Top 5 Hype Crypto Tokens in May 2024

This article delves into the top five hype tokens of May 2024: dYdX (DYDX), Near Protocol (NEAR), The Open Network (TON), Optimism (OP), and Pepe (PEPE).

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The cryptocurrency market continues to thrive with new developments and tokens capturing the attention of investors. This article delves into the top five hype tokens of May 2024: dYdX (DYDX), Near Protocol (NEAR), The Open Network (TON), Optimism (OP), and Pepe (PEPE). We'll explore their recent performance, market potential, top investors, and upcoming developments.

1. dYdX (DYDX)

Overview:
dYdX is a decentralized exchange (DEX) offering perpetual trading options. It's known for its advanced trading features, including margin trading and derivatives, making it a significant player in the DeFi space. dYdX has implemented mechanisms to ensure high liquidity on its platform. This includes partnerships with liquidity providers and integrating with other DeFi protocols to optimize trading conditions.

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Market Performance (24th of May, 2024):

  • Market Cap: $1.14B
  • 24H Volume: $78M
  • Circulating Supply: 558.480M DYDX
  • Total Supply: 754.03M DYDX

Investors:
Andreessen Horowitz (a16z), Polychain, Paradigm, Hashkey Exchange and StarkWare Industries, etc.

Upcoming Developments:
dYdX has announced the release of Isolated Markets and Isolated Margins as part of their latest update, expanding their market universe from about 20 to over 800 potential markets. This significant upgrade is included in the upcoming Release 5.0 of dYdX Trading’s v4 open-source software suite.

2. Near Protocol (NEAR)

Overview:
Near Protocol is a blockchain designed for scalability and developer-friendliness. Near Protocol uses a technique called Nightshade sharding. Unlike traditional blockchains that process transactions sequentially, Nightshade divides the network into multiple shards, allowing transactions to be processed in parallel. This significantly improves scalability and ensures the network can handle a high number of transactions per second (TPS) .

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Market Performance (24th of May, 2024):

  • Market Cap: $8.44B
  • 24H Volume: $748M
  • Circulating Supply: 1.07B NEAR
  • Total Supply: 1.19B NEAR

Market Potential:
NEAR's innovative approach to scalability has attracted significant attention, especially from developers looking for efficient and cost-effective blockchain solutions. Its focus on usability makes it a strong contender in the smart contract space.

Investors:
Tiger Global, Andreessen Horowitz (a16z), Three Arrows Capital, Alameda Research, Baillie Gifford, Electric Capital, etc.

Upcoming Developments:
NEAR Protocol announced the creation of NEAR AI, a new research and development lab dedicated to decentralized artificial intelligence (AI). This lab will be spearheaded by Illia Polosukhin, NEAR Protocol co-founder and a key figure behind the groundbreaking Transformers AI architecture.

3. The Open Network (TON)

Overview:
TON, originally developed by Telegram, is a high-performance blockchain designed for fast transactions and high throughput. It aims to decentralize internet applications. Read more detailed information about what is TON in our previous article. Untitled (9).png

Market Performance (24th of May, 2024):

  • Market Cap: $21.71B
  • 24H Volume: $237M
  • Circulating Supply: 3.474B TON
  • Total Supply: 5.106B Ton

Market Potential:
TON (The Open Network) is rapidly emerging as one of the most dynamic blockchains in the industry. This growth has been recently highlighted by the listing of USDT on TON blockchain, which has garnered significant attention from the crypto community.

Investors:
Bybit, Mirana Ventures, Animoca Brands, Pantera Capital, KuCoin Ventures, MEXC, Mask Network, etc

Upcoming Developments:
The introduction of gasless transactions sets TON apart from other major blockchain networks, potentially revolutionizing the industry and attracting users from various ecosystems. This unique feature can significantly enhance user experience and lower barriers to entry, fostering broader adoption and increased activity on the TON blockchain.

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4. Optimism (OP)

Overview:
Optimism (OP) is a layer 2 scaling solution for Ethereum designed to improve the network's scalability and reduce transaction fees. It uses a technique called Optimistic Rollups, which allows for more efficient data processing by moving computations off the Ethereum main chain while still leveraging the security and decentralization of Ethereum.

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Market Performance (24th of May, 2024):

  • Market Cap: $2.735B
  • 24H Volume: $669M
  • Circulating Supply: 1.086B OP
  • Total Supply: 4.294B OP

Market Potential:
Optimism significantly increases Ethereum's transaction throughput by aggregating multiple transactions into a single batch, which is then submitted to the Ethereum main chain. This process reduces the load on the main chain and allows for faster and cheaper transactions.

Investors:
Paradigm, Andreessen Horowitz (a16z), IDEO CoLab Ventures

Upcoming Developments:
Optimism's plans for the future include significant developments aimed at expanding and enhancing its Superchain ecosystem. One of the key initiatives is the integration of Layer 3 (L3) chains into the Superchain, using the OP Stack. This allows L3 builders to contribute revenue to the Optimism Collective and benefit from resources like Retro Funding, airdrops, and developer grants​.

5. Pepe (PEPE)

Overview:
Pepe (PEPE) is a meme-based cryptocurrency that draws inspiration from the popular internet meme Pepe the Frog. Launched in mid-April 2023, $PEPE aims to capitalize on the viral appeal of memes similar to other well-known meme coins like Dogecoin and Shiba Inu. It is an ERC-20 token built on the Ethereum blockchain, utilizing a no-tax policy and a redistribution system to incentivize long-term holding and transaction activity.

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Market Performance (24th of May, 2024):

  • Market Cap: $5.96B
  • 24H Volume: $3.51B
  • Circulating Supply: 420.69T PEPE
  • Total Supply: 420.69T PEPE

Market Potential:
Pepe has captured the attention of meme token enthusiasts and speculative investors. Its community-driven approach and viral marketing have contributed to its rapid growth.

Investors:
Pepe (PEPE) did not have traditional venture capital investors in its early stages, unlike many other cryptocurrencies. Instead, it gained traction through community support and viral marketing typical of meme coins. Early investors were largely individuals who saw the potential in the meme-based appeal of Pepe the Frog and invested small amounts, hoping for high returns. And it worked out! Pepe price hit an ATH of $0.0000147 on May 23 after a 65% gain in the last three days.

Upcoming Developments:
One of the primary focuses of PEPE's future is building strong community partnerships. By fostering collaborations with other projects, influencers, and community leaders within the cryptocurrency space, PEPE aims to enhance its visibility and credibility. These partnerships are expected to drive community engagement, increase the user base, and create a more robust support network for the project.

Conclusion

These five tokens, dYdX, Near Protocol, The Open Network, Optimism, and Pepe, have demonstrated significant hype in May 2024. Their recent performance, strong market potential, notable investors, along with upcoming developments, position them as tokens to watch in the rapidly evolving cryptocurrency landscape.

Disclaimer: The information provided here is for informational purposes only and does not constitute financial advice.

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