Next Cryptocurrency to Explode, October 8 — EigenLayer, SPX6900, BinaryX

Although cryptocurrency prices have been falling for a while, the overall feeling in the market remains positive. Recently, Bitcoin (BTC) has risen above $65,000, and Ethereum (ETH) has risen above $2,600, providing some relief to investors.

However, identifying the next cryptocurrencies to explode is challenging as most funds are attracted to pumping assets. Today’s article explores the performance of cryptocurrencies that have dominated the gainers list in the last 24 hours. The objective is to identify coins with some potential and inform investors and traders about each token. 

Next Cryptocurrency To Explode

Today’s article discusses the performance of potentially explosive cryptos that investors should add to their watchlist. It also includes a special mention of Memebet Token. This new Telegram-based betting platform allows users to bet using meme coins for the first time, generating excitement among crypto enthusiasts. The details of its presale and the performance of the top-performing cryptos today are shared below.

1. EigenLayer (EIGEN)

EigenLayer (EIGEN) has seen a strong recovery as investors jumped in to buy after last week’s airdrop. The token bounced back to a high of $3.86, its best level since October 2, and is now 26% above its all-time low. This surge followed an important announcement from the founder, who revealed that the network is shifting its focus toward Web3 applications.

EigenLayer doesn’t have a consumer-facing app. Instead, it secures services like AltLayer, Ethos, and Lagrange. Despite a recent hack that saw over 1.6 million tokens, worth $6.8 million, stolen, the price recovery continued. The stolen tokens were moved through a decentralized platform before being transferred to centralized exchanges.

Developers have shared plans to unlock and distribute 67 million tokens, or 4% of the initial supply, over the next year. Every Tuesday, a portion of these tokens will be released, with 3% going to Ethereum and liquid staking token stakers and 1% to EIGEN stakers and operators. 

While token unlocks often lead to lower prices due to increased supply, EIGEN has risen above the 25-period moving average. Additionally, it has formed a bullish inverse head-and-shoulders pattern, which is a strong indicator of potential growth. This suggests the token could retest its all-time high of $4.58, a 23% increase from current levels.

EigenLayer’s future looks promising as it focuses on onboarding consumer Web3 applications. According to founder Sreeram Kannan, the initial target will be crypto-native segments like decentralized finance (DeFi) and gaming before expanding further into Web3.

2. SPX6900 (SPX)

SPX6900 has quickly become a trending topic in the crypto world, with its price skyrocketing by 50% in just one day and an impressive 500% increase over the past week. As of press time, the token is trading at around $0.5805, catching the attention of many investors. In the past 24 hours, its trading volume surged to about $73.7 million, showing strong interest from the community.

Over the past month, SPX6900’s price has jumped more than 6,600%. This outstanding performance has propelled it to the 12th largest meme coin by market cap, now valued at $477.3 million. Inspired by the S&P 500, SPX6900 represents the fictional S&P 6900 index. It claims to be a better alternative, thriving on meme culture and social media engagement rather than traditional financial measures. This strategy has worked well for popular meme coins like Dogecoin and Shiba Inu.

Regarding technical analysis, the SPX6900 price may continue to rise in the short term. The Relative Strength Index (RSI) is in the mid-70s, indicating that buyers are stronger than sellers, and the positive slope suggests bullish momentum is still building.

However, SPX6900 has hit resistance around $0.24, making further gains more challenging. Some experts predict a possible price correction soon, but the overall sentiment is shifting from negative to positive. With a market cap of $528 million and growing investor interest, SPX6900’s journey is likely just getting started.

3. Memebet Token (MEMEBET)

Memebet ($MEMEBET) has managed to maintain a steady presale, inching closer to $400K in funding. This project brings a new angle to meme coins by turning them into betting currencies within the expanding GambleFi space. Memebet aims to give meme coins an actual utility, which is especially useful during market uncertainty and falling prices.

For those interested in joining, $MEMEBET tokens are available at $0.0257 during the presale. However, with the next funding stage less than three days away, the token price will increase as more investors come on board. Memebet offers more than just an investment in meme coins—it provides a platform where holders can bet on various games, offering them the chance to win significant rewards.

While popular meme coins like $DOGE and $SHIB are accepted, the real advantage comes from using $MEMEBET. It gives users access to airdrop rewards, special degen bonuses, and entry into the upcoming Memebet Casino Lootboxes, which include real-world prizes and valuable casino bonuses.

For early adopters, Memebet is also hosting a Gleam giveaway, offering ten winners $1,000 worth of $MEMEBET tokens. To participate, users must purchase $MEMEBET during the presale, submit their wallet address, join the project’s social media channels like X and Telegram, and provide their casino wallet address after the casino launch.

Visit the Memebet Token Presale

4. FTX Token (FTT)

FTX Token (FTT) has defied the broader market trends, gaining over 15.16% last week, while most assets declined. On October 1, FTT saw a 13.89% rise, followed by a 21.53% surge on October 4 and another 9.86% increase the next day. Despite this upward trend, the Williams Percent Range stands at -32.59, indicating that FTT is nearing overbought territory but still has the potential for more gains.

As FTT continues to rise with a 10.59% increase this week, bulls must protect the Pivot support at $2.01 to avoid slipping into bearish zones. If the price falls below this, the next support is $1.33, a level last seen two weeks ago. However, if FTT recovers from its recent pullback, a break above the $2.68 resistance could continue the bullish trend.

FTT’s price has been increasing since late September, testing the lower boundary after a slight dip below $2.58 support. This movement is typical in bullish trends, where prices fluctuate between support and resistance within the channel.

Despite the recent pullback, the overall trend remains positive, as the price stays above the 50-day and 200-day Simple Moving Averages (SMAs), which both show an upward slope. The 200-day SMA, at $1.59, is a critical long-term support well below the current price. Meanwhile, the Relative Strength Index (RSI) is at 48, signaling a neutral stance where neither buyers nor sellers are entirely in control.

With the RSI at 48, FTT is neither overbought nor oversold, suggesting room for further upward movement as long as it holds the channel’s lower trendline.

5. BinaryX (BNX)

BinaryX (BNX) has recently faced a bearish market performance, with its price dropping by over 13.42%. However, the token has slightly recovered, rising by 2.02% and is now trading at $0.7662. Despite this, its trading volume fell by more than 35% in the last 24 hours as more buyers entered the market. This recent price movement has led some analysts to predict that BNX could grow further.

BNX must break through its resistance and turn it into support for the bullish trend to continue. Based on the wedge formation pattern observed in the charts, if this happens, the price could rise to $1.5 and reach $1.9.

As a key player in the GameFi ecosystem, BinaryX focuses on transforming gaming with sustainable economic models and engaging experiences. Built on the Binance Smart Chain (BSC) and operating as a BEP-20 token, BNX benefits from high security, including a Certik audit score of 83.

While the current price may be lower, BinaryX’s long-term performance is impressive. Over the past year, BNX has surged by 233.67%, outperforming 80% of the top 100 cryptocurrencies. This makes it an attractive option for investors interested in the growing GameFi sector.

Read More

• Discover the Next Big Crypto Surge in 2024