What Is the Next Cryptocurrency to Explode in 2023?

The most exciting thing about cryptocurrency investments is that, when they explode, they skyrocket in value. In 2021, we saw Solana (SOL -0.05%) increase by more than 10,000%. Meme token Shiba Inu (SHIB 0.1%) shot up more than 40,000,000%.

Of course, 2022 hasn’t gone nearly as well. Crypto entered a bear market, and prices of most major coins fell significantly. Although there’s no guarantee that crypto is here to stay, the market has bounced back before.

It’s obviously impossible to know with certainty which cryptocurrency is next to explode. However, we can pick out some possible candidates that are capitalizing on current trends that include decentralized finance, data storage, and digital payment solutions.

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8 next cryptocurrencies to explode in 2023

Here are the cryptocurrencies that could be due for a significant bull run:

1. 1inch

1inch Network (1INCH 0.11%) is a decentralized exchange (DEX) aggregator. Decentralized exchanges allow users to swap different cryptocurrencies just by connecting a crypto wallet. There’s no central authority managing the exchange, and, with many DEXs, there’s no need to register for an account either.

Decentralized finance (DeFi) was huge in 2021 as many crypto enthusiasts used DEXs to trade cryptocurrencies. 1inch is a simple way to get the most for your crypto when using DEXs. It instantly compares prices on hundreds of different platforms to find the best rate for you.

Although the aggregation protocol is extremely useful, it’s not all that 1inch offers. Other 1inch products include a limit-order protocol that lets you set specific trade conditions and 1inch Earn, a program to earn interest by depositing crypto to liquidity pools.

2. Ethereum

At first glance, Ethereum (ETH -0.07%) might seem out of place here. It’s far from under the radar. It has been the second-largest cryptocurrency for years, so most crypto investors know about it, and many already own some.

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While we’re probably past the point where Ethereum shoots up by 10,000%, it still has serious growth potential. It was the first blockchain to offer smart contracts, which developers can use to build decentralized apps (dApps). Ethereum’s first-mover advantage has given it a sizable lead over similar competitors.

Ethereum went through its long-awaited Merge to a proof-of-stake system in September 2022, significantly improving its energy efficiency. The upgrade could be a key factor that helps increase Ethereum’s value and attracts more investors.

3. Aave

Aave (AAVE 0.1%) is one of the most popular and user-friendly lending protocols. Users can borrow and lend many different types of cryptocurrency. If you deposit your cryptocurrency to Aave, you’ll receive interest payments for lending your funds.

Its unique features have helped Aave outdo other crypto lending protocols. Borrowers can switch from fixed to variable interest rates and vice versa. Aave is also known for its FlashLoans, which are loans that don’t require collateral. They do, however, need to be repaid in the same transaction.

Aave is a governance token, which means holders can vote on the future of the protocol. They also get fee discounts when using Aave’s services.

4. SushiSwap

Automated market makers (AMMs), which are decentralized exchanges that run on smart contracts, grew quite a bit in 2021. Although there are many AMMs out there, SushiSwap (SUSHI 0.0%) could be the one most poised for a big run.

SushiSwap supports more than a dozen different blockchains, which allows it to offer some of the most competitive rates. It’s also one of the top options for staking crypto. It offers a huge variety of liquidity pools and makes it easy to see the annual percentage yield you can earn with each one.

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What makes SushiSwap a better choice over other AMMs such as Uniswap (UNI -0.23%) and PancakeSwap (CAKE 0.0%)? The SushiSwap app arguably offers the most user-friendly experience, but its market cap is still just a fraction of the other two.

5. Monero

Monero (XMR 0.06%) is the most well-known privacy coin, meaning a cryptocurrency with anonymous, untraceable transactions. It uses privacy-enhancing technology so that the sender, recipient, and amount of every transaction are hidden.

This coin has been around since 2014, which is a long time in a market that moves as quickly as cryptocurrency. The reason it’s an interesting investment now is because of increasing crypto regulation in many countries, including the United States.

There are plenty of people who want to keep their cryptocurrency transactions private, especially as regulations become stricter. That gives Monero a clear use case and makes it a dark horse pick for a crypto that could see continued success.

6. Storj

Storj (STORJ -0.68%) takes a crypto-based, decentralized approach to cloud data storage. Unlike traditional cloud storage providers that have their own data centers, Storj allows anyone to run a storage node with their unused hard drive space.

When you operate a storage node, you receive payment in STORJ tokens. This makes Storj a good way to generate passive income for those with hardware who meet the minimum requirements. To operate a node, you need reliable bandwidth and at least 99.3% uptime.

Data storage needs are only going to keep rising, and Storj’s biggest advantage is that it offers a quality product. As a storage service, it has gotten highly positive reviews. While many cryptocurrencies get attention because of what they could do, Storj actually has a working product, and its success could give it staying power compared to other crypto tokens.

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7. Basic Attention Token

Most of us wouldn’t mind getting paid to browse the internet. With Basic Attention Token (BAT 0.0%), you can.

All you need to do is install the company’s Brave browser. This browser replaces the usual internet ads with ads that pay you in rewards, specifically in BAT. By using Brave, you’re the one getting paid for your internet ad views instead of other companies.

Brave has a long way to go before it’s competitive with the biggest web browsers, but it has more than 50 million monthly active users, making it one of the most successful crypto projects to date.

8. XRP

XRP (XRP -0.39%) is the native cryptocurrency for Ripple, a payment protocol that uses blockchain technology for fast, inexpensive transactions. Ripple was designed to facilitate international transfers, and it has partnered with hundreds of financial institutions that use its technology.

Ripple has been around since 2012, but it became embroiled in a Securities and Exchange Commission lawsuit at the end of 2020. That prompted most of the major U.S. crypto exchanges to delist XRP.

The biggest problem for Ripple has been the lawsuit, but XRP is still one of the largest cryptocurrencies. As Ripple’s legal troubles come to an end, there’s a good chance that exchanges will start to carry it again and it will pick up more investors.

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