Ethereum Layer-2 solutions to hit $1 trillion in market cap by 2023 based on data from investment manager VanEck. According to the report, they can capitalize on Ethereum’s primary challenge, its limited capacity to process, store and compute data.
Two of the largest scaling solutions include Arbitrum (ARB) and Optimism (OP), which have seen solid price performance as-well. However, another project built on Ethereum is also rising, and that’s KangaMoon (KANG) which spiked 290%. Today, we will go over their price performance to see how far they can rise, and to see which will be one of the top DeFi projects.
KangaMoon (KANG) Up 290%
KangaMoon (KANG) can experience a remarkable level of growth as it has already begun to dominate the charts following its monumental rise in value from $0.005 to $0.0196 marking a 290% increase. It’s also raised over $4.3 million and can raise $4.7 million during the week.
The key reason for this massive momentum is because the crypto goes beyond the classic trope of meme coins and introduces a vast ecosystem that rewards players with massive token utility. On top of the platform, there is a Play-to-Earn (P2E) element, coupled with Social-Fi features and a community-driven approach.
Players can create their own KangaMoon character and through it, can enter tournaments, fights, or even place bets on battles in order to get rewards in the form of KANG tokens or NFTs. In fact, there are now over 5,800 KANG holders, and the community has over 20,000 registered users. Based on the latest analyst projections, the crypto can spike 100x following its launch, making it one of the top DeFi projects.
Arbitrum (ARB) to Spike to $2.32 by the End of Q4, 2024
Arbitrum (ARB) has displayed a price correction phase in the short-term, where it dipped 30.3% in the past 30 days. However, the year-to-date (YTD) climb for the Arbitrum price was by 24%, and during the past week, it moved up from $1.44 to $1.69.
If the Layer-2 solutions for Ethereum do hit $1 trillion in market cap, the Arbitrum crypto has massive growth potential, and could soon regain significant bullish attention. According to the Arbitrum price prediction, it can end 2024 at $2.32.
Optimism (OP) to Reach $5.50 by the End of the Year
Optimism (OP) is another Layer-2 scaling solution which showcased a year-to-date (YTD) growth of 43%. Moreover, during the previous week, the Optimism price spiked from a low point of $3.02 to $3.79, and at this rate, it is closer towards breaking the $4 price barrier.
Moreover, according to the on-chart metrics, the Optimism crypto’s RSI and MACD data are optimistic, and signal a potential price uptrend. According to the Optimism price prediction, by Q4, 2024, it can reach $5.50.
Summary
It’s clear that Layer-2 solutions are the future, and with that in mind Arbitrum and Optimism have major growth potential. For the time being, the most bullish performance was however experienced by KangaMoon which has surged 290% and can reach a growth of 100x following its launch. These aspects position it as the best DeFi crypto to jump into in 2024 and beyond.
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