Pearl
NEAR Protocol
Bitway
Starknet
Walrus
Pudgy Penguins
Hyperliquid
- Bittensor is one of the most popularly known DePIN projects in the crypto market.
- Bittensor, Filecoin and Render can be the top three DePIN cryptos which might outperform in future.
Decentralized Physical Infrastructure Networks of DePINs which have gained significant popularity in the market due to their real-time use cases.
The DePIN market cap reached $20.3 Billion in 2024. It is one of the most popular crypto niches right now. We will now take a look into some of the leading DePIN projects.
1. Bittensor
Bittensor was the 36th largest cryptocurrency in the global crypto market at press time. Its market cap was $2.025 Billion, traded volume was up 55% in just last 24 hours.
The token price further traded 800% above its all-time low price of $30.40, which was formed a year ago.
TAO/USD Chart by TradingView
TAO has been navigating a prolonged decline, characterized by a falling wedge pattern. This persistent downtrend resulted in a substantial loss in value, the token plummeted by over 70% from its swing high of $756.87.
Over the past year, the TAO token has exhibited significant volatility. It first experienced a robust uptrend, which was later followed by a sharp and sustained downtrend. However, a notable shift in momentum occurred recently. TAO successfully broke out of the falling wedge pattern, supported by strong bullish candlesticks over the past few days.
Should the price continue to rise and surpass the most recent swing high, it could indicate a continuation of the upward trend. This development has the potential to drive the TAO token to higher price levels in the near future.
2. Filecoin
The Filecoin project’s fundamentals are very strong, with a score of 9.7/10 as per ChainBroker. The price volatility in the token was high (6.06%) and the supply inflation was also high (30.6%).
FIL/USD Chart by TradingView
The FIL token price is trading in a strong downtrend followed by the formation of a falling wedge pattern on the daily chart. The price further declined and formed strong bearish candlesticks on the chart.
If the price breaks the falling wedge and sustains above the same, we might get to see further surge in price.
3. Render
A surge in the derivatives traded volume of the Render token was recorded resulting in a traded value of $71.179 Million. This showed a rise in the token’s demand among traders and investors.
Render’s market cap ranking was #39 as per CoinMarketCap resulting in a market cap dominance of 0.09%.
RNDR/USD Chart by TradingView
Over the past five months, RNDR has faced consistent profit-taking, leading to a significant price decline. This sustained selling pressure resulted in the formation of a descending triangle pattern, a bearish technical indicator that often signals the potential for further declines.
Since March 2024, RNDR has been subjected to considerable downward pressure, with its price plummeting by 70% from a swing high of $13.62. This substantial drop highlights the ongoing challenges the token faces in maintaining its value amid market volatility.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
