Finance

Next Cryptocurrency to Explode in 2023

07/06/2023
Bitcoin Ethereum News

Finding a cryptocurrency that is guaranteed to have a robust market outing in 2023 is borderline impossible. Such selections always hinge upon a great deal of luck and speculation. However, that doesn’t mean that certain crypto projects have a better chance of succeeding than others and that trying to identify the next big crypto is futile.

Our selection of the next cryptos that could explode includes a healthy mix of smaller and relatively new projects next to several market staples that have a lot of room to grow due to the severe losses the broader crypto market suffered throughout 2022. Before we dive into the details of each project, let’s first quickly examine the list of cryptos that could explode in value in the upcoming months.

Here are the next cryptocurrencies that could explode in 2023: 

  1. Aptos – A high-performance Layer 1 network
  2. Dogecoin – The original meme coin
  3. Mina Protocol – The world’s lightest blockchain
  4. XRP – A leading crypto payment solution
  5. Shiba Inu – A utility-focused meme coin
  6. Loopring – A layer 2 solution for Ethereum
  7. Render Token – A decentralized GPU project
  8. Filecoin – A decentralized file-sharing system
  9. Rocket Pool – A popular Ethereum staking service
  10. Polygon – A leading scaling solution for Ethereum

Next crypto to explode: Examining 10 cryptos seem primed to rally in 2023

The task of finding the next cryptocurrency to have a stellar year is difficult – it involves carefully examining the upside potential of each project, finding out the availability of the project’s digital assets on crypto exchanges, determining the extent of social media presence, and more.

With that in mind, here are 10 blockchain projects we believe could explode in value in 2023.

1. Aptos – A high-performance Layer 1 network

Aptos (APT) is an enterprise-grade layer 1 blockchain developed by former Meta employees that worked on the Diem (initially called Libra) stablecoin project. The Aptos team’s goal is to build a blockchain network capable of facilitating the Internet’s transition from Web2 to Web3.

Aptos is capable of processing up to 100,000 transactions per second (TPS), which is drastically more than some of its blockchain peers, including Bitcoin (7 TPS), Ethereum (15 TPS), and Avalanche (4,500 TPS), and more than the largest traditional networks such as Mastercard (5,000 TPS) and Visa (24,000 TPS). This makes it one of the most promising new cryptocurrencies on the market today.

Why could Aptos be the next cryptocurrency to explode in 2023?

If successful in reaching its goals of becoming the leading layer 1 blockchain, housing thousands of decentralized applications (dApps), Aptos could easily become the next big thing in crypto. In addition to innovative blockchain technology carried over from the Diem project, Aptos enjoys support from the largest investors in the crypto space, including Binance Labs and Jump Crypto.

2. Dogecoin – The original meme coin

Dogecoin (DOGE), the original meme coin launched in 2013 as a joke, is another contender on our list of projects to keep an eye on in 2023. Dogecoin lacks some of the bells and whistles of other projects included in our selection, but excels as a value transfer tool for the digital realm.

In 2021, the price of Dogecoin reached an all-time high of nearly $0.74, which cemented the meme coin in the esteemed group of the top 10 largest market cap coins. While DOGE lost over 70% of its value since its last year’s peak, the currency could quickly recover once the bear cycle ends. In November 2022, Tesla CEO and the new owner of Twitter, Elon Musk, shared an image of his dog (of Shiba Inu breed, just like the logo of Dogecoin) in a shirt with a Twitter logo, which sparked considerable bullish activity in the DOGE markets.

Why could Dogecoin be the next cryptocurrency to explode in 2023?

Continued support from tech billionaire Elon Musk, a potential Twitter integration, and a potential transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), which would make the network much more energy efficient, are just some of the reasons why Dogecoin could explode in 2023. Not to mention a strong community, which could end up being a crucial factor in helping Dogecoin reach $1.

3. Mina Protocol – The world’s lightest blockchain

Mina Protocol (MINA), like the Loopring project featured earlier on the list, leverages the power of zero-knowledge proofs to create a blockchain that is only 22 kb in size, regardless of the total amount of transactions that are taking place in the network. For context, Ethereum expanded to over 200 GB in 2021. 

The small size of the Mina Protocol chain allows everyone to run a full node, even on mobile devices that have considerably less computing power than desktop computers, or dedicated servers. Thanks to the lightweight blockchain architecture, Mina Protocol features a high degree of decentralization. 

Why could Mina Protocol be the next cryptocurrency to explode in 2023?

After stellar market performance after its launch in 2021, Mina Protocol faced considerable bearish pressure that wiped out more than 90% of its value over the course of the 2022 bear cycle. However, this year, MINA has already gained over +15%. If the positive trend perseveres, MINA could go on a massive rally. A similar thing happened between July and September 2021, when MINA gained over 500% in the span of just a couple of months. 

4. XRP – A leading crypto payment solution

XRP (XRP) is the native token of the XRP network (RippleNet), which was initially launched in June 2012 by OpenCoin, and later renamed to Ripple. XRP provides very fast and low-cost transactions, which makes the coin of the best remittance-focused solutions in the market. Given its long track record and a high degree of adoption, XRP offers one of the most accessible ways to invest in crypto.

Contrary to most other blockchain projects, the XRP network relies on neither Proof-of-Work nor Proof-of-Stake, but on the unique XRP Ledger Consensus Protocol. Ripple has more than 100 partnerships with financial institutions across the world, including Santander, Canadian Imperial Bank of Commerce, Unicredit, and National Bank of Abu Dhabi, to name a few. In November 2022, Ripple partnered with MFS Africa (the largest fintech in Africa) to streamline mobile payment across 35 countries, which was one of the largest such partnerships to date.

Why could XRP be the next cryptocurrency to explode in 2023?

Since late 2020, Ripple has been embroiled in a high-profile court case with the U.S. Securities and Exchange Commission (SEC) over the allegedly unregistered sale of XRP tokens. Many believe that a positive resolution of the XRP lawsuit, expected sometime in 2023, could help XRP mount a market rally that could see it revisit the $4 ATH from early 2018.

5. Shiba Inu – A utility-focused meme coin

Shiba Inu (SHIB) started out as an “experiment in decentralized community building” in August 2020. What followed was one of the most impressive market runs in the history of crypto – the price of SHIB increased by millions of percent, propelling Shiba Inu among the most successful crypto projects in the world.

The Shiba Inu ecosystem consists of several core features, including the native ShibaSwap decentralized exchange (DEX) platform, SHIB Burning Portal, as well as NFT and metaverse offerings. The ecosystem is powered by a trio of tokens, including SHIB, LEASH, and BONE. The so-called “Shib Army,” the project’s over a million-strong social media following, and the Shiba Inu development, are managed by Shytoshi Kusama, a volunteer project lead.

Why could Shiba Inu be the next cryptocurrency to explode in 2023?

There are several reasons why Shiba Inu could succeed in pulling off another massive market rally in 2023. The launch of Shibarium, a layer 2 solution for Shiba Inu, could see the cost of transactions drop, and the speed of transactions increase. In addition, the effect of SHIB burning could lead to a massive drop in the circulating supply of SHIB, which could help the token reach 1 cent, or even the 1 USD milestone, in the long term.

Shiba Inu supply in December 2022

An increase in the Shiba Inu burn rate could significantly boost the value of SHIB tokens. Source

6. Loopring – A layer 2 solution for Ethereum

Loopring (LRC) is a scaling solution that utilizes its technology on the second layer of Ethereum. It leverages a system called ZK-Rollups, which helps to move the majority of ETH transactions from the main chain to the layer-2 solution.

In 2022, Loopring entered a high-profile partnership with the leading video retailer GameStop, which saw Loopring provide infrastructure to facilitate GameStop NFT transactions.

Why could Loopring be the next cryptocurrency to explode in 2023?

By leveraging zero-knowledge proofs, Loopring allows anyone to build non-custodial, order book-based exchange on the Ethereum platform. Since transactions can be settled off-chain, Loopring claims its DEXs can offer faster and lower-cost transactions than competitors that don’t use ZK-Rollups. Meanwhile, LRC tokens can be staked and used to accrue a share of the 70% protocol fees collected by Loopring-based exchanges. The LRC token has gained over +30% YTD, hinting at its bullish potential.

7. Render Token – A decentralized GPU project

2023 has undoubtedly been the year of artificial intelligence (AI) breakthroughs. We’ve witnessed the explosive rise of Generative AI with ChatGPT, image-generating products and services, and more. Crypto space has also been a home for projects leveraging the power of AI for unique use cases, with Render Token (RNDR) arguably leading the way.

Render Network is a decentralized platform that connects users needing GPU rendering with those who possess idle GPUs. It provides easier access to GPU rendering for users while allowing hardware owners to earn from their unused resources. Although Render Network doesn’t have a specific focus on AI, it can contribute to the increasing demand for AI by offering GPU computing power, which is crucial for technologies like ChatGPT. Render Network already supports generating images using deep learning models like Stable Diffusion. 

Why could Render Token be the next cryptocurrency to explode in 2023?

Render Token has demonstrated strong performance in 2023, and its surge in value since January (over +400% YTD) aligns with the growing enthusiasm for AI, fueled by ChatGPT and other AI tools. Also, Render Token is actively working on expanding its team and making its Tier 1 and Enterprise Tier services more broadly available. The team is also adding new render engines (including Arnold) and bringing multiple Octane version support to the Render Network, which could cement the project as the leading GPU cloud provider in the space.

8. Filecoin – A decentralized file-sharing system

Filecoin (FIL) is arguably the most unique project on our list. Made by Protocol Labs, the Filecoin platform aims to decentralize computer storage by allowing anyone to provide their empty disk space to store files. The peer-to-peer network features built-in economic incentives that ensure that files are stored securely and retrievable over time.

Filecoin, which uses a combination of proof-of-replication and proof-of-spacetime to reach a consensus on the state of the ledger, exploded from $30 to an all-time high of $236 in the first half of 2021, only to retrace by more than 98% in the months that followed. 

Why could Filecoin be the next cryptocurrency to explode in 2023?

If Filecoin reaches critical mass and becomes a direct competitor to centralized cloud solutions like Google Drive and Microsoft Azure, the price of FIL could see a massive move to the top. As a part of its 2023 roadmap, the Filecoin team plans to launch specialized smart contracts that would be able to tap into decentralized data to enable internet-scale operations. If successful, FIL could easily become the next big cryptocurrency project, capable of revolutionizing both Web3 and the traditional cloud computing space.

9. Rocket Pool – A popular Ethereum staking service

One of the biggest news stories in crypto in 2022 was Ethereum’s transition from Proof-of-Work (PoW) to over 99% more efficient Proof-of-Stake (PoS). Rocket Pool (RPL) is the first of its kind decentralized Ethereum staking pool, allowing users to earn staking rewards by depositing as little as 0.01 ETH into staking pools.

In addition, Rocket Pool allows users to run an Ethereum node with 16 ETH, exactly half of what’s required when staking ETH directly via the Ethereum 2.0 smart contract. The platform’s native token is used for incentives, insurance, and community governance.

Why could Rocket Pool be the next cryptocurrency to explode in 2023?

Given the widespread interest in ETH staking, many crypto investors are looking for ways to generate passive returns with ETH. As a result, we’ve seen services like Lido and centralized solutions by exchanges such as Binance, grow in popularity. If this trend keeps up, Rocket Pool could easily become of the best-performing crypto assets of 2023. In fact, RPL has nearly doubled in price since the start of the year, confirming that crypto investors are very keen on ETH staking and the services that enable it.

10. Polygon – A leading scaling solution for Ethereum

One of the biggest barriers to greater adoption of decentralized finance (DeFi) is the high gas fees on Ethereum. Polygon (MATIC) looks to solve this problem by moving some of the transaction processes away from the Ethereum blockchain onto a dedicated layer-2. In October 2022, Polygon launched the zkEVM public testnet, the first Zero Knowledge open-source rollup L2 solution with full EVM compatibility. The beta integration with Ethereum Mainnet followed in Q1 2023.

In the past couple of years, Polygon emerged as the leading Ethereum layer 2 solution, facilitating various payment, non-fungible token (NFT), and DeFi-focused services. In addition, the project penned a number of partnerships with some of the largest companies in the world, including Reddit, Disney, and even Waren Buffett-owned digital bank NuBank.

Why could Polygon be the next cryptocurrency to explode in 2023?

Polygon is currently 13th on the list of largest cryptos in terms of market cap, and it could easily climb even higher on the list if it continues to innovate. While some worry that L2s solutions might become obsolete as Ethereum’s scalability increases, Vitalik Buterin himself recently said that L2s are a crucial part of the Ethereum ecosystem and are here to stay.

Which crypto coins exploded in 2022?

Here is a list of cryptocurrencies that saw their market valuations increase the most in 2022. For the purposes of this selection, we picked cryptocurrencies that have a market capitalization that places them among the top 500 largest crypto projects.

Final thoughts

As mentioned in the opening paragraphs, finding the next cryptocurrency to have strong market performance involves a great deal of speculation and, ultimately, luck. The 10 currencies we’ve featured on our list each have a strong chance of posting robust price performances once bears release their grip, and, more importantly, feature unique properties and utility prospects that will help ensure they rally once the next crypto bull run starts. 

For additional investment ideas, you can check out our list of the best cryptocurrencies to buy right now. If you are interested in investing in cryptocurrencies that could post robust gains in anticipation of the next Bitcoin halving in early 2024, check the video below.

Disclaimer: The content of this article should not be considered as investment advice. Always do your own research before deciding to buy, sell or transfer any crypto assets.

Source: https://coincodex.com/article/22137/next-cryptocurrency-to-explode/