Top Altcoins to Watch for the Week: SOL, AVAX, XRP, DOGE, DOT; Injective Protocol Debuts inEVM for Enhanced Cross-Chain Trading

Daily Top Performer — Gala Games (GALA)

Last week, the SPX index is down 0.26%, as investors pulled back after a surge in major technology stocks. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 0.84% and 1.58%, respectively in the past 24 hours.

Today’s outperformer is GALA, which jumped 43.05% after Gala Games teams up with AWS and Alienware for $1 Million Prize Pool Hackathon at GDC.

Gala Games (GALA), created in 2019, is a play-to-earn blockchain platform offering diverse games where players earn GALA tokens and NFTs. Operating on Ethereum, with ties to Polygon and BNB Chain for lower fees, it uses GALA for in-game transactions. Plans include launching its blockchain, Project GYRI, enhancing asset ownership. Gala Games announced a collaboration with AWS Game Tech and Alienware for a hackathon at GDC, inviting participants to explore GalaChain over 24 hours with a chance to win from a $1 million prize pool. Registration is now open.

Check Out the Latest Prices, Charts, and Data of GALAUSDT Perp and GALA/USDT Spot!

Talk of the Town:

Injective Protocol, tailored for trading platforms, has introduced inEVM, a rollup that fosters interoperability across the Ethereum, Cosmos, and Solana networks. This initiative integrates cutting-edge technologies such as Celestia, the Pyth network, Hyperlane, and LayerZero Labs, targeting the challenge of isolated blockchain networks by providing a more secure option compared to existing cross-chain bridges. Meanwhile, the protocol's native token, INJ, has experienced substantial growth, soaring more than 1300% over the last year, with a significant increase of fivefold since October 2023.

Check Out the Latest Prices, Charts, and Data of INJUSDT Perp and INJ/USDT Spot!

Altcoins to Watch

As Bitcoin continues to flirt with an all-time high, the altcoins can outperform due to their higher beta if the bull market sustains. The below are altcoins to watch as the

SOL

Solana was a top winner in 2023, with the SOL rising by 917% during the period. Due to the popularity of token meme airdrops on the Saga smartphone, Solana might continue to outperform in 2024. As the ETH is testing its all-time high, the gas fee on the network could sometimes reach $30-40, while Solana’s transaction cost continues to see trivial transaction fees (<$0.003). The lower transaction costs on Solana and lower development costs on the network could continue to gain traction among users and developers.

XRP

XRP has underperformed the broader crypto market due to an ongoing lawsuit between Ripple Labs, the contributor behind Ripple and XRP, and the SEC. While the lawsuit’s development could significantly impact the price movement, the relative underperformance of the seventh-largest cryptocurrency in the past year could see an upward adjustment as traders shift from their highly profitable positions to relative underperformers. 

AVAX

AVAX was a top-performing Layer 1 token in 2023, but its momentum has recently lost some steam. Avalanche's potential always lies in its institutional integration. Previously, the rally of AVAX was mainly attributed to the news that JP Morgan’s Onyx taps Avalanche for tokenised funds. The subnet technology that Avalanche is confident of could certainly bring a competitive advantage for this Layer 1 technology. We are seeing more integration to come, which could boost AVAX’s price. 

DOGE

DOGE gained only 27% in 2023, while it played catch-up in the past two weeks as the token price doubled. The rally was triggered mainly by Elon Musk's post on X. Yet we think the main reason behind it is the investors’ asset re-allocation, where they shift from profitable positions on other similar tokens to those lagging behind in 2023.

DOT

Polkadot was a mediocre Layer 1 performer in 2023, with a positive 90% return during the year. The leading Layer 1 network has not been in the spotlight for a while, and its return was mainly driven by the broader market sentiment in the past year. Investors who are adopting a contrarian investing strategy might have a look at this token, as any significant news release will likely send the token skyrocketing.

Airdrop Spotlight:

Traders of Bitcoin Ordinals on Magic Eden, as well as those trading on Solana and Ethereum, are set to receive an “NFT” token airdrop from the Non-Fungible DAO. The airdrop targets users of Magic Eden's MSigner technology, which facilitates Ordinals transactions, acknowledging over 75 million PSBTs signed and 1.3 million Ordinals swaps on the marketplace. The Non-Fungible DAO, which aims to foster NFT commerce development, has been working closely with Magic Eden, the leading cross-chain marketplace by trading volume. Magic Eden plans to contribute its NFT minting and trading technologies to the DAO, which in turn will reward protocol users with the airdrop. Despite the absence of a detailed timeline or specifics about the token's minting chains, this initiative marks a significant step in integrating blockchain technologies and rewarding community participation.