In the crypto market, stable, modest returns aren’t the focus for most investors. They’re seeking out those moonshot cryptos that could skyrocket by x10 or even x1000 in just a matter of days. These coins have the potential for explosive growth driven by technological advancements, shifts in community sentiment, new strategic partnerships, and other factors. Therefore, selecting tokens with reasonable preconditions for price growth is important.
Filecoin (FIL)
Filecoin’s (FIL-USD) decentralized storage network is censorship-resistant and can provide user autonomy, whose value grows in times of the growing demand for digital privacy. It is unique because centralized structures cannot influence the data stored in the Filecoin network. The project supports various data formats and allows users to earn cryptocurrency by renting out hard disk space. Despite their technology and the relevance of the problem they solve, FIL tokens have remained invisible amidst more capitalized coins till recent times.
Typical for moonshot cryptos, it takes a push to unlock the potential of a token. The partnership with Solana (SOL-USD) has focused the eyes of the crypto community on FIL. Filecoin’s technologies can make the data stored in the Solana chain more accessible. Web3 infrastructure providers, indexers, blockchain researchers, and other network participants can transparently view the history of blocks and access the transaction archive.
The partnership announcement led to a multi-week high for Filecoin, with a 10% surge in price indicating renewed investor interest. The partnership with Solana can only begin the project’s development as it can stimulate innovation in the blockchain space and act as an accelerator of existing solutions.
In 2021, the project showed what it is capable of. The price of FIL passed the $190 mark in May of that year. With 2022 and 2023 being the years of struggle to cross the $5 mark, the token can see an accurate valuation in 2024. With a price of about $8, FIL will start to emerge from the period of market turbulence. The introduction of Glif Points and the launch of the platform’s liquid leasing protocol have amplified the effect of the partnership with Solana and stimulated investment in FIL.
Polkadot (DOT)
Blockchains were networks isolated from the rest of the world at the early stage of crypto asset development. Unable to effectively communicate and exchange information, they made it impossible to synergize with other ecosystems. Polkadot (DOT-USD) offers an environment where users can seamlessly transfer data, not just send tokens.
Developers can leverage the strengths of multiple blockchains to create feature-rich and reliable decentralized applications (DApps). In addition, Polkadot’s architecture allows you to customize parachains. This combination makes the platform attractive to developers. Users love the project for its decentralized management system and responsiveness to community needs.
Despite the technological successes, criticism about slow development rained down on the project for months. Polkadot accepted the criticism and implemented a series of innovations to speed up the development process. This brought new features and improvements to the platform, which users have already appreciated. In 2024, the project, with a market capitalization of more than $10 billion, represents one of the largest and most dynamic ecosystems in the crypto space.
Since 2021, Polkadot’s full-time developers have grown three times. Currently, only Ethereum and Bitcoin can boast a larger app development platform. The project slowly and methodically releases Web3 applications, but it doesn’t often make headlines. That’s why Polkadot has all the resources to step out of the shadow of larger blockchains and make DOT a top moonshot crypto.
Axie Infinity (AXS)
Axie Infinity (AXS-USD) pioneered the “play-to-earn” model. It has created a gaming ecosystem where users earn AXS tokens. This has become a new chapter in crypto history, as the game has become a source of income for enthusiasts. Thanks to its innovation, the project’s token has risen from $1 to $150 in 2021. Players collected and bred NFTs (so-called Axies) and could even fight using them. Each of the Axies is individual and belongs to a specific wallet (player). This gives the effect of ownership and makes Axie Infinity stand out.
Since the end of 2022, the AXS price chart has not been as dynamic and presented a range of $4 to $12. But this does not fully demonstrate the potential of moonshot cryptos like Axie Infinity. The platform’s user base has grown regardless of the token’s value. More than 250,000 active players log in every day to get a dose of fun and rewards.
With an extensive customer base, the platform can enter new markets. Integrating decentralized finance (DeFi) functions into Axie Infinity furthers its development. Along with the general trends of growing awareness of blockchain technology, the project is becoming a way to invest in the future of crypto technology.
Further partnerships and project agreements can also be an impetus for explosive growth. Axie Infinity already has several alliances. Among them are such high-profile names as the cryptocurrency exchange Binance and the video game company Ubisoft. Cooperation with other blockchain projects has helped to develop the platform’s ecosystem. Further collaborations with major market players could lead to a repeat of the AXS price history of 2021.
On the date of publication, Julia Magas did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
