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What Is the Next Cryptocurrency to Explode in 2023?

The most exciting thing about cryptocurrency investments is that, when they explode, they skyrocket in value. In 2021, we saw Solana (SOL 2.0%) increase by more than 10,000%. Meme token Shiba Inu (SHIB 1.26%) shot up more than 40,000,000%.To get more news about crypto projects, you can visit wikifx.com official website.

Of course, 2022 hasn't gone nearly as well. Crypto entered a bear market, and prices of most major coins fell significantly. Although there's no guarantee that crypto is here to stay, the market has bounced back before.

It's obviously impossible to know with certainty which cryptocurrency is next to explode. However, we can pick out some possible candidates that are capitalizing on current trends that include decentralized finance, data storage, and digital payment solutions.
1. 1inch
1inch Network (1INCH 2.0%) is a decentralized exchange (DEX) aggregator. Decentralized exchanges allow users to swap different cryptocurrencies just by connecting a crypto wallet. There's no central authority managing the exchange, and, with many DEXs, there's no need to register for an account either.

Decentralized finance (DeFi) was huge in 2021 as many crypto enthusiasts used DEXs to trade cryptocurrencies. 1inch is a simple way to get the most for your crypto when using DEXs. It instantly compares prices on hundreds of different platforms to find the best rate for you.

Although the aggregation protocol is extremely useful, it's not all that 1inch offers. Other 1inch products include a limit-order protocol that lets you set specific trade conditions and 1inch Earn, a program to earn interest by depositing crypto to liquidity pools.

2. Ethereum
At first glance, Ethereum (ETH 4.8%) might seem out of place here. It's far from under the radar. It has been the second-largest cryptocurrency for years, so most crypto investors know about it, and many already own some.

While we're probably past the point where Ethereum shoots up by 10,000%, it still has serious growth potential. It was the first blockchain to offer smart contracts, which developers can use to build decentralized apps (dApps). Ethereum’s first-mover advantage has given it a sizable lead over similar competitors.

Ethereum went through its long-awaited Merge to a proof-of-stake system in September 2022, significantly improving its energy efficiency. The upgrade could be a key factor that helps increase Ethereum's value and attracts more investors.

3. Aave
Aave (AAVE 1.53%) is one of the most popular and user-friendly lending protocols. Users can borrow and lend many different types of cryptocurrency. If you deposit your cryptocurrency to Aave, you'll receive interest payments for lending your funds.

Its unique features have helped Aave outdo other crypto lending protocols. Borrowers can switch from fixed to variable interest rates and vice versa. Aave is also known for its FlashLoans, which are loans that don't require collateral. They do, however, need to be repaid in the same transaction.

Aave is a governance token, which means holders can vote on the future of the protocol. They also get fee discounts when using Aave's services.
4. SushiSwap
Automated market makers (AMMs), which are decentralized exchanges that run on smart contracts, grew quite a bit in 2021. Although there are many AMMs out there, SushiSwap (SUSHI 1.47%) could be the one most poised for a big run.

SushiSwap supports more than a dozen different blockchains, which allows it to offer some of the most competitive rates. It's also one of the top options for staking crypto. It offers a huge variety of liquidity pools and makes it easy to see the annual percentage yield you can earn with each one.