Highlights:
- Moonwell surged 36.1% this week, hitting ATH and launching new proposals to enhance growth.
- Raydium gained 39.8%, surpassing $3 as trading volume and user engagement hit new highs.
- Solana rose 13.9%, expanding its ecosystem with innovative upgrades rivaling Ethereum’s capabilities.
Bitcoin’s price has been highly volatile this week, ranging between $65,000 and $69,000. This volatility demonstrates that investing only in Bitcoin is dangerous for investors. Given Bitcoin’s volatility, such risks can be minimized through diversification into altcoins.
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Investing in promising altcoins with a focus on their growth might be less risky and more rewarding. Let’s explore the right altcoins to invest in today: Moonwell (WELL), Raydium (RAY), and Solana (SOL).
Trending Altcoins Today
1. Moonwell (WELL)
WELL is currently priced at $0.07246 and has risen by 36.1% in the last week. Its trading volume is $10.24 million, and its market capitalization is $209.24 million. The coin is gaining momentum in the DeFi sector and has seen increased market traction.
Moonwell supports decentralized lending and borrowing within the Base and Moonbeam ecosystems. It offers safe financial options and is available for trading on popular platforms such as Coinbase, KuCoin, and Aerodrome. This provides a convenient entry for investors and DeFi fans.
Moonwell reached its ATH today, exceeding the price of $0.07. Furthermore, the community has suggested a plan to improve the protocol’s incentive structure. The main goal of Proposal 140 is to avoid hostile takeovers and provide better user incentives.
MIP-X05 has been submitted for onchain voting.
This proposal seeks to:
• Reduce the Safety Module cooldown period from 10 days to 7 days on @Base and @Optimism
• Require voting at least once in the last 30 days to claim staking rewards🗳 Vote MIP-X05: https://t.co/6sgh9xpUvv
— Moonwell Governance (@MoonwellGov) October 23, 2024
This move aims to increase the network activity and drive further growth. Moonwell’s community expects that this proposal will create more value for stakeholders.
2. Raydium (RAY)
RAY is trading at $3.00, showing a 39.8% increase over the past week. Its trading volume reached $145.36 million, and the market capitalization is $789.62 million. This growth highlights its rising momentum in the DeFi sector. Raydium operates as an automated market maker (AMM) and liquidity provider on Solana, offering fast transactions and low fees.
Raydium integrates with Serum, enabling cross-chain swaps and advanced trading tools. These features make it a preferred choice for traders. Today, Raydium exceeded the $3 mark price, fueled by its impact on Solana.
Its recent rise can be attributed to the fact that it has crossed some important resistance levels. It also processed far more transactions than rivals such as Uniswap. Raydium also experienced high levels of activity with $1.82 billion worth of trades made in 24 hours.
Raydium $RAY has seen a notable increase in trading volume. In October, daily volumes have consistently exceeded $450M, reaching over $600M in the past week alone. On October 24, trading volume peaked at nearly $800M.
Key support for #RAY is at $2.90, with resistance at $3.20.… pic.twitter.com/41QfHMTffR
— CrowdWisdomLive (@CrowdWisdom360) October 25, 2024
Features such as yield farming, staking, and the AcceleRaytor launchpad remain popular with new users. This caused an expansion of its total value locked by 47.41%. It is anticipated that this trend will continue, making Raydium a dominant player in Solana’s ecosystem.
3. Solana (SOL)
SOL is trading at $174.12, reflecting a 13.9% gain over the past week. Its trading volume is $4.15 billion, with a market capitalization of $81.82 billion. Solana continues to hold its position in the cryptocurrency space due to its Proof-of-History mechanism. This enables fast transaction speed, which is ideal for creating dApps and incorporating DeFi solutions.
Co-founder of Solana Anatoly Yakovenko has disclosed plans to come up with an execution layer similar to Ethereum. This improvement will help to strengthen Solana’s scalability as well as the general advancement of its ecosystem.
I like @BanklessHQ and ethereum. I even like the ethereum design and vision. If you told me to go build an alternative to bitcoin, ethereum settlement layer focused design is what I would steer the engineering towards.
If that’s the vision, ethereum can just embrace all the…
— toly 🇺🇸 (@aeyakovenko) October 24, 2024
By incorporating such an advanced layer, Solana intends to grow beyond the present architectural structure. This shift gives developers and users a more flexible architecture to build and work with. It makes Solana more suitable for direct competition with similar blockchain ecosystems such as Ethereum.
Conclusion
Top altcoin gainers like Moonwell, Raydium, and Solana demonstrated substantial growth during Bitcoin’s volatile period. Moonwell’s recent all-time high, Raydium’s surge in trading volumes, and Solana’s innovative execution layer show significant investor interest and strategic developments.
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