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Top 3 Altcoins to Watch in August for 20x Gains – Arbitrium, IOTA and Pomerdoge

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Many investors and traders are constantly looking for high-growth altcoins, and according to analysts, Arbitrum (ARB), IOTA (MIOTA), and Pomerdoge (POMD) are three which can make significant gains in the near future. In fact, analysts are bullish that the POMD token can surge by 20x at launch, and today, we will be analyzing all of them to see why this has been the case. 

Summary

  • The Arbitrum crypto can surge to $1.58 by the end of 2023
  • IOTA crypto to spike to $0.22 when the year ends
  • Pomerdoge to spike by 20x at launch

Click Here To Find Out More About The Pomerdoge (POMD) Presale

Arbitrum (ARB) On-Chart Performance

On August 1, 2023, Arbitrum (ARB) traded at a value of $1.14. The Arbitrum market cap was at $1,455,366,512, and its trading volume was at $130,959,226.  The Arbitrum cryptocurrency is listed on multiple exchanges and is easily accessible, which can contribute towards its appeal.

There are also 1,275,000,000 ARB cryptocurrencies in circulation. In addition, the Arbitrum price saw its weekly low at $1.14, with its high at $1.20. Moreover, according to an Arbitrum price prediction, the cryptocurrency can surge to $1.58 by the end of 2023. 

IOTA (MIOTA) Price Prediction

The IOTA (MIOTA) cryptocurrency traded at $0.174 on August 1, 2023. Its market cap was at $483,742,891, with its trading volume at $5,334,966. In addition, there is a circulating supply of 2,779,530,283 MIOTA. Despite its recent entry into the red zone, its price movements and fluctuations during the week have made a lot of analysts bullish on its future, as they believe once it breaks past $0.18 it can surge.

Moreover, the IOTA price saw its low weekly point at $0.170089, with its high point at $0.180071. According to an IOTA price prediction, the cryptocurrency can surge in value to $0.22 by the end of the year. 

Pomerdoge (POMD) Innovates The P2E Crypto Market

Pomerdoge (POMD) is being developed to dominate the blockchain gaming market. Through the integration of gaming elements alongside blockchain, it can reward just about every player for their time spent participating in its virtual world.

In addition, those who engage with the POMD presale will also get some of the game’s earnings, which are based on their holdings. This innovative model can foster a devoted community that can further the project’s appeal, growth, and development.

Moreover, there are numerous parts of the ecosystem. First, there’s Pomergame, which is the P2E virtual world. In it, each player has the opportunity to earn as they play. However, they all have a Pomer that they can level up and improve upon. 

Subsequently, there’s also the Pmerpalce, a dedicated marketplace in which anyone can buy, sell, or trade. There’s also a 7,777 unique NFT collection, where only holders of POMD are able to purchase them at 0.2 ETH. These limited-edition assets hold value for collectors or others enthusiastic about building an NFT portfolio.

Pomerdoge (POMD) to Surge by 20x At Launch

During the early stages of the presale, the Pomerdoge (POMD) token trades at just $0.007. However, analysts are bullish on its future. Due to the increased level of appeal in the blockchain gaming market, and the overall rise in interest within P2E games and NFT collection, it can surge in value. Analysts now believe that the next price target for POMD 0.035$.

Find out more about the Pomerdoge (POMD) Presale Today

Website: https://pomerdoge.com/ 

Telegram Community: https://t.me/pomerdoge 

This Ethereum L-2’s DEX Stole $100K User Funds

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Ethereum’s first L-2 solution Arbitrium has come under the limelight after its newly launched DEX ArbiSwap is suspected to have rug-pulled users by removing over $100,000 from the platform’s liquidity pools.

Over the last 24 hours, ARBI tokens plummeted from $1.5 to worth a fraction of a cent at press time. On-chain data also shed light on the rogue developer’s action.

It showed around 1 billion fake tokens were minted, and then swapped for USD Coin [USDC] and then for roughly 69 ether [ETH].

According to reports, the fact that the liquidity pools were mostly under the control of developers might have made it easy to shut shop and escape.

For those new, Liquidity pools refer to the token pairs held by smart contracts on decentralized exchanges, with developers initially seeding both sides of a token pair.

Only $4 million was available on ArbiSwap in the early hours of Thursday morning in Europe, according to blockchain data from DEXTools. After the service’s February launch, its total locked value swiftly increased to $4.4 million [TVL].

Users’ immediate interest in ArbiSwap was probably sparked by the DEX, which touted offering holders of ARBI 100% of all revenue made on its platform in exchange for their ARBI holdings.

The above action is a classic rug pull: developers set up a functioning decentralized finance application, use social media to promote it, then create a token and list it on a decentralized exchange [DEX].

The developers close business, reduce liquidity, and vanish after investors buy the tokens in the hope of a profitable investment.

Another Ethereum NFT Project’s Action Sparks Rug Pull Claims

After earning more than $5 million in ETH in last year’s mint, Friendsies, an Ethereum NFT project by the venerable art team FriendsWithYou, has made an important announcement.

The team behind the Ethereum project announced recently that it would “halt” all future ambitions for the project before reportedly removing their Twitter account, which sparked claims of a “rug pull.”

Currently, some community members are putting out a plan to take over and carry on with the project.

The now-deleted tweet thread stated, “As the project founders, we have decided that it would be better to put a halt on [Friendsies] and all future digital items for the time being.

Ethereum L-2’s Unique Addresses Jumps By Over 790% In 2023

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Ethereum’s layer 2 scaling solution Arbitrium continues to rule the roost as its unique addresses count reached an all-time high of nearly 2.92 million addresses, according to block explorer Arbiscan.

Over a year, the fourth-largest blockchain in terms of total value locked [TVL], has recorded a jump of a whopping 792%.

Not only that, Arbitrum flipped Ethereum itself in daily transactions, establishing its dominance in the layer 2 landscape.

Data from Arbiscan also shows that the number of daily transactions on the blockchain has skyrocketed from 159,919 on January 1 to over 1,103,398 at the time of writing this article.

This represents an increase of about 590% in less than two months.

In comparison, the number of daily transactions on Ethereum increased a meager 46% in the same period to 1,084,290, per Etherscan.

Arbitrum’s recent expansion can be attributed to GMX, a decentralized spot, and perpetual exchange that went live in September 2021 and has since experienced rapid development.

GMX presently makes up around $457 million, or 30%, of all of Arbitrum’s TVL. Although its presence there is only around a fifth as large, the trading platform is also deployed on the Avalanche [AVAX] blockchain.

Decentralized finance platforms such as GMX utilized smart contracts to facilitate users to transact without the need for middlemen, and users’ fees are collected as a mechanism to compensate liquidity providers and community members.

Recently, GMX has been so prosperous that over the course of a 24-hour period last weekend, it generated more revenue from transaction fees than the Ethereum blockchain did.

Ethereum L-2s Were Seen As Much-Needed Answer To ETH’s Mounting Prices

Rollups [also known as layer 2 platforms], which are secondary blockchains that bundle and “settle” transactions on Eth, were seen as saviors to the ETH’s mounting accessibility issue when the token’s transaction prices soared last year due to increased user demand.

These L-2s utilize the security infrastructure already in place on Ethereum, as opposed to sidechains like Polygon PoS that bundle transactions and settle them on the blockchain.

Optimism and Arbitrum were the first significant roll-up chains to enter the market; they were both dubbed “Optimistic” rollups due to the method they employ to borrow Ethereum’s security.

At press time, Ethereum’s one-day fees stood at $6.4 million, while Arbitrum’s one-day fees sit at roughly $154k, which is less than 2% of Ethereum’s network fees for the day, as per cryptofees.info.

Ethereum L2 Captures Investors’ Attention With Surge In Transactions

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Ethereum layer 2 network Optimism has caught investors’ attention with a steady upswing in terms of its Transactional activity, in the past weeks, data from etherscan depicted.

Not only that, it has even managed to flip its nearest competitor Arbitrium whose value has been reduced to half since its all-time high in Nov.

Nevertheless, the growth in the layer 2 network is positive news for investors, buyers of the tokens as well as the users of decentralized applications [dApps] built on that network,

The Optimism ecosystem is also becoming more and more appealing to cryptocurrency traders as a potential location to earn profits similar to the 100-times-plus multiples occasionally seen in previous bull-market cycles.

The Ethereum-based scaling product is one of a slew of blockchain networks that have launched in the last year, each promising to be faster and more affordable than the one before it. It allows traders to transact on the blockchain network for under a few cents in fees and transacting times of a few seconds..

According to on-chain data, in a single day last week, the ecosystem recorded more than 800,000 transactions, which was more than 10 times as many as in June of last year and nearly twice as much as network activity in November.

Earlier TronWeekly reported that the Ethereum layer-2 networks Arbitrum and Optimism have registered an increase in transaction volume in the span of just three months, exceeding even that of the mainnet Ethereum.

Ethereum L2s Surpass Ethereum In Transaction Volume

Data from Dune Analytics showed that Arbitrum and Optimism combined processed over 1.12 million transactions while Ethereum processed over 1.06 million transactions on Jan. 10.

On the other hand, since late October, transactions on the Ethereum network have reduced by roughly 33%, according to Etherscan.

With regards to the l2s, Optimism [OP] for one, has entered the year on an optimistic note as it enjoys a bull run. But, has suffered stagnancy in terms of total value locked [TVL].

In comparison to that, Arbitrum has reportedly outpaced the other top Layer 2 blockchains, such as Optimism and Polygon, when it comes to TVL. The former, however, is unaffected as it continues to increase in tempo and rule the L2 region.

Nonetheless, L2 transactions boost Ethereum’s appeal when they are included in the mix.