All eyes are on the market as the Bitcoin halving is nearing day by day. While Bitcoin is the pivot of the crypto industry, the crucial role of shaping it is performed by the altcoins. For over the decade, they greatly evolved – apart from their tokenomic nature, altcoins have become the functional cores of the innovative projects, setting the new trend on the market – utility.
This article outlines the best picks of utility coins with decent positions on the market. Let’s set the ball rolling!
Celestia set foot in the door of the crypto market in November, 2023, immediately earning the title of “rising star”. Only for a month, the project’s integral element – TIA coin – added almost 500% to its initial value, steadily approaching the market capitalisation of $2 billion.
To be more specific, TIA has been growing by ca. 20% daily for the recent week, firmly standing at $12.4785 with the maximum (both daily and historical) of $13.0902. The upcoming airdrop greatly heated the thrill over the asset, indicating the genuinity of community’s interest in the project. But what makes Celestia a safe investment in the eyes of users?
The credibility of Celestia is not confined to the “safu” nature of it, but emerges from its on-chain functionality. The first modular blockchain network to enable an absolutely new, sampling approach to the consensus mechanism for network deployment, couldn’t have been skipped by mature Web3 enthusiasts. Since Celestia does not impose any execution or settlement constraints, this makes the blockchain a scalable and versatile environment for developers to make their ideas leave the paper. Meanwhile, the utility of TIA drives the coin to solid positioning on the market, and it is about to keep up.
For quite a period, Bonk earned a great deal of buzz within the community, being distinguished as a new pivotal player in the memecoin market. As a result, the asset showcases 115x yearly growth with 411% increase for the recent months. The market capitalisation of the asset, which is counting up to $764 million, brought Bonk to the third position among world’s largest memecoins, surpassing Pepe and Floki.
While a vast majority of memecoins turn out to be pumpamentals with no operational back-up, Bonk shifts such a paradigm. The token was coined on the Solana network in order to boost liquidity of Solana-based decentralized exchanges (DEXs) and increase the scalability of on-chain decentralized apps (dApps). The utility is facilitated by the enormous community distribution, with the 50% of the tokens airdropped randomly to the users.
As of the time of the report, BONK is indicating bullish sentiment, illustrated through a triangular pattern. The price remains in the $0.0000122 range. However, Bonk is not growing alone. Apparently, it is the crucial factor behind Solana (SOL) price fluctuations, which can be proven below.
The long-standing protocol managed to gain the attention of both small traders and institutional investors this year. Seeing that SOL is the sixth largest coin based on the capitalisation, the coin is setting the crypto market while it is extremely responsive to it.
That said, the SOL has been overvolatile in the recent month, but the fluctuations did not cover the core trend of it. The spikings appear amidst bullish sentiment, clearly matching Bitcoin developments. Meanwhile, the plummeting of SOL from the $78.20 standpoint seems to form a triple-bottom pattern with a hint on future uprising. The current price of $69.20 showcases the reach towards third lowest support.
Regardless of the technicalities, Solana remains the fundamental blockchain, taking a vital part in shaping the crypto industry. Amidst the upcoming bullrun, its significance will demonstrate the exponential growth alongside the price of SOL.
WhiteBIT Coin (WBT)
WhiteBIT Coin positions itself can’t be entitled “traditional investment option”. While other utility altcoins function upon tokenomics, WhiteBIT – the founder of the WBT – heeds a different strategy by unlocking unique services within the product ecosystem. Case in point: WBT Boost – a crypto deposit facility with favourable terms, or WB Soul – opportunity to create the non-transferable and unchangeable token, based on the soulbound technology.
Apart from user benefits, WhiteBIT Coin is primarily the part and parcel of WB Network – WhiteBIT’s native blockchain, created to ensure greater scalability and swifter operability for in-exchange processes. Simply put, WB Network’s main goal is to take overall user experience several stages further – with the increased TPS and decreased fees.
Still, tokenomics do apply to WhiteBIT Coin – the supply and demand of it is kept in the $5.7 range through burning, defining the asset purely as a utility token.
INJ stands among the top performers of the month. Only for the recent 7 days, it has been multiplied by 54% amidst the bullish trend, going on since January 2023. The tendency intensified with the Bitcoin $30,000 upsurge, adding value and putting Injective among the top-50 largest coins, with market capitalization exceeding 2 billion.
INJ is backed by a cutting-edge DeFi layer-one project, ensuring cross-chain development. With its consensus implementation, Injective can become way ahead of other financial blockchains, inevitably boosting its native coin.
With the Bitcoin halving becoming closer day by day, the hype has been intensifying. Remember to stay focused in such turbulent times, and don’t forget the DYOR golden rule.