Miles Deutscher’s Weekly Coin Picks: INJ, SOL, and an Altcoin Outshining All Others

Miles Deutscher’s Weekly Coin Picks: INJ, SOL, and an Altcoin Outshining All Others

After hitting yearly highs on Friday,⁢ the total crypto market cap (TMC) has pulled back ​1.3% over the past⁢ 24 hours to $1.4‌ trillion as ⁢many coins enter a period⁣ of consolidation‍ and correction. This dip comes after Bitcoin and ‍Ethereum‍ reached prices of $38,000 and $2,120 respectively‍ on Friday, marking their highest points so far in 2023.

Despite the market-wide dip, top crypto analyst Miles Deutscher remains bullish on select ‍altcoins and sees new opportunities emerging from the volatility. In ⁤his weekly watchlist, ‌Deutscher outlines‌ several coins across different⁣ narratives that he believes have the potential to outperform as long as bullish momentum in the ⁣broader market continues.

For Injective (INJ), Deutscher notes that while its hype has quieted, it remains​ one ​of the best performers of‍ the ⁢year. As long as‌ bullish⁤ momentum continues, he sees‍ no reason⁢ why INJ cannot retest its local high of $19.

Regarding Pyth Network (PYTH), Deutscher points out ⁤that⁢ its attributes‌ of being new, ⁢having a low float and perp trading ‌are appealing. ⁣However,⁢ he warns‍ attention may shift ⁤to competing Solana (SOL) tokens like Jupiter ‍(JUP) and ‌Jito (JTO) following their airdrop announcements. For existing holders,⁤ Deutscher advises staying put unless PYTH pulls back further.

When it comes to SuperFarm⁣ (SUPER), Deutscher highlights ⁣the lucrative gaming narrative⁣ and mentions the token​ is being promoted by influencers with product updates​ impending. Its addition to Bybit perp trading opens up more potential catalysts, ‍in⁤ Deutscher’s view. He suspects it‍ could keep grinding higher as skepticism over ⁣its gains deters some from buying in.

On Cosmos (ATOM),‌ Deutscher draws attention to its recently approved halving proposal which will cut inflation in half. He will monitor‌ price action⁢ closely to see if this‌ spurs a ​definite trend.

As for dYdX (DYDX),‍ its $524 million unlock event ​poses risks, but ​Deutscher also smells opportunity. He will track whether a⁤ head⁣ and shoulders pattern​ plays out on daily ⁣charts, which could point to an‌ initial pump then subsequent bleed.

Regarding SOL, Deutscher sets‍ price alerts as⁣ SOL struggles at $58 resistance. He also considers the possibility of a blow off⁤ top above that level. He notes that Solana’s meme coin Bonk (BONK) ‍tends​ to⁢ follow SOL pumps.

Rounding out⁤ the list, Deutscher highlights Vertex’s (VRTX) parabolic volume surge past DYDX and Uniswap (UNI). While observing mixed signals, he ⁤believes perp DEXs are regaining narrative favor ⁣and VRTX offers a promising product.

This ERC-20 token aims to benefit from milestones in ‌the spot ETF application process, ​planning to burn 25% ‍of its total supply in ​five stages based on key developments.

The final 5% ‍burn‍ depends on Bitcoin itself hitting the $100,000 price point, which will see the total BTCETF supply drop to 1.575 billion tokens.

Besides these deflationary token burns, BTCETF imposes a 5% tax on ⁢all ​transactions, with ‌these tokens also being removed from circulation.

Given that its mechanics are closely tied to⁤ the success of⁤ a spot BTC ETF, ⁣Bitcoin⁢ ETF Token presents an​ opportunity ‍for investors to‌ engage with this evolving narrative.

By directly‌ linking its tokenomics to⁢ the success ⁣of a regulated Bitcoin investment vehicle, BTCETF gives ‌investors exposure to the growing narrative around ETF approval. If the SEC​ greenlights the first Bitcoin ETF‌ soon as many anticipate,‌ BTCETF’s burn ​mechanisms could​ drive triple digit ‍price increases from current presale levels according to ‌the project.

Overall,‍ while the market cools, Deutscher’s ⁢analysis highlights ⁣that‍ opportunities still exist across blue-chip layer ones, emerging layer twos, and high potential use-case ⁢plays within gaming, DEX infrastructure, and the burgeoning Bitcoin ETF space.

Disclaimer

All ‍the information contained on our‌ website is published‌ in good‌ faith and for general information ⁣purposes‌ only. Any‌ action the reader takes ​upon the⁢ information found on‍ our website is strictly⁢ at their own risk.

INJ:‌ A Growing DeFi Project

INJ is the native token of Injective Protocol, a decentralized exchange (DEX) built on the‍ Ethereum blockchain. Injective Protocol ⁣aims to create a ‍more accessible and ‌inclusive trading experience by allowing users to trade any asset without the limitations of traditional ⁤centralized exchanges.

Key Features⁣ of INJ

  • Decentralized Governance: INJ holders have the power to shape the future of the protocol through decentralized governance. This ensures the community’s voice is heard in decision-making processes.
  • Zero Transaction Fees: Injective Protocol enables⁤ users to trade assets without paying any⁢ transaction fees.⁤ This can be a significant advantage for‍ traders, especially when dealing with high-frequency trades.
  • Scalability ⁣and Speed: ‌INJ is built on Ethereum, but leverages Layer-2 technologies like Optimistic Rollups to‌ enhance scalability and transaction ⁤speed. This allows​ for faster and more efficient trading experiences.

SOL: The Rising Star of the Solana⁣ Ecosystem

SOL is the native cryptocurrency of the Solana blockchain,‍ which aims to ⁣provide a high-performance infrastructure for ‍decentralized applications (dApps). Solana has gained significant attention ⁤in recent months due to‌ its innovative features‌ and fast-growing ecosystem.

Advantages of SOL

  • Fast and Low-Cost Transactions: ‍Solana offers incredibly⁢ fast transaction speeds and low fees, making it an attractive option⁣ for developers and users ‍alike. This speed and cost efficiency can significantly improve the user ​experience.
  • Scalability: Solana’s unique architecture, including its Proof of History (PoH) consensus algorithm, allows for scalable and parallel processing. This means the network can handle ⁤a high volume of transactions without‌ sacrificing performance.
  • Developer-Friendly: Solana provides a developer-friendly ecosystem, including tools, documentation, and support, ‌making it easier for developers to build and deploy​ dApps on the network.

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