Forecasting which is the next cryptocurrency to explode is always a daunting task, as it is very challenging to predict how the market will behave in the rest of 2023 and the further future. At the same time, the fact that a few projects have a much higher likelihood of performing exceptionally well compared to the rest remains almost undisputed.
Which is the next cryptocurrency to explode in 2023?
When trying to identify the next big crypto project and evaluating what crypto is going to explode next it is important to consider several factors. Most important are the project’s fundamentals, such as the technology it uses, its potential use cases as well as the team that stands behind it. However, one should not omit external factors such as regulation, market sentiment, and economic conditions from its analysis.
Taking all these factors into account, we have compiled a list of the 10 most promising blockchain projects that have the potential to explode in 2023:
- Aptos – A novel, highly scalable enterprise-grade layer 1 blockchain
- Sui – A revolutionary scalable smart-contract-enabled blockchain
- Filecoin – A decentralized blockchain-based file storage network
- Solana – A fast and low-cost blockchain for decentralized apps and finance
- Polygon – A leading layer 2 solution for faster and cheaper transactions
- XRP – An ISO 20022-compliant remittance-focused cryptocurrency
- Mina Protocol – A lightweight blockchain utilizing recursive zk-SNARKs
- Rocket Pool – A sophisticated decentralized Ethereum staking platform
- Cronos – A smart-contract-enabled blockchain environment by Crypto.com
- Shiba Inu – The second most popular meme-inspired cryptocurrency
As you can see, our selection consists of several established market leaders that still have a large room to grow, mixed with a few promising newcomers, whose native cryptocurrencies could be the next in line to go on a bull run. In the remainder of the article, we will explore the reasoning behind each crypto’s placing on our list of the next cryptos to explode in 2023.
1. Aptos – A novel, highly scalable enterprise-grade layer 1 blockchain
Aptos is a highly innovative layer 1 blockchain that aims to revolutionize the internet by providing a seamless transition from Web2 to Web3. The blockchain was designed by former Meta employees who worked on the Diem stablecoin project (initially called the Libra project).
Aptos is a relatively new contender in the cryptocurrency space, as its mainnet was launched only in October 2022. Nevertheless, the novel blockchain outperforms Bitcoin, Ethereum, Avalanche, and even legacy payment processors such as Mastercard and Visa in terms of transaction processing capacity, as Aptos can process up to 100,000 transactions per second (TPS).
Why could Aptos be the next cryptocurrency to explode in 2023?
Aptos’ immense throughput and low latency are largely facilitated by the protocol’s ability to reach atomicity without upfront knowledge of the data. In addition, Aptos integrates innovative scaling solutions such as internal sharding of a validator and homogeneous state sharding. Finally, the blockchain features a modular design, which allows Aptos upgrades to be deployed frequently and without much hassle.
These are just some of the project’s impressive capabilities that make Aptos (APT) a highly promising new cryptocurrency. Combined with the ample financial support from some of the largest crypto investors, such as Binance Labs and Jump Crypto, that the project is receiving, Aptos might just become the next big thing in the cryptocurrency space.
2. Sui – A revolutionary scalable smart-contract-enabled blockchain
Sui is an emerging Layer 1 blockchain and smart contract platform that aims to make digital asset ownership fast, private, secure, and accessible to everyone. Similarly, to Aptos, the platform is based on the Move programming language. Sui enables parallel execution, sub-second finality, and the creation of rich on-chain assets. Due to the horizontal scalability of both processing power and storage, Sui will be able to support a wide range of applications at unrivaled speed and low cost.
Sui was founded by former executives and lead developers of Meta’s Novi Research. The project is currently in preparation for the Sui mainnet launch, which is scheduled for Q2 2023. Up until then, users can test the blockchain’s capabilities by participating in the Sui devnet or testnet.
Why could Sui be the next cryptocurrency to explode in 2023?
Once fully deployed, Sui will provide a platform, on which creators and developers could easily build user-friendly applications. At the same time, Sui aims to solve the common pain points of first-generation blockchains, such as scalability issues and lack of or at least very expensive on-chain storage. This revolutionary up-and-rising blockchain could turn out to be the next disruptive project in the crypto space and even dethrone the established smart blockchains.
In fact, SUI has already attracted a large number of cryptocurrency investors, who went on a spending spree as soon as SUI started trading on Binance. This caused SUI’s price to explode from its Launchpool price of just $0.10 to $1.84 just moments after the trading commenced. This indicates that at least part of the community may have already recognized SUI’s enormous potential.
3. Filecoin – A decentralized blockchain-based file storage network
Filecoin is a decentralized network that enables users to rent their unused hard drive space and receive FIL, the platform’s native cryptocurrency, in exchange. The project launched its highly anticipated mainnet on October 15, 2020, after having successfully raised $205 million through an ICO already back in 2017.
To ensure secure and accurate data storage, Filecoin uses a proof-of-replication consensus mechanism. By incentivizing users to offer storage space, the platform established a decentralized data storage network, which provides a more affordable and efficient data storage alternative to centralized cloud storage providers.
Why could Filecoin be the next cryptocurrency to explode in 2023?
With the growing adoption of decentralized protocols and the increased demand for Web3 solutions, the need for decentralized storage is expected to rise. As already mentioned, Filecoin offers a file storage solution that is not only more cost-effective but also more reliable compared to its centralized counterparts – the cloud storage providers.
These advantages position Filecoin as a big beneficiary of the transition to Web3 and a potential major player in the future of the crypto industry.
4. Solana – A fast and low-cost blockchain for decentralized apps and finance
Solana is a smart contract-enabled blockchain platform that prioritizes scalability. With an impressive throughput of 65,000 transactions per second and incredibly low transaction fees, Solana is viewed as a formidable competitor to Ethereum. It achieves such high efficiency through a novel proof–of-history consensus algorithm and timestamping system.
Consequently, Solana is highly sought after by a variety of non-fungible token (NFT) projects and decentralized finance application developers. Solana’s significant financial backing from major investors such as Polychain and Andreessen Horowitz ensures ample resources for the future development of its ecosystem, further cementing its appeal to blockchain developers.
Why could Solana be the next cryptocurrency to explode in 2023?
Solana is one of the top high-performance smart blockchains in the world that can cater to the needs of hundreds of DeFi, NFT, and other projects. Interestingly, SOL currently trades at around $20, far from its ATH of $260 achieved in November 2021, despite the concurrent growth in Solana adoption. This leaves SOL a lot of space for potentially fast price growth.
In addition, Solana is one of the most progressive blockchains when it comes to the integration of artificial intelligence (AI). The Solana developers recently integrated a special ChatGPT plug-in, which allows users to query on-chain data directly from ChatGPT. If Solana follows through on even more thorough AI integration, SOL could go a long way.
5. Polygon – A leading layer 2 solution for faster and cheaper transactions
Polygon, formerly known as Matic Network, is a leading layer 2 scaling solution for Ethereum that addresses the scalability limitations of the largest smart contract blockchain.
Polygon uses multiple proof-of-stake sidechains and regularly pushes data to Ethereum to create network checkpoints, which allows it to achieve higher speeds, significantly higher throughput and, most importantly, lower fees. As a result, Polygon has become an attractive platform for developers of decentralized apps and has established itself as a leading player in the DeFi sector.
Why could Polygon (MATIC) be the next cryptocurrency to explode in 2023?
Polygon has emerged as the top Ethereum layer 2 solutions over the past few years. In addition, the project offers a variety of payment, non-fungible token (NFT), and DeFi-focused solutions. What is more, the project has lately been especially successful at securing partnerships with major global corporations, such as Disney, Reddit, Nubank, and others. Assuming that Polygon maintains its strong momentum from 2022, which is likely, MATIC’s price could easily climb higher.
While some investors may be concerned that layer 2 solutions could become redundant as Ethereum’s scalability improves, Vitalik Buterin himself recently emphasized that they will continue to play a crucial part in the Ethereum ecosystem. To conclude, Polygon’s new partnerships, innovative features, and solutions to Ethereum’s scalability challenges are drawing attention from more and more established businesses, making Polygon a promising platform for future development and MATIC a potentially very lucrative investment.
6. XRP – An ISO 20022-compliant remittance-focused cryptocurrency
Ripple Network was launched in 2012 by Chris Larsen, Jed McCaleb, and Arthur Britto with an aim to facilitate fast and cost-effective cross-border payments and improve the traditional banking system. Ripple uses a unique Ripple Protocol consensus algorithm (RPCA) to validate transactions, which is not proof-of-work nor proof-of-stake but instead relies on a distributed agreement protocol to increase processing speed and efficiency. The Ripple Network is ISO 20022-compatible and, perhaps also due to this, well connected to the traditional payment systems.
The blockchain’s native cryptocurrency is XRP, whose total supply is fixed at 100 billion coins. At launch, 80% of the XRP supply was given to the fintech firm Opencoin, now known as Ripple Labs. Ripple Labs still holds over half of the total XRP supply. Coins are mostly locked in escrow wallets and a small portion of XRP is released each month.
Why could XRP be the next cryptocurrency to explode in 2023?
Ripple Labs, the issuer of XRP, has been engaged in a highly publicized legal battle with the U.S. Securities and Exchange Commission (SEC) ever since late 2020 over the purported unregistered sale of XRP tokens. The dragged-out court case is anticipated to be finally resolved in the first half of 2023.
Should the XRP lawsuit come to an end with a favorable outcome, XRP will undoubtedly rally. What is more, several analysts believe that in this case, XRP could even revisit its all-time high (ATH) of $4 it reached in early 2018.
7. Mina Protocol – A lightweight blockchain utilizing recursive zk-SNARKs
Mina Protocol is a blockchain that prioritizes simplicity and accessibility. It is known for being the world’s lightest blockchain, with a network size of just 22 KB. The project was initially launched as Coda Protocol in 2017 but underwent a rebranding to Mina Protocol in October 2020.
Unlike other blockchains that grow in size as adoption and traffic increase, Mina’s size is designed to remain constant. This unique feature allows for easy access and low system requirements for users interacting with the blockchain. Despite its ultra-small size, Mina maintains a secure and decentralized network using zero-knowledge proofs technology also known as zk-SNARKs.
Why could Mina Protocol be the next cryptocurrency to explode in 2023?
Mina Protocol has actually already exploded soon following its launch in the period between July and September 2021, when it saw a surge of over 500%. Nevertheless, most of its gains were erased during the 2022 bear market. Once the market sentiment shifts again, Mina Protocol has the potential to recover a significant portion of its losses.
In addition, Mina’s size and low system requirements are the blockchain’s unique characteristics, which could come in handy if or when blockchain-based solutions break through to less-powerful electronic devices such as microchips on the Internet of Things (IoT).
8. Rocket Pool – A sophisticated decentralized Ethereum staking platform
Rocket Pool is a decentralized staking platform for Ethereum that enables users to participate in the staking process, even if they hold less than the required 32 ETH. With Rocket Pool, users can stake as little as 0.01 ETH. After staking ETH, users receive rETH, which is a tokenized staking deposit token. The amount of rETH on their account grows with time as staking rewards are also paid out in rETH. rETH can be swapped for ETH and vice versa at any given moment.
The protocol also allows users to offer staking node services to the pool. Node operators can reach higher returns by participating in Rocket Pool than by staking solo but are required to monitor and maintain smooth uninterrupted operation of their staking node. The governance token for the protocol’s DAO is RPL, which also serves as incentives and insurance for the value behind rETH in the event of penalties or slashing.
Why could Rocket Pool be the next cryptocurrency to explode in 2023?
With the increasing demand for generating passive income with ETH through staking, services like Lido and centralized solutions offered by several centralized exchanges have gained popularity among crypto investors. If this trend continues, Rocket Pool, one of the leading decentralized Ethereum staking platforms, is expected to emerge as one of the best-performing crypto assets in 2023.
9. Cronos – A smart-contract-enabled blockchain environment by Crypto.com
Cronos is the leading Ethereum Virtual Machine (EVM)-compatible layer 1 blockchain network built on the Cosmos SDK. The blockchain is developed by Crypto.com cryptocurrency exchange and is designed to seamlessly interact with Ethereum-native decentralized applications (dApps).
Cronos also aims to provide faster transactions and lower fees compared to the Ethereum mainnet. Cronos achieves this by utilizing a Proof of Authority consensus algorithm, which allows for faster block confirmations and higher throughput. Cronos’ native token is CRO. The token can be used for staking, governance, as a medium of exchange within the network, as well as to get benefits and discounts when using Crypto.com’s services.
Why could Cronos be the next cryptocurrency to explode in 2023?
Firstly, as an exchange-backed token, CRO price is not only related to the current traffic and use cases on the Cronos network but also to the benefits it can provide to Crypto.com users. Throughout the last few years, this has caused the CRO price to drop despite the Cronos ecosystem experiencing continued growth and expansion. As a result, CRO trades more than 93% below its ATH price today. This either means that CRO was overbought for the perks it provided in the past or that the token is significantly undervalued today. Whatever the case, CRO price could spike again if Crypto.com reintroduces some of the perks, which could happen in the next sustained bullish period.
In addition, the Cronos community has recently proposed to decrease CRO’s inflation rate by implementing a burning mechanism. According to the proposal, 15% of fees in each transaction would be transferred to a community pool and then periodically burned as per the approval from the project’s governance community. This could significantly reduce the growth of CRO’s available supply and drive the price of CRO up in the long run.
10. Shiba Inu – The second most popular meme-inspired cryptocurrency
Shiba Inu (SHIB) is a blockchain platform that was launched in August 2020. It started as an “experiment in decentralized community building” but quickly gained attention due to its unprecedented market run. The project is managed by the pseudonymous Shytoshi Kusama, a volunteer project lead, and has a massive social media following known as the “Shib Army.”
Throughout the years Shiba Inu has evolved from merely an experimental blockchain to a fully functional environment for various decentralized applications. The project’s ecosystem includes the native ShibaSwap decentralized exchange, SHIB Burning Portal, as well as several NFT and metaverse projects. The ecosystem is powered by a trio of tokens: SHIB, LEASH, and BONE. SHIB, the platform’s primary incentive token, is firmly positioned among the top 20 cryptocurrencies with the largest market capitalization.
Why could Shiba Inu be the next cryptocurrency to explode in 2023?
Shiba Inu (SHIB) has the potential to be the next crypto to explode due to several factors. Firstly, the upcoming launch of Shibarium, a layer 2 solution for the Shiba Inu blockchain, could lead to improved transaction speed and lower transaction costs. Additionally, the effect of SHIB burning could potentially decrease the circulating supply of the token, which may drive its price higher in the long term.
It has to be noted that SHIB burning is a bit unpredictable as it doesn’t follow any fixed schedule or mechanism but rather represents the community members performing gamified tasks or sending their SHIB to a so-called “dead wallet” during burning events or parties. Nevertheless, the community seems very eager to destroy enough tokens to push the price of SHIB above 1 cent. With these developments, SHIB could see another massive market rally soon.
The bottom line – There are several crypto candidates that could see explosive growth in 2023
As previously stated, successfully identifying what is the next crypto to explode requires thorough research and, admittedly, also quite some luck. Nevertheless, the 10 cryptocurrencies we have listed hold a relatively high potential for significant price increases in the rest of 2023. Furthermore, each of these cryptocurrencies has one or more distinctive features that set it apart from the rest of the crypto projects, which could bode very well for the project in certain situations.
If you are, however, a long-term investor, who is not constantly on the search for the next big thing in crypto and you prefer HODLing, we recommend you read through our 10 best cryptocurrencies to buy today for the long-term article.
