8 Next Cryptocurrencies to Explode in 2024

The most exciting thing about cryptocurrency investments is that they can skyrocket in value. In 2021, we saw Solana (SOL 5.59%) increase by more than 10,000%. Meme token Shiba Inu (SHIB -0.39%) shot up more than 40,000,000%. While results haven’t been quite as spectacular in recent years, several cryptos gained over 1,000% in 2023.

Of course, the downside is that prices can fall just as quickly. There’s also no guarantee that crypto is here to stay. But after a lengthy bear market, many of the major coins have been trending upward, so crypto investors are cautiously optimistic.

It’s obviously impossible to know which cryptocurrency is next to boom. However, we can pick out some possible candidates capitalizing on current trends, including artificial intelligence (AI), decentralized applications (dApps), and digital asset trading, as well as some of the larger cryptos in position to grow even more this year.

Explosive cryptos

Eight cryptocurrencies to explode in 2024

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

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1. Render Token

Render Token (RNDR 3.63%) is a rendering network that allows users to rent out extra graphics processing units (GPU) power for rendering (using a computer program to create a photorealistic or nonphotorealistic image from a 2D or 3D model). Artists and studios can rent rendering capacity through the Render Network and pay for it with the RNDR crypto token.

It’s a unique service, and demand will likely grow as more media companies need to convert text to images. The popularity of AI-generated images is also good news for Render.

More than 35 million frames have been rendered on the Render Network so far, according to its dashboard. That includes almost 2.5 million frames in the first quarter of 2024, a 17.7% year-over-year increase.

2. THORChain

THORChain (RUNE 0.66%) is a decentralized crypto exchange that operates through an automated market maker (AMM) model. It has liquidity pools for cryptocurrencies managed by smart contracts. Anyone can use THORChain by connecting their blockchain wallet to trade over 5,500 cryptocurrencies.

Centralized crypto exchanges have had their share of high-profile issues, including the collapse of FTX in 2022. It’s understandable why many investors would want full control of their crypto and use decentralized exchanges when possible.

While many decentralized exchanges are available, THORChain stands out for its experience in the space and its recent growth. It was founded in 2018, but business really started picking up toward the end of 2023, when it had about $1 billion per week in swap volume.

3. Superintelligence Alliance

Superintelligence Alliance (CRYPTO:ASI) is a merger of three popular AI cryptos: SingularityNET, Fetch.ai, and Ocean Protocol. All three projects were interesting players in the AI space, and two (SingularityNET and Fetch.ai) have been on this list before.

The AI boom has been one of cryptocurrency’s most exciting recent technological developments. Superintelligence Alliance is well positioned to capitalize on the trend, especially as the number of companies using AI continues to grow. It plans to leverage:

• SingularityNET’s AI development and integration
• Fetch.ai’s advanced autonomous AI agents that handle real-world tasks for users
• Ocean Protocol’s data sharing and monetization

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4. Bitcoin

Like Ethereum (ETH -0.04%), Bitcoin (BTC 1.19%) is already a top cryptocurrency — the top cryptocurrency, to be exact. Although it’s certainly not a dark horse crypto that will triple in value, it has had some very positive news to start the year.

After years of waiting, the Securities and Exchange Commission (SEC) finally approved Bitcoin ETFs on Jan. 10, 2024. There are now 11 Bitcoin ETFs available, and they saw $4.6 billion in trading volume on the first day. The SEC approval makes investing in the market’s largest cryptocurrency easier than ever and could lead to more institutional investors buying Bitcoin.

Although all cryptos are volatile, Bitcoin’s size makes it somewhat safer since it’s more likely to stick around. If you’re looking for a comparatively low-risk crypto investment that could do well this year and beyond, Bitcoin is worth considering.

5. Monero

Monero (XMR 0.12%) is the best-known privacy coin, which is a cryptocurrency with anonymous, untraceable transactions. It uses privacy-enhancing technology to keep the sender, recipient, and amount of every transaction hidden.

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

Plenty of people 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. Sei

Sei (SEI -3.78%) has set its sights on bringing financial markets to the blockchain. It was co-founded by Jayendra Jog, a former software engineer at Robinhood (HOOD 2.54%), and Jeff Feng, a former technology investment banker for Goldman Sachs (GS -0.26%).

Sei is built for trading digital assets and is compatible with the Ethereum virtual machine (EVM). It’s still in the early stages, having just launched in 2023. However, the company has built a strong team so far, with 28 full-time developers.

It’s always promising when a cryptocurrency has a clear problem it aims to solve, as Sei does with blockchain-based financial trading. The technology behind it is also impressive, with its twin-turbo consensus allowing for near-instant trades.

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7. Aave

Aave (AAVE -0.57%) is a decentralized finance (DeFi) protocol and lending platform. It allows users to lend and borrow cryptocurrency. Everything is done with smart contracts, so there’s no intermediary required. Users can earn interest on the digital assets they lend.

Aave has liquidity pools for many popular cryptocurrencies, such as Tether (USDT -0.02%) and DAI (DAI 0.04%). One reason Aave could be a long-term winner is that in addition to crypto lending, it has expanded into real-world assets, partnering with Centrifuge.

As part of that partnership, Aave has built a real-world asset (RWA) market that allows companies to tokenize parts of their businesses. Investors can buy tokens offered by those businesses, and the issuers of the tokens can then borrow stablecoins against their assets.

8. Ethereum

At first glance, Ethereum 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.

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 dApps. Ethereum’s first-mover advantage has given it a sizable lead over similar competitors.

Ethereum went through its long-awaited change to a proof-of-stake system in September 2022, significantly improving its energy efficiency. The upgrade also means it’s now possible to stake Ethereum and earn more, which could help attract more investors. Overall, Ethereum has great growth potential without the extreme volatility of smaller cryptos. There are also several interesting Ethereum stocks to consider adding to your portfolio.

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Should I invest?

Should you consider investing in the next crypto that explodes?

It’s tempting to try to find that next big cryptocurrency. Even though you could potentially see incredible returns this way, it’s also difficult, time-consuming, and extremely risky.

For starters, you’ll need to look for cryptocurrencies outside the market leaders. Smaller cryptocurrencies have greater growth potential but are also more likely to fold, so there’s a bigger chance of losing your entire investment. You might want to put some of your money into cryptocurrency stocks or large-cap coins to balance that out.

Researching those smaller cryptocurrencies takes time. And even if a project looks like a sure-fire winner, anything could happen in the crypto market. Your carefully researched investment could go nowhere, while a practically useless cryptocurrency goes to the moon just because it has Shiba Inu or Dogecoin (DOGE 3.85%) in its name.

Following cryptocurrency trends or trying to predict them are not good investment strategies. There’s nothing wrong with giving it a shot, but keep your expectations — and the amount you invest — very low.

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