- AAVE leads the DeFi space with $7.1 billion of locked liquidity across multiple networks.
- Injective Protocol’s INJ has distributed only 3.76% of its 100-token supply, reducing price pressure.
- Rune from Thorchain has seen aggressive growth but still offers significant upside potential.
In the bustling world of cryptocurrency, altcoins offer diverse opportunities for potentially high returns. Experts predict that 2024 would see remarkable growth in this space, particularly for tokens like AAVE, INJ, RUNE, GLMR, and FET. Each of these coins caters to different sectors within the crypto universe, promising a range of lucrative investment opportunities.
The Aave protocol leads the DeFi space with an impressive $6.97 billion Aave tokens locked in liquidity across multiple platforms like Ethereum, Avalanche, and Polygon. At the time of reporting, AAVE was priced at $54.90, up by 0.44 % in the past 24 hours. AAVE is currently the fifth largest cryptocurrency in terms of market capitalization at $800 million. The bullish pressure is expected to bring upward momentum for Aave as it quickly gains traction among the crypto community. The 24-hour trading volume for Aave has also increased significantly, hitting a high of $55 million, indicating that traders are becoming more interested in this particular asset.
Next up is Injective Protocol, tagged by its ticker, INJ. Tailored for financial applications, INJ is priced at $6.86, and intriguingly, only 3.76% of its 100-token maximum supply has been distributed. This scarcity adds to its allure, as there is less risk of market saturation affecting its price. The Injective Protocol allows for real-time metrics updating, making it an attractive choice for both developers and investors.
Third in line is Thorchain’s Rune. Known for its decentralized, cross-chain infrastructure, Rune permits direct asset swaps between different blockchains. Currently priced at $1.44, down by more than 6% in the past 24 hours, Rune has a 500-million-token total supply. A robust 68% of this supply is already in circulation, offering plenty of room for investment upside. Despite its past highs of $19.27, the coin is significantly undervalued, presenting a good entry point for new investors.
The fourth contender is Moonbeam or GLMR, an Ethereum-compatible smart contract para-chain on Polkadot. Although not strictly a DeFi project, Moonbeam has ties to the DeFi sector. Priced at $0.184, down by 0.45% in the past 24 hours, this coin has seen a significant decline from its $13 all-time high. However, caution is advised, as Moonbeam has no set maximum supply, which could impact its long-term price appreciation.
Lastly, consider Singularity DAO, or FET, which offers artificial intelligence-powered DeFi. The protocol employs “Dynasets,” AI-managed portfolios of cryptocurrency assets, aiming to outperform traditional hedge funds. Currently trading at $0.257 cents, FET’s 818-million-token maximum supply is 82% distributed, positioning it well for future price growth.
To sum up, each of these five altcoins shows great promise in different sectors of the crypto market. Whether it’s AAVE in DeFi, INJ in financial applications, Rune in cross-chain swapping, Moonbeam in smart contracts, or Singularity DAO in AI-driven finance, savvy investors have a wide array of options to consider for potentially lucrative returns.
