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What Is the Next Cryptocurrency to Explode in 2024?

Check out all the cryptocurrencies that could be set for big gains this year.

By Lyle Daly – Updated Sep 17, 2024 at 9:37AM

Key Points

Toncoin surged 250% in six months, entering top 10 cryptocurrencies by market cap. Major coins show recovery trends post-bear market, sparking cautious optimism. Render Token, Solana, and Superintelligence Alliance identified as potential high-growth cryptos for 2024. Motley Fool Issues Rare “All In” Buy Alert Key findings are powered by ChatGPT and based solely off the content from this article. Findings are reviewed by our editorial team. The author and editors take ultimate responsibility for the content.

The most exciting thing about cryptocurrency investments is that they can skyrocket in value. Over the first six months of 2024, Toncoin ( TON 1.4% ) increased by more than 250% on its way to breaking into the top 10 cryptocurrencies by market cap. In years past, we’ve seen much bigger gains, like when meme token Shiba Inu ( SHIB 0.05% ) shot up by more than 40,000,000%.

Image source: The Motley Fool.

Of course, 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 impossible to know which cryptocurrency is next to boom. However, we can pick out some possible candidates capitalizing on current trends, such as 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.

Decentralized Application (dApp)

A software application that runs on a blockchain or peer-to-peer network, without a central authority.

Explosive cryptos

Eight cryptocurrencies to explode in 2024

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

1 - 3

1. Render Token

Render Token ( CRYPTO:RNDR ) is a rendering network that allows users to rent out extra graphics processing unit (GPU) power for rendering (using a computer program to create a photorealistic or non-photorealistic 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. Solana

Over the years, plenty of supposed " Ethereum ( ETH 2.75% ) killers" have offered their own programmable blockchain platforms. None have been as successful as Solana ( SOL 3.8% ), which became famous for its blazing-fast speeds and transaction fees that cost a fraction of $0.01.

Like Ethereum (and several other projects), Solana gives developers a platform to build dApps. It's used for decentralized finance (DeFi) services, minting non-fungible tokens (NFTs) , and more. According to a 2024 CoinGecko study, it's also the fastest large blockchain. With 1,504 average daily transactions (its maximum theoretical speed is 65,000 transactions per second), it's 46 times faster than Ethereum.

Solana already exploded once in 2021, when its price shot up by more than 10,000%. It has improved its stability quite a bit since then, and it has always been a winner in terms of speed and low fees. Solana could be poised for more big growth going forward.

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

4 - 6

4. Bitcoin

Bitcoin ( BTC 0.73% ) 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. Thorchain

Thorchain ( RUNE 0.87% ) 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 more than 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 the business started picking up toward the end of 2023, when it had about $1 billion per week in swap volume.

6. Sei

Sei ( SEI 2.76% ) 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 1.94% ), and Jeff Feng, a former technology investment banker for Goldman Sachs ( GS -0.1% ).

Sei is built for trading digital assets and is compatible with the Ethereum virtual machine (EVM). It launched in 2023 and is still in the early stages. 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.

7 - 8

7. Aave

Aave ( AAVE -0.63% ) is a DeFi protocol and lending platform that 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 -0.01% ) and DAI ( DAI 0.01% ). 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.

Smart Contracts

Programs written on the blockchain that self-execute when certain conditions are met.

Ethereum's first-mover advantage has given it a sizable lead over similar competitors. There have also been a few great pieces of news for Ethereum investors in recent years:

The SEC approved Ethereum ETFs in July 2024. This makes investing in Ethereum more accessible and could help draw institutional investors. Ethereum went through its long-awaited change to a proof-of-stake system in September 2022, significantly improving its energy efficiency.

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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 -0.83% ) 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.

FAQ

What is the next cryptocurrency to explode in 2024 FAQ

Which crypto will boom in 2024?

Cryptos that could boom in 2024 include Render Token (a rendering network) and Solana. Bitcoin and Ethereum could also be poised for strong performances in 2024, thanks to the SEC's approval of Bitcoin ETFs and Ethereum ETFs.

What crypto is most likely to explode?

The crypto most likely to explode is Render Token, a rendering network where users can rent out GPU power.

What coin will skyrocket in 2024?

A coin that could skyrocket in 2024 is Superintelligence Alliance. It's a merger of three popular cryptos in the AI space: SingularityNET, Fetch.ai, and Ocean Protocol.

Lyle Daly has positions in Bitcoin, Ethereum, Solana, and Tether. The Motley Fool has positions in and recommends Aave, Bitcoin, Ethereum, Goldman Sachs Group, Render Token, SEI, and Solana. The Motley Fool recommends TON and Thorchain. The Motley Fool has a disclosure policy .

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