October is poised for a good performance. Many cryptocurrencies are performing well this month has potential. So, what are the suitable projects to invest this month? Crypto expert Lawrence Mike Woriji identifies 5 altcoins with this potential and explains why.
The top secret altcoin: Pendle (PENDLE)
PENDLE is at the top of the list for October. There’s nothing strange about Pendle. Because the project has shown real potential in the last few months. Pendle is the only DeFi protocol that maintains an impressive TVL despite market movement. In addition, Pendle works on sustainable economics. It also has a team that has demonstrated its commitment to growth over the last few months. Moreover, Pendle’s recent RWA integration has made the protocol one to watch.
ICYMI: The chads at @pendle_fi introduced a Leaderboard to track the most profitable traders!
This is a step-by-step guide on how to outperform and maximize your yield. 🤯 pic.twitter.com/gOXCFu4pyi
— Emperor Osmo🧪 (@Flowslikeosmo) October 5, 2023
Maker (MKR) comes in second place
Maker (MKR) is another altcoin project that has caught the attention of the crypto community due to its recent rise. Maker’s extraordinary financial success has been impressive. By the way, it should be noted that Maker is one of the largest revenue-generating DeFi protocols with an annual revenue of $193 million. The main source of this income is the interest it earns from DAI miners. Additionally, Real World Assets (RWAs) are a big part of this.
It seems like $ARB whales are bullish with $MKR.
We spot 2 whales that keep selling $MKR while having a large balance of $MKR.
1/ Whale 0x509
14 hours ago, he sold 1.7M $ARB for 906 $ETH($1.48M), earning $73K profit.
Then, he quickly bought 872 $MKR ($1.24M) at $1422.
2/… pic.twitter.com/g6mE0KB1NA
— The Data Nerd (@OnchainDataNerd) October 5, 2023
Maker was traded heavily in September, shortly after the US Federal Reserve announced it was halting interest rates. Interestingly, cryptokoin.com As you follow from , Maker recorded a 6-month high on October 2. DAI savings rate of 8% has been a great attraction for institutional investors. So I expect Maker to stay relevant throughout October.
Third next altcoin: Gmx (GMX)
We will likely see a lot of liquidity in GMX very soon. The reason for this is that GMX recently applied to Arbitrum for a grant. The application focuses on creating diversified permanent and spot pools with capital efficiency and increased liquidity. We recently listed GMX as one of the tokens that whales are interested in. Whales’ interest in GMX is no surprise. GMX has everything it needs to be successful. Therefore, it is possible to see high numbers very soon.
GMX has successfully integrated Chainlink’s new low-latency oracles, Data Streams, for the full launch of GMX V2 on Arbitrum mainnet. On-chain trading continues to evolve, and just became a lot faster! 🫐
Try it out here: https://t.co/Gey8jmzfwr https://t.co/YdJ8CVoEYG
— GMX 🫐 (@GMX_IO) October 2, 2023
We continue the list with Synthetix (SNX)
Synthetix is one of the tokens taking to the stage for a performance this month. Meanwhile Synthetix V3 is approaching. Additionally, there is likely to be an expansion towards Base with ETH as collateral asset against synthetic debt.
It's claim day at Synthetix! Not sure how to get your staking rewards?
1️⃣ Click "Claim your rewards"
2️⃣ Confirm the transaction
📌 Remember: sUSD rewards auto-burn every Wed.C-Ratio below target? Burn sUSD or stake more SNX.
Learn more & claim today 👇 https://t.co/QGj7isKvRz pic.twitter.com/tuNALqhC5O
— Synthetix ⚔️ (@synthetix_io) October 4, 2023
Last secret altcoin: Frax (FXS)
FRAX is one of the cryptos we are evaluating for strong performance during the next bull run. However, a weak FRAX supply has hurt its recent performance. However, all this may change soon as FRAX V3 will offer RWA coverage and yield distribution.
FRAX is the All-Weather Stablecoin for Every Financial Climate ☔️☀️
FRAX v1: Protocol regulates CR based internal conditions
FRAX v2: Protocol regulates CR utilized DeFi primitives on-chain
FRAX v3: Protocol at 100% CR captures best yield opportunities on and off-chain pic.twitter.com/o6qAsDOkCc
— Decentralized Finance David (¤,¤) 🌸 (@DeFiDave22) October 5, 2023
The opinions and predictions in the article belong to the expert and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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