Crypto-watch 2021 is becoming more and more interesting by the day. As industry leader Bitcoin (CCC:BTC) slows its roll, investments in altcoins are ramping up. Especially ahead of the Coinbase IPO, it seems Wall Street is seeking out the next cryptocurrency to explode in 2021.
The Coinbase IPO happening next week has been allowing smaller crypto tokens to shine. Four new coins are launching on the Coinbase Pro platform today, and as such, are seeing plenty of growth. An additional four exchange tokens are getting big and quietly building steam into Q2.
Let’s take a look at these eight crypto plays and evaluate how they’re doing so far.
Could a Newly Listed Coin be the Next Cryptocurrency to Explode in 2021?
Coinbase is listing four new tokens on its platform today ahead of its IPO. Recently, they have all seen rapid growth, and the new offering could lead to more upward swings.
In fact, one crypto analysis firm said that Coinbase listings have a particular impact on the market. Because it is the largest cryptocurrency exchange in the United States, tokens tend to see high returns in the days following their listings. During the first five days of trading after listing on Coinbase, tokens have seen an average of 91% gains.
With that in mind, here are four tokens that could be the next cryptocurrency to explode in 2021:
- 1INCH (CCC:1INCH) is the exchange token of 1Inch. The exchange’s claim to fame is that it aggregates the exchange rates of coins across a variety of exchanges in order to offer the optimal pricing to users. The coin is currently down 2%, trading at $6.10.
- Enjin Coin (CCC:ENJ) is the coin for app developer Enjin. Investors can use ENJ to purchase in-game NFTs that can then be sold to other users. ENJ is currently up 3%, trading at $3.50.
- NKN (CCC:NKN) is a public blockchain that rewards users for utilizing unused bandwidth. It hopes to provide a network for decentralized peer-to-peer communication. NKN is currently up 26%, trading at $1.13.
- Origin Token (CCC:OGN) is the token of peer-to-peer marketplace Origin, used for staking and advertising. OGN is currently down 11%, trading at $2.94.
Exchange Tokens Building Hype Through Q1
While not being driven by the same hype as the newly listed cryptos, these exchange coins have been gaining traction throughout the quarter and may be poised for a boom. Why? As Jordan Finneseth writes for CoinTelegraph, the Coinbase IPO has crypto bulls watching other exchanges and their tokens.
Given the success of Coinbase in Q1 and its upcoming direct listing, could one of these four tokens be the next cryptocurrency to explode in 2021?
- Binance Coin (CCC:BNB) is the coin of Binance, a well-known exchange that went up in 2017. Binance has capitalized on Ethereum’s congestion to draw in new users. The coin is up over 4% today, trading at $435.43.
- KuCoin Token (CCC:KCS) is KuCoin’s native token. The coin is regarded as a safe way to passively grow wealth, as it pays daily dividends. KuCoin has grown over 1,000% since January 2021. The coin is currently up 19.7%, trading for $15.51.
- FTX Token (CCC:FTT) is the crypto for the FTX exchange. The company has grown popular this year due to its association with Serum (CCC:SRM). FTT has gained over 750% this quarter. Today, it is up 1.2%, trading at $48.84.
- WRX (CCC:WRX) is the coin of WazirX, an Indian exchange. It is a satellite project of the Binance system, and is one of the fastest-growing DeFi exchanges. It is currently down 10%, trading at $3.56.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.