In the crypto market, stable, modest returns are not a priority for most investors. They’re looking for those moonshot cryptocurrencies that could skyrocket 10x or even 1000x in just a few days. These coins have the potential for explosive growth fueled by technological advancements, community sentiment shifts, new strategic partnerships, and other factors. Therefore, selecting tokens with appropriate conditions for price growth is important.
Filecoin (FIL)
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Filecoins (FIL-USD) The decentralized storage network is censorship-resistant and can provide user autonomy, the value of which increases in times of growing demand for digital privacy. It is unique because centralized structures have no influence on the data stored on the Filecoin network. The project supports various data formats and allows users to earn cryptocurrencies by renting out disk space. Despite their technology and the relevance of the problem they solve, FIL tokens remained invisible among higher capitalization coins until recently.
What is typical for moonshot cryptos is that it takes a push to unlock the potential of a token. The partnership with Solana (SOL USD) has focused the attention of the crypto community on FIL. Filecoin’s technologies can make it easier to access the data stored on the Solana chain. Web3 infrastructure providers, indexers, blockchain researchers and other network participants can transparently view block history and access the transaction archive.
The partnership announcement resulted in a multi-week high for Filecoin, with a 10% price increase indicating renewed investor interest. The partnership with Solana can only begin the development of the project as it can stimulate innovation in the blockchain space and act as an accelerator of existing solutions.
In 2021, the project showed what it is capable of. The price of FIL has exceeded that $190 brand in May this year. Since 2022 and 2023 are the years of struggle to cross the $5 mark, the token may see a precise valuation in 2024 $8, FIL will begin to emerge from the period of market turmoil. The launch of Glif Points and the launch of the platform’s liquid leasing protocol have amplified the impact of the partnership with Solana and stimulated investments in FIL.
Polkadot (DOT)
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Blockchains were networks isolated from the rest of the world in the early stages of crypto asset development. Because they were unable to communicate and share information effectively, they were unable to create synergies with other ecosystems. Speckle (DOT-U.S. DOLLAR) provides an environment where users can seamlessly transfer data, not just send tokens.
Developers can leverage the strengths of multiple blockchains to build feature-rich and reliable decentralized applications (DApps). Additionally, Polkadot’s architecture allows for the customization of parachains. This combination makes the platform attractive for developers. Users love the project for its decentralized management system and responsiveness to community needs.
Despite the technological successes, there was criticism of the slow development for months. Polkadot accepted the criticism and implemented a number of innovations to speed up the development process. This brought new features and improvements to the platform that were already appreciated by users. In 2024, the project will have a market capitalization of more than 10 billion dollarsrepresents one of the largest and most dynamic ecosystems in the crypto space.
Since 2021, the number of full-time Polkadot developers has tripled. Currently, only Ethereum and Bitcoin can have a larger app development platform. The project releases Web3 applications slowly and methodically, but doesn’t often make headlines. That’s why Polkadot has all the resources to step out of the shadow of larger blockchains and make DOT a top cryptocurrency.
Axie Infinity (AXS)
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Axie Infinity (AXS USD) pioneered the “play-to-earn” model. It has created a gaming ecosystem where users earn AXS tokens. This is a new chapter in the history of cryptocurrency as the game has become a source of income for enthusiasts. Thanks to its innovation, the project’s token has increased from $1 to $150 in 2021. Players collected and farmed NFTs (so-called Axies) and could even fight with them. Each of the Axies is individual and belongs to a specific wallet (player). This provides the ownership effect and makes Axie Infinity stand out.
Since the end of 2022, the AXS price chart is no longer as dynamic and has a range of $4 to $12. However, this does not fully demonstrate the potential of moonshot cryptocurrencies like Axie Infinity. The platform’s user base has grown regardless of the value of the token. More than 250,000 Active players log in every day for a dose of fun and rewards.
With an extensive customer base, the platform can open up new markets. The integration of decentralized finance (DeFi) functions into Axie Infinity promotes its development. Together with the general trends of growing awareness of blockchain technology, the project becomes an opportunity to invest in the future of crypto technology.
Further partnerships and project agreements can also provide an impetus for explosive growth. Axie Infinity already has several alliances. These include well-known names such as the cryptocurrency exchange Binance and the video game company Ubisoft. Collaboration with other blockchain projects has contributed to the development of the platform’s ecosystem. Further collaborations with major market players could lead to a repeat of AXS price action from 2021.
At the time of publication, Julia Magas did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.