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With just a week remaining until the end of June, traders have been avoiding actions that would create market volatility. Consequently, the bulls seem less active, and the bears are waiting patiently for the next move, both staying alert. In this environment, where leading tokens fail to capture the interest of market participants, some altcoins are quietly recovering from recent losses. Additionally, these altcoins could potentially see a 15% to 18% upswing in the first few days of the week, aiming for a bullish close to the quarter.
Let’s have a quick look at the cryptos that have the potential to perform well. You can keep an eye on them this week.
#1 Tron (TRX)
A blockchain-based company called Tron debuted in 2017. It was fairly unusual at the time because it didn’t try to promote any advancements in network design or cryptography.
Other projects invented the fundamental components of Tron, including Delegated Proof-of-Stake (DPoS) consensus, smart contracts, tokens, and Decentralized Applications (dApps). Despite some criticizing the project for lacking innovation, many favored adopting tried-and-true features rather than making an effort to build something completely new. This also made it possible to concentrate more on user experience and design.
The TRX crypto received even more widespread attention in 2018 when the Tron Foundation, the non-profit development organization that created Tron, purchased BitTorrent, a P2P content-sharing platform.
The price of Tron (TRX) on WazirX is INR 10.7600 today. According to CoinMarketCap, the 24-hour trading volume is $227.64M, with a circulating supply of 87.24B TRX and a market cap of $10.28B.
TRON (TRX) has been surging in price due to its robust ecosystem, which supports content sharing and entertainment. Significant progress in decentralizing the gaming industry and providing financial incentives to content creators has bolstered its performance. Additionally, the introduction of the algorithmic stablecoin USDD, ensuring price stability through over-collateralization, has added credibility. These factors, combined with market trends and economic conditions, contribute to TRON’s potential for substantial growth.
#2 Pendle (PENDLE)
Pendle is a permissionless DeFi protocol that allows tokenizing and trading future yield using an Automated Market Maker (AMM) mechanism. This yield-trading protocol is implemented on the Ethereum network and EVM-compatible chains Arbitrum and Avalanche, and it offers a platform where users can apply various sophisticated yield strategies. Pendle fundamentally enables people and protocols to make the most of their profits, regardless of the market’s current condition.
The main objective of Pendle Finance is to create an environment for crypto investors who own yield-generating assets with time decay, allowing them to increase their profits and lock in prospective gains upfront. Additionally, without requiring underlying collateral, the protocol attempts to give traders direct exposure to future yield streams.
The price of Pendle (PENDLE) on WazirX is INR 499 today. According to CoinMarketCap, the 24-hour trading volume is $79,152,649, with a circulating supply of 154,951,479 PENDLE and a market cap of $840,715,823.
PENDLE’s price surge this week is driven by its impressive APY rates, which are attracting increased attention. According to a recent Messari report, Pendle’s USDe and sUSDe pools offer APYs around 30%. Additionally, speculation about a second Ethena airdrop has fueled investor interest, contributing to the token’s rising value.
#3 USD Coin (USDC)
The USD Coin is a crypto stablecoin, similar to USDT, backed by USD. It is pegged at 1:1 and is a tokenized representation of the US dollar. Since the USDC reserves are stored in segregated accounts with financial institutions governed by US law, it is the first crypto entirely backed by a fiat currency.
Every time a transaction to purchase a USDC with fiat money is started, the fiat money is deposited and stored as 1 USD, after which a fresh USDC is minted. Additionally, if you trade USDC for USD, the stablecoin is burnt, and the money is returned in currency. As a result, the USDC maintains its 1:1 peg to the USD in this manner.
The price of USD Coin (USDC) on WazirX is INR 89.50 today. According to CoinMarketCap, the 24-hour trading volume is $4,845,098,416, with a circulating supply of 32,684,322,388 USDC and a market cap of $32,684,300,760.
USDC’s price surge can be attributed to recent market dynamics, including Uphold’s decision to delist Tether (USDT) in Europe, causing investors to seek more stable alternatives. Additionally, positive developments in Decentralized Finance (DeFi) platforms have increased confidence in USDC. Furthermore, there’s growing adoption and integration of USDC within various financial ecosystems, enhancing its appeal. These factors combined have driven significant investor interest and contributed to the recent price surge of USDC.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
