According to data from DeFiLlama, the total value locked in DeFi across all chains is $92.325 billion, indicating that they are among the most dominant types of coins in the market. The total market cap that DeFi coins have is also at $83 billion based on CoinGecko data.
It's clear that the future is in DeFi coins, but picking the best ones to buy that can explode in value can be difficult. As a result, the top DeFi coins in focus during May of 2024 that should be a part of anyone’s crypto portfolio include KangaMoon (KANG), Solana (SOL), Ethereum (ETH), Fantom (FTM), THORChain (RUNE) and Toncoin (TON). Today, we will go over the price performance for all of these cryptos to see which one can spike the most.
Top DeFi Coins Primed to Prevail in 2024 That Traders Should Accumulate During May for Maximum ROI
We will now take a deeper dive into the top DeFi coins that should be a part of anyone’s crypto portfolio for maximum ROI.
KangaMoon (KANG) to Spike As It Fuses Play-to-Earn and Social-Fi
KangaMoon (KANG) is making waves in the crypto space as it has emerged as a strong contender in both the meme coin and Play-to-Earn (P2E) markets. This is evidenced by its impressive performance, as it has risen 400%, and its user base has exceeded 20,000 active participants.
Fueling the momentum is the upcoming BitMart exchange listing, alongside the increased presale momentum as the project has already raised over $6.7 million, and is projected to reach $8 million raised by the end of May, 2024. This robust fundraising process, driven by strong demand, has demonstrated KANG’s potential as a compelling diversification opportunity.
The KANG crypto transcends the limitations of typical meme coins through offering long-term utility, as it's used for the P2E game and as a reward in the Social-Fi model.
This model incentivizes active social media engagement, such as commenting or retweeting on X (Twitter) through the pre-launch distribution of KANG tokens based on user activity. So far, its price has risen from $0.005 to $0.025, and the project is undergoing the Bonus Stage of the presale. This marks another opportunity for traders to get KANG as a discount, as analysts project that the crypto can spike 100x post-launch and major exchange listings.
Solana Crypto Added to Infinex and Launches First Liquidity Layer marginify
Solana (SOL) has experienced a price uptrend as-well, as it was recently added to Infinex. Additionally, the Solana crypto was positively affected following the launch of its first Liquidity Layer marginify. As for the Solana price, it is up 680.2% year-to-date (YTD), and at this rate could see far more substantial gains.
Its RSI and MACD data are now bullish, and overall sentiment indicates that it could soon reach new heights upon breaking past major price barriers. According to the Solana price prediction, it can end Q4 of 2024 at $178.69.
Ethereum Price to Rise Above $4,000 As Ether ETF Approval Hype Rises
Ethereum (ETH) has seen a slight drop in its value, rising only 62.7% in the past year, however, sentiment on its future is still bullish as the Ether ETF approval could be under way. Chicken Genius, who has over 181,000 followers on X (Twitter), discussed this possibility in great detail. Grayscale has now filed for the S-3 conversion on its ETH trust to a spot ETF on April 23. There was then the withdrawal of its Ethereum crypto futures ETF application on May 7.
Then, BlackRock filed an amendment for the 19b-4 ETH ETF within the exact same day Grayscale, and ARK Investment Management also amended its staking plans surrounding an Ethereum ETF on May 10. All of these aspects hint at potential behind-the-scenes communication preceding the approval of an ETF. The Ethereum price can now rise if it regains bullish attention, as its RSI and MACD are in the neutral zone. If this happens, based on the Ethereum price prediction, the crypto can end Q4 of 2024 at $4,263.
Fantom Introduces the Opera Upgrade Dashboard and Can Rise Above $1
Fantom (FTM) has also reached the spotlight, as its year-to-date (YTD) climb was by 111.8%. Moreover, the crypto is also up 20% on the short-term chart, and the catalyst for the growth of the Fantom crypto is the introduction of the Opera Upgrade Dashboard.
With this release, validators can upgrade their nodes to be powered by the innovative Sonic technology. The Fantom price could soon see an even more significant upgrade as more validators jump on this update.Yet, sentiment is bullish for the crypto in the short-term as-well, as based on the Fantom price prediction, the crypto can spike to $1.19 by the end of Q4.
THORChain Up 450.5% YTD and Gets Added by Fireblocks
THORChain (RUNE) is up 450.5% year-to-date (YTD) and, at this rate, could see far more significant gains during the upcoming trading sessions. Recently, the THORChain price jumped following its addition on top of Fireblocks.
This platform brought MPC support to THORChain, which paved the way for institutions to securely bond to a THORNode, provide liquidity, and hold the THORChain crypto. As a result, the demand will rise, and based on the THORChain price prediction, it can reach a maximum value of $6.88 by the end of 2024.
Toncoin Sees 500% Surge in Daily Active Addresses – Price to Reach $3.22
Toncoin (TON) has made the list of the best DeFi coins to look out for due to its exceptional performance and massive ecosystem growth. In fact, the Toncoin price surged as the number of daily addresses increased 500% since March.
The daily active addresses surged by 100% in the past month alone, according to Santiment data, but not only that, as data from DeFiLlama, the Toncoin crypto’s TVL jumped from $18.8 million at the end of February to $258.8 million, indicating a surge of 1,276%. The crypto is now supported on the dYdX Chain and the HashKey exchange, and based on the Toncoin price prediction, it can end 2024 at $3.22.
Picking the Best DeFi Coins to Focus on During May That Will Prevail in 2024
Based on the latest on-chart metrics, there have been a lot of updates, listings and additional support added to Solana (SOL), Ethereum (ETH), Fantom (FTM), THORChain (RUNE) and Toncoin (TON).
However, KangaMoon (KANG) has the potential to experience the most significant growth due to focusing on the trending Play-to-Earn (P2E) market and due to its integration of Social-Fi elements. It's already up 400%, and with its BitMart listing, it will become far easier for new traders to get the crypto, which could potentially increase the demand and value significantly in both the short-term and the long-term, making it the DeFi cryptocurrency to jump into.
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