Among the narratives gaining attention in 2024, DePIN emerges like a bright star. Many believe that DePIN serves as the gateway to introduce millions, even billions of new users to the crypto market. However, there are also concerns about its potential resemblance to a ponzi scheme. Let’s delve into DePIN and explore whether it’s a worthwhile investment!
DePIN (Decentralized Physical Infrastructure Networks): is a decentralized physical infrastructure network. DePIN refers to a network of hardware devices that operate distributed without being controlled by a third party
It sounds quite strange but in fact, DePIN's applications are very close to us. These include training AI tools, GPU processing, or Internet data sharing software, etc.
DePIN will become more and more important as people truly care about the security of personalized data. As a fact, all the big guys behind technology applications: Google, Facebook, TikTok,... They always want to dominate and hold user information. They are always looking for ways to exploit our information: what do we like, where are we,... At that time, people will look for safer, more accessible alternatives. At that time, people will look for safer, more accessible alternatives. And when it does, decentralization becomes an attractive solution with DePIN in the cryptocurrency market emerging as a shining star.
From the above factors, DePIN is attracting a large number of investors, including newcomers to the market.
DePIN Ecosystems. Source: Messari
The first prominent project to mention is IoTex ($IOTX). Currently, $IOTX's market cap is $650 million. This is an open-source blockchain built in 2017 by a team of engineers from: Facebook, Uber ,... IoTex is considered the "lifeblood" of DePIN, because the idea of developing DePIN came from the IOTX team. And, IOTX is also the only true DePIN project listed on Binance, in addition to receiving support from the Ethereum Foundation.
$IOTX set new peak while BTC's price decreased
Next, there's FLUX. FLUX's current market cap is around $360 million. Is a decentralized Web3 cloud infrastructure. It is also considered the most decentralized network in the world.
FLUX Ecosystem
One project that has been quite famous before, is Filecoin ($FIL). Is a decentralized storage network. The highlight is that anyone who stores files on Filecoin gets paid for it. Currently, the capitalization of the project is about $ 2.6 billion. The demand for Filecoin products has been continuously increasing for several years. And it will probably still rise sharply in the future, so the upside potential of $FIL is still quite large.
Filecoin was a hot project. Now, its potential is quite big.
Note: This is not investment advice!
The entry price for this order is very attractive as some analysts believe that ONDO's reasonable price is in the range of 0.4-0.7 USD. With a significant investment beyond the expected scope, Lookonchain suspected the whale had an insider.
Someone created a new wallet 27 hours ago and withdrew 1,870.68 $ETH ($5.7M) from #Gemini .
Then he spent the 1,870 $ETH ($5.7M) to buy 6M $ONDO at an average price of $0.95 in the past 27 hours.
Does this guy know something that we don't? https://t.co/3ZQ6s6SnVM pic.twitter.com/G1udIF8Mhw
— Lookonchain (@lookonchain) May 17, 2024
This transaction attracted the attention of the crypto community and ONDO, the native token of Ondo Finance, skyrocketed 11% immediately after the purchase.
However, ONDO has dropped after the latest bounce and is trading below the $1 threshold at the time of writing. However, ONDO is still increasing by more than 19% over the past week.
Crypto analyst Mags commented on the price movement, sharing analysis on the next price target for ONDO.
“If the price closes above 1 USD, the next target will be 1.4 USD and 2.7 USD or more.”
$ONDO keeps printing up +131%
$1.5 Incoming, Binance listing soon 👀 https://t.co/bF8lznNDOP pic.twitter.com/5v95S4aZvn
— Mags (@thescalpingpro) March 25, 2024
A whale created a new wallet on May 16 and withdrew 1,870.68 ETH (worth $5.7 million) from the Gemini cryptocurrency exchange to buy 6 million ONDO tokens at an average price of 0, 95 USD.
The entry price for this order is very attractive as some analysts believe that ONDO's reasonable price is in the range of 0.4-0.7 USD. With a significant investment beyond the expected scope, Lookonchain suspected the whale had an insider.
Someone created a new wallet 27 hours ago and withdrew 1,870.68 $ETH ($5.7M) from #Gemini .
Then he spent the 1,870 $ETH ($5.7M) to buy 6M $ONDO at an average price of $0.95 in the past 27 hours.
Does this guy know something that we don't? https://t.co/3ZQ6s6SnVM pic.twitter.com/G1udIF8Mhw
— Lookonchain (@lookonchain) May 17, 2024
This transaction attracted the attention of the crypto community and ONDO, the native token of Ondo Finance, skyrocketed 11% immediately after the purchase.
However, ONDO has dropped after the latest bounce and is trading below the $1 threshold at the time of writing. However, ONDO is still increasing by more than 19% over the past week.
Crypto analyst Mags commented on the price movement, sharing analysis on the next price target for ONDO.
“If the price closes above 1 USD, the next target will be 1.4 USD and 2.7 USD or more.”
$ONDO keeps printing up +131%
$1.5 Incoming, Binance listing soon 👀 https://t.co/bF8lznNDOP pic.twitter.com/5v95S4aZvn
— Mags (@thescalpingpro) March 25, 2024
Fantom (FTM), a once famous layer-1 blockchain, is receiving attention again ahead of an important upgrade called Sonic.
On the evening of May 17, the Fantom Foundation posted an important governance proposal, announcing to the community a new project called Sonic Network (S). Sonic Network is a new layer-1 blockchain developed by Fantom on the new Sonic technology platform, replacing Fantom's old Opera version.
https://x.com/FantomFDN/status/1791517798205907116
Once the Sonic Network is deployed, FTM holders will be able to redeem tokens 1:1 for the Sonic network currency called S. Those who do not want to redeem can still continue to hold FTM. However, the Fantom Foundation encourages users to migrate to the new network as all the attention and development effort of the project will be transferred here.
The rest of the proposal retains the changes that were mentioned in the Sonic upgrade announcement at the beginning of the year.
Both Fantom's FTM and TVL token prices have increased more than 30% in the last 7 days, the clearest signal that money is being poured back into the project.
Specifically, while the FTM price increased from 0.64 USD to 0.84 USD, the value locked (TVL) of Fantom increased to 200 million USD on May 16, before decreasing to 129 million USD at the time of writing. This is the highest TVL level that Fantom has achieved since July 2023, when the Multichain hack occurred, causing heavy damage to the ecosystem.
Top Picks
