Plasma is a new cryptocurrency project that has caught the eye of investors, with its price going up by more than 42% in the last 24 hours. Since this surge has come at a time when the market is struggling, people have started to wonder whether the Plasma price indicates the arrival of a new emerging crypto.
Plasma Price Action
At the time of writing, the Plasma price is above $1.18. Its market capitalization is $2.11 billion. Having just launched on Binance, the project is likely going through the surge because of the listing pump.
Hourly charts show that Plasma (XPL) has entered the consolidation phase. Given that it is a utility crypto and has been listed on the world’s leading exchange, it is unlikely that its price will bottom anytime soon.
What is Plasma?
Plasma has been described by the official website as the world’s largest lending protocol. The heading on X states that it is the new stablecoin ecosystem on the market.
Reportedly a high-performance layer 1 blockchain purpose-built for stablecoins, the platform supports instant fee-free payments while securing assets via institutional-grade software. It reportedly enables over 1,000 transactions per second and has a block time of less than 1 second. For developers, it is said to offer the best tooling to build stablecoin applications.
Backing the project are Framework, DRW, USDT0, Bitfinex, and Founders Fund. So far, the project has over $1 billion in stablecoin deposits, and it is said to be the sixth-largest network by USDT balance.
The project launched only a day ago, and as soon as it arrived, Plasma’s native token, XPL, was added to Binance’s Earn suite. This is partly the reason it has gained so much traction so quickly.
Plasma Price Prediction
Given that the project is only a day old and has quickly gained success in the market, it is easy to see why investors perceive it as the best emerging crypto. However, it is important to realize that the project has only just launched, which means much of its initial traction is because of the Binance listing wave.
In the short term, this could be beneficial. The token has already surged by more than 40% in the last 24 hours. While consolidation has started, it is possible that another major surge could be coming. Given that the current RSI is around 60, its surging days may not be over yet.
In the long term, however, Plasma’s utility will be at the center of the conversation.
If adoption does increase around the project, the Plasma price may go higher. How high it will go, however, will depend on the level of adoption it receives.
This Altcoin is also Seen as the Best Emerging Crypto on the Market
Plasma’s growth has started a new conversation around projects, with many looking for another crypto that could have the same potential. At the time of writing, such projects could be found among ICOs, and one of the leading ICOs to have generated the most interest is Best Wallet Token.
Best Wallet Token is a cryptocurrency that powers Best Wallet, a cryptocurrency wallet that has been active for a couple of years and has gained positive reviews from the likes of the New York Post.
The wallet offers a decentralized ecosystem that behaves like a CEX. Users can buy and sell crypto via fiat and gain access to high-yield staking opportunities. There are special integrations for NFT and dapp interactions, and the project supports over 90 chains so far.
The central perk of the ecosystem, however, is the token launchpad that lets investors find crypto ICOs before they are made public. To access them early, holding the Best Wallet Token is necessary.
Other use cases of Best Wallet include low transaction fees and higher staking yields. It is also a governance token, giving holders the power to decide which new updates should be added. Among those updates is the recent integration of the Solana chain and support for Bitcoin swaps.
A gamified system has also been added where opening Best Wallet daily offers users 10 points that can then be used to get BEST tokens.
The token’s presale has helped it raise over $16 million already, leading many analysts to say that Best Wallet Token might be one of the hottest cryptos to buy in presales to date.
Visit Best Wallet Token
This article has been provided by one of our commercial partners and does not reflect Cryptonomist’s opinion. Please be aware our commercial partners may use affiliate programs to generate revenues through the links on this article.