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The cryptocurrency market is once again moving forward, and several of the less popular cryptocurrencies are actively growing. In the context of continued rise, many investors are now fixated on Solana (SOL), Dogecoin (DOGE), and DTX Exchange (DTX), especially since these funds are gradually gaining traction. All of these tokens possesses unique benefits and triggers that may lead to even more impressive increases in the next few months. Here are the three altcoins, why they are gaining attention and why holding them might mean a lot of growth potential.
Recently, Solana outperformed Bitcoin and most altcoins as it became the favorite digital currency of the last several months. According to the latest statistics, Solana registered the highest monthly active addresses in October, above 123 million, primarily due to DEX. Another theory is this increase in volume means that there is strong on-chain utilization activity from pump.fun tokens on network DEXs.
Furthermore, the price increase has been boosted by rumour that a Solana ETF could be approved soon. Since former President, Donald Trump, is expected to resume office in January 2025, political pundits are optimistic that a more friendly SEC chair for cryptocurrencies may be nominated which in turn will bring in the solana etf.
Although this timeline is further down the line, the fact that an ETF approval is even in the offing is creating optimism. From its current value of $204, Solana is 18.3% up in the last seven days and sits only 21.8% below its record high. The high network activity and optimism about ETFs make Solana attractive for investment.
Doge surged particularly recently, increasing by 25.4% in one day and reaching the briefly mentioned price of $0.2133. This new rise came after the SpaceX and Tesla CEO, Elon Musk, who has been a major promoter of DOGE, made some statements. Wanting to add humor to the announcements made by governments around the world about the tough times that are coming amid high inflation rates, Musk suggested creating a ‘Department of Government Efficiency,’ a play on the word DOGE which sparked investors’ interest in the meme coin once again. For instance, Musk’s contributions to the propagation of Dogecoin have been well established since the truths he relays tend to cause upward price movements.
For the Dogecoin community, the coming back of Trump to the White House means expectation of further support for the token. Some people have proposed the assumption of a position in the Trump administration for Musk, who may further a “DOGE-friendly” political agenda. Dogecoin has risen by 82% in the last month and is still widely held by meme coin investors. Experts advise that if DOGE is able to stay above $0.20, we could soon see another bull run with targets eyeing DOGE at $3 through the next cycle. It is thought of as a prime candidate for serious expansion due to the involvement of Musk and the currency’s current momentum.
DTX Exchange is another large international exchange that is rapidly gaining popularity due to a business model based on the integration of traditional financial (TradFi) and decentralized financial (DeFi) structures. Currently in the presale, the DTX tokens cost $0.08, an increase from the launch price by 300% and has raised over $7 million.
This is because in addition to allowing users to trade with 1,000x leverage, DTX Exchange has non-custodial wallets as well as support for a vast number of digital assets, all of them attracting both small retail investors and large institutional ones.
This has been driven by the DTX Phoenix Wallet, which has recently been launched and has been greeted by downloads in their tens of thousands. The design of the wallet is safe and very flexible, which is relevant to the current trend in the market on safer wallets.
The decentralized order book also strengthens DTX’s versatility for large leverage trades given that it comprises numerous distributed liquidity pools and small slippage. Its high growth rate along with the powerful community and fresh opportunities in the developing crypto sphere makes DTX Exchange an attractive place to invest.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
