise.

Convex Finance is a DeFi protocol that allows Curve liquidity providers to earn a share of trading fees on Curve without directly staking their liquidity. LPs can receive enhanced CRV and liquidity mining rewards by staking with Convex Finance. The project team emphasizes that this process offers CRV stakers better capital efficiency.

Where to earn something for crvUSD? @ConvexFinance currently offers somewhere around 10-20% yield on it, depending on the pool or lending market pic.twitter.com/ns6cNtl6ky

— Curve Finance (@CurveFinance) August 15, 2024

Convex Finance’s price has increased by 19.80% in the past week. The daily trading volume is around $20.32 million, marking a rise of over 40.88% in the last 24 hours. The price trades well above the 50-day and 200-day Simple Moving Averages (SMAs), breaking through resistance levels at $2.57.

With a market cap of $229.98 million, Convex Finance is trading at $2.36, with a 1.44% rise in the past 24 hours. The daily chart shows a positive trend as the price bounces back from a support trendline. Furthermore, this upward movement suggests the beginning of a positive cycle within a larger falling-wedge triangle pattern. With the next resistance at $2.811 or the 23.60% Fib level, the upside potential in this DeFi token is 18.11%.

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