Bitcoin has been making moves for the past several weeks and surged up to 20%, trading at $52K. Analysts and experts are considering that the leading cryptocurrency has made a firm support at $50K price level. And there are less chances for the cryptocurrency to drop below, leaving the only course of action to move upward. Prominent figures like Robert Kiyosaki, American businessman and author of ‘Rich Dad Poor Dad’, was seen recently stating that $BTC may see a trading price of $100K by June 2024.
The broader crypto market is experiencing positive sentiment and some cryptocurrencies are gathering momentum. The momentum in these cryptocurrencies affirms the altcoin rally, boasted by many crypto pundits and experts, and the growth is alluring investors attention. $INJ, $MNW and $SUI have already been in the mainstream discussions for the past several months. These tokens are making notable contributions to the paradigm shift in the blockchain space.
Let’s delve into the details about these tokens and see what makes them investors favorite:
Injective ($INJ)
Injective Protocol ($INJ) is a decentralized finance (DeFi) platform that facilitates the creation and trading of derivatives and borderless DeFi markets, built on its own fast, interoperable blockchain.
$INJ token, central to the ecosystem, serves multiple utilities: it’s used for protocol governance, letting holders vote on key decisions; it acts as a staking token to secure the network and earn rewards; and it’s utilized for paying transaction fees on the platform. The token can also be used in liquidity mining programs and for participating in protocol upgrades, making it a versatile asset within the Injective ecosystem.
The $16 Billion+ worth DeFi space is likely to see increased adoption in the wake of the coming crypto rally. Injective Protocol is at the forefront of the DeFi space and is poised to get benefitted from the sector’s development. The protocol has seen significant developments in the past one year and attracted a lot of attention.
Injective saw active wallet addresses from 14K to 400K in the span of one year while the number of overall transactions over the platform surged from 140 Million to 460 Million during the same time period. The community expects the transactions to hit 500 Million soon.
$INJ token price has seen a meteoric rise in the meantime. The token is trading at $37.7 from $4 about a year ago, a whopping 800% increase. Analysts see the $INJ token to hit a price range of $70 to $100 in the coming months.
The DeFi space took a major hit during the harsh crypto winter in 2022. Growth of DeFi tokens such as $INJ indicates a gradual recovery in the sector. And given developments in the past year, the broader sector is expected to flourish further in the coming bull market.
Morpheus.Network ($MNW)
The maturing of cryptocurrency space has shed light on the importance of blockchain technology. The cutting edge blockchain tech has gathered attention of leaders and executives across the industries. Morpheus.Network brings blockchain-based solutions for inherent issues in the supply chain sector.
Morpheus.Network ($MNW) serves as a provider of middleware solutions based on blockchain technology, aimed at improving both efficiency and transparency in global supply chain management. It targets the complex challenges that are often encountered within supply chains, seeking to mitigate these issues effectively.
Boasting a list of high-profile clients, Morpheus.Network has earned the trust of several leading companies around the globe, such as Coca-Cola, Gulftainer, Sobeys, and Marsh Insurance. Its notable achievements include participation in prestigious initiatives like the Google Accelerator Canada and the Microsoft Startup Founders Hub. Additionally, its collaborations with governments in countries like Brazil, Uganda, and Argentina highlight its dedication to enhancing the agribusiness sector with blockchain solutions.
To maintain its platform’s stability and efficiency, Morpheus.Network facilitates the operation of masternodes. Operators of these masternodes are compensated with specific tokens for their contributions. These nodes, while operating in a decentralized network much like traditional servers, are specially designed to bolster the capabilities of supply chains.
Masternodes brings unique advantages to blockchain networks such as instant transactions, better governance and greater security. To become a masternode operator over Morpheus.Network, participants must stake 1,800 $MNW tokens. The staked tokens indicate the pledge of operators’ allegiance to the network. In return for their offerings to the network, the operators receive up to 18% annual percentage yield (APY).
$MNW token is currently trading at $1.25 following a significant 20% increase in the past one month. The token remained relatively stable during the harsh crypto winter and showed resilience. The weekly range stayed between $1 to $1.25, suggesting the token is getting momentum.
Moreover, now that the coming bull market is focusing on utility, utility tokens such as $MNW are in position to get benefitted. $MNW token holds a tremendous 10X growth potential in the coming bull run given that the previous high was at $14.
Sui ($SUI)
Sui ($SUI) has been among the top gainers of the past year and hence becomes an obvious favorite of investors. But there’s more to the narrative around the protocol.
Sui is a high-performance, decentralized blockchain platform designed to support a wide range of applications, including DeFi, NFTs, and gaming. It is distinguished by its ability to process transactions and manage digital assets quickly and efficiently, thanks to its novel consensus mechanism and unique data model.
$SUI token is the native cryptocurrency of the Sui network, serving multiple roles within its ecosystem, including transaction fees, staking, and governance. As the backbone of the Sui platform, $SUI facilitates secure and scalable operations, incentivizing participation and ensuring the network’s long-term viability and decentralization.
In December 2023, Sui reportedly hit the peak of transaction speed of 6,000 transactions per second (TPS). The capital locked over the protocol saw significant growth from $211 Million to $593 Million in one year, according to DefiLIama data. The protocol surpassed heavyweights like Cardano ($ADA), Aptos ($APT), and Near ($NEAR) in terms of locked capital.
The progress adds to the development of protocol, giving $SUI token more reasons to make new highs. $SUI is trading at $1.8 following nearly 60% increase in the monthly time frame. In the past three months, the token has surged more than 400% and currently sits at a market capitalization of more than $2 Billion.
$SUI token has reached all time highs recently. However, given since these numbers were hit within matter of few months, the community sees the token to go higher in the coming bull market.