Bitcoin (BTC) dominated headlines following a deep pullback to $40,200 liquidating millions of late longs in the process. But all eyes are on altcoins, and $BTC’s pullback likely means the breakout of an altcoin season.
Investors should always pay attention to the fastest recoverers during market-wide downturns as they tend to become overperformers in bullish conditions. The leaders are $INJ, $ELDG, and $AVAX. But why did Injective (INJ), Everlodge (ELDG), and Avalanche (AVAX) pump this week?
Injective (INJ) Leading Cosmos
Injective has shown no weakness and continued grinding up. This stubborn price action gives traders and investors no easy entries, and they end up chasing the token. Explaining why Injective has rallied so fiercely.
The Cosmos ecosystem is enjoying mindshare of Crypto Twitter currently and Injective is the cream of the crop. This finance-specialized layer one has instant finality and a fully decentralized and MEV-resistant on-chain orderbook.
Injective provides top-of-the-range financial infrastructure primitives and is a natural location for any financially native application. $INJ token holders can stake to help secure the chain, and the protocol burns 60% of all fees generated by dApps on the network. This deflationary tailwind increases Injective’s value proposition as it heads into the 2024 bull market.
Everlodge (ELDG) Transforming Real Estate Markets
Everlodge is up 170% since it began its presale, and it is one of 2023’s hottest ICOs. Investors who want to catch this real estate gem need to move fast. The protocol will create a property marketplace that allows users from around the world to fractionally invest in hotels, luxury villas, and vacation homes on-chain.
Best described by the caption: ‘Airbnb meets Web3.’ Everlodge truly has the potential to become a transformative player in a market segment worth in excess of $280 trillion. The hospitality industry alone was worth over $4.54 trillion in 2022.
All properties are vetted and inspected through an SPV (special purpose vehicle), and all related contracts will be listed on the marketplace. The property will then be minted as an NFT and fractionalized, allowing anyone to become a partial owner by buying an NFT on-chain.
Forget the long and complicated process of searching for properties, acquiring expensive financing, and paying outrageous fees. The process will become as simple as browsing the marketplace, finding a property with upside potential, purchasing an NFT, and then reselling when its value has appreciated.
This ICO is seriously upgrading the basic mechanics of the real estate industry, and investors should not miss the opportunity to become an early adopter.
Avalanche (AVAX) Solana Follow-Up Trade
Avalanche has several obvious fundamentals as to why it surged this week. GameFi protocols are increasingly adopting its Subnet program. Even JPMorgan launched a product on an Avalanche Subnet. But the real rotation comes from Solana (SOL) traders searching for the next play, and Avalanche has always closely mirrored Solana’s performance with a slight lag.
The explosion of GameFi has been accompanied by a memecoin season on Avalanche, and classic tokens like $COQ have surged to become multi-million dollar projects. Many early investors have taken profits and put these into $AVAX, further driving up Avalanche’s price.
As the layer one trade comes back into full effect, analysts are already predicting that $AVAX will trade above $83.27 in 2024, meaning plenty more upside for those late to the trade.
