The global crypto market cap has exceeded $2.8 trillion, sparking a significant level of attention from investors and traders. Moreover, the upcoming halving of the world's largest crypto by market cap, Bitcoin, has sparked a lot of speculation of further potential price upswings throughout the entire industry, as it marks one of the largest industry events.
Moreover, crypto ETFs could be approved for Ethereum among other cryptocurrencies, which could further serve to be a catalyst for growth throughout the entire industry.
With the bullish perspective currently fueling a lot of buzz and interest among Web3 circles, many are turning their attention to DeFi coins which have the potential to outperform industry giants. As a result, they could rule the next bull run. With DeFi becoming one of the most major points of appeal in the industry, these are the five top DeFi coins primed to see explosive gains during 2024.
Five DeFi Coins Whose Value Is Expected to Explode in 2024
KangaMoon (KANG)
Avalanche (AVAX)
Chainlink (LINK)
Stacks (STX)
Injective (INJ)
KangaMoon (KANG) is explosive on the charts, as seen from the colossal level of growth experienced throughout its crypto ICO. It's clear that the presale has picked up significant attention, as its value spiked from a starting value at $0.005 to $0.01125. This showcases a 125% growth, and there are no signs of it stopping anytime soon.
Specifically, this crypto has reached this level of growth and attention due to its unique approach towards the industry, as it will implement a community-driven platform with Social-Fi elements. Ecosystem participants can get a lot of value through interacting with various elements in its ecosystem, such as commenting on sharing on X (Twitter).
Moreover, the presale has raised over $1,608,328.569 and is on its way towards breaking past $2 million, with a chance of reaching $2 million by the end of March. This Ethereum-based platform's token follows the ERC20 token standard as-well, making it compatible with a lot of wallets.
It will get listed on top Tier-1 exchanges during Q2, and could become a main competitor to Dogecoin, Shiba Inu, Bonk and others. As a result, it's seen as one of the hottest projects for 2024 with a growth potential for 100x based on analyst projections. These aspects make KANG one of the top DeFi coins to get into.
Avalanche (AVAX) is a blockchain platform that features smart contracts and supports various blockchain projects. It features multi-chain support and is a home to various decentralized applications (dApps), and integrates a unique Proof-of-Stake (PoS) mechanism.
Its main focus includes transaction speeds, low costs and eco-friendliness. The native token, AVAX, plays an important role in the ecosystem as it provides utility. It is used for the payment of the transaction fees and for the security of the network through staking.
Moreover, during the past year, the Avalanche crypto increased by 223%. In the past month, it's up 20% and during the span of the week, climbed from $37 to $46. As a result, the sentiment is currently bullish surrounding its future price potential. According to the Avalanche price prediction, it can spike to $67.65 by the end of 2024, also making it one of the best DeFi coins for 2024.
Chainlink (LINK) is a network that improves upon what smart contracts are capable of through providing them with real-world data, events and payments, without sacrificing any of the security. It does this through a network of Oracles that can provide data and information from off-blockchain sources to the on-chain smart contracts.
The native token, LINK, is used for the payment of node operators that get the data. It's also the main utility token that powers the interaction between Chainlink users. The year-to-date (YTD) upswing for Chainlink was by 256%, and in the past month, it's up 18.5%.
As one of the best DeFi projects, it also has massive growth potential. Throughout the previous week, the Chainlink price also moved from $18 to $21, just barely missing the $22 price barrier. According to the Chainlink price prediction, it can end 2024 at $31.61.
Stacks (STX) as a project was developed to unlock further functionality of the Bitcoin mainnet through introducing smart contracts and decentralized applications (dApps) on top of it. Its a unique Layer-2 network that provides an additional level of functionality to the world's largest crypto by market cap, making it far more appealing.
As one of the top DeFi coins, STX is the native cryptocurrency behind the network and is used to empower users to participate in the consensus mechanism, where they can earn rewards by doing so. Moreover, just in the past week, the Stacks crypto jumped from $2.57 to $3.34.
In the past month it increased by 83% and based on the year-to-date (YTD) metric, the Stacks crypto is also bullish, as it increased by 457%. According to the Stacks price prediction, it can end 2024 at $4.49.
Injective (INJ) is an open and interoperable smart-contract supporting blockchain that was built to empower Decentralized Applications (dApps). Moreover, it provides instantaneous transaction finality and even enables cross-chain interactions and interoperability.
It gained a high reputation by being the first blockchain to enable auto-executing smart contracts which enable quicker and more innovative applications. INJ is its native crypto that's used as collateral in a DeFi lending platform, or used as a payment for the fees involving asset swapping, or facilitating any transaction throughout the ecosystem. INJ also functions as the governing token as it enables holders the opportunity to vote on the network proposals.
The Injective crypto broke past the $40 price barrier recently, and is up 18% on the monthly chart. The most impressive chart is its year-to-date (YTD), where it blew up by 1,283%. At this rate, analysts project a price upswing to $64.78 by the end of 2024.
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