Blockchain analytics platform Santiment has listed the major stories likely to prevail in the crypto industry this year.
Starting with non-fungible tokens (NFTs) and meme coins, Santiment says these two crypto subsectors are “always poised for sudden spikes in interest.”
As an example, Santiment said the surge in interest in the BONK meme coin preceded a significant price increase in Ethereum (ETH) rival Solana (SOL). BONK is a relatively new memetic cipher built on top of Solana.
Santiment went on to say that increased interest in meme coins tends to indicate that the existing rally in the crypto market may be nearing an end.
“We would like to emphasize that there is a potential correlation between the growing interest in meme coins and the state of the top of the market. “Strong” means clear signals at the data level , as distinct from the constant social noise that is always present on cryptocurrency social channels. ”
The blockchain analytics platform said other major crypto stories this year include the upcoming Bitcoin (BTC) halving and the possible approval of a spot Bitcoin exchange-traded fund (ETF) in the US. added.
The halving, which will reduce the rewards for BTC miners by half, is scheduled for April 2024.
Regarding stablecoins and regulation, Santiment said that trends in these two areas are “likely to be an ongoing factor, and whether it is cast in a negative or positive light. Depending on the situation, it can mean both lower and upper events.”
In 2024, blockchain analytics platforms predict that decentralized finance (DeFi) and decentralized autonomous organizations (DAOs) “could gain momentum at any time or unexpectedly given the many innovations that have occurred there.” “It has said.
Other key stories for 2024 may involve layer 2 solutions and zero-knowledge (ZK) technologies, according to Santiment. Zero-knowledge technology is an encryption technology that allows one party to prove to another party that some piece of data is true without revealing other information.
Finally, the analytics firm notes that macroeconomic trends and narratives will continue to impact the crypto market in 2024.
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