Top Altcoins Set to Experience at Least 5x Surge Prior to Ethereum Dencun Upgrade
Title: Ethereum’s ‘Dencun’ Upgrade Set to Revolutionize ETH Ecosystem
Renowned crypto analyst, Miles Deutscher, recently explored the upcoming ‘Dencun’ upgrade for Ethereum, predicting a significant impact on the ETH ecosystem. This transformation, scheduled for March 13, is part of Ethereum’s strategic roadmap, known as ‘The Surge,’ aimed at enhancing scalability, security, and usability within the network.
The ‘Dencun’ update, which incorporates Ethereum Improvement Proposals (EIPs), focuses on reducing fees on Ethereum Layer-2s. This strategic move aims to make these chains more commercially viable for decentralized applications (dApps) and users alike.
Deutscher has identified six altcoins that are poised to benefit from Ethereum’s upcoming Dencun upgrade:
1. Optimism: As the second-largest Layer-2 by Total Value Locked (TVL), Optimism has demonstrated transactional strength and recently announced its fourth airdrop.
2. MATIC: Despite lagging behind other Layer-2 solutions, MATIC has made significant investments in ZK technology.
3. Metis: Positioned for growth, Metis enjoys robust support, including the $400 million Metis Ecosystem Fund, and plans to launch a decentralized sequencer alpha mainnet in March.
4. Arbitrum: Recognized for its impressive metrics, Arbitrum is the preferred chain for new dApp launches, leading in Total Value Locked (TVL) and transaction volume.
5. Mantle: Among the fastest-growing Layer-2s, Mantle boasts over $1.5 billion of ETH staked as mETH (Mantle Staked ETH), ranking as the third-largest Liquid Staking Derivative (LSD).
6. COTI Network: With the introduction of ‘Garbled Circuits’ to enhance privacy, COTI is a privacy-centric Ethereum Layer-2 that recently announced its V2 release.
Deutscher also highlights Manta Network, Starknet, zkSync, and Linea as projects worth keeping an eye on, emphasizing the wide-ranging impact of the Dencun upgrade.
Currently, Ethereum’s price stands at $2,992, representing a 2.07% increase in the last 24 hours, with a circulating supply of 120.16 million. This price surge marks the highest value since May 2022, rebounding from a low of $1,000 in June 2022.
However, experts caution that a potential correction or price decrease around the $3,200 mark is likely. Projections suggest that the price may fall within the range of $2,100 and $1,800, based on Fibonacci retracement levels.
Given the dynamic nature of the market, investors are advised to stay vigilant and informed during this period.