Solana reaches new peak in 2 years while Algorand AI competitor eyes significant rally

The crypto market took a break from people investing in BTC ETFs after Solana posted a new record. On March 9, 2024, Solana’s (SOL) price rose to $150, buoyed by the increase in DeFi trading volume. The last time Solana traded at this price level was back in January 2022. This development helped several other coins surge. 

The other altcoin set for a significant rally is InQubeta (QUBE), an Ethereum-based platform that provides crypto-led fundraising services for AI projects. 

The token has attracted many retail users due to its massive growth over a short period due to the potential of its AI-driven model and presale growth. Its cryptocurrency ICO has so far raised more than $11.5 million.

InQubeta: Helping AI startups plan for success

InQubeta is helping startups leverage DeFi for business growth. With InQubeta, startups can raise funds with a crypto-first model in exchange for a share of their equity. The platform’s native cryptocurrency, the QUBE token, is used for all kinds of payments within the network. 

With a supply of 1.5 billion, the token can be staked, which is a good way to expand generational wealth. 

Under staking, QUBE token holders agree to let their assets be locked for a certain period and earn rewards in return. These locked tokens come in handy for shielding the network and stimulating the blockchain’s growth.

The QUBE token has also impressed people with its deflationary model, which can lessen the impact of volatility and inflation on asset returns. The model works by lowering token availability when markets are in disarray. 

The more difficult it is to obtain an asset, the higher its value and demand will be. Following this principle, the model regulates the QUBE token’s supply and ensures that it can yield stable returns, irrespective of market conditions. 

In case of an uptick in the token supply, the unwanted coins are burned and removed from circulation. 

The same technique is followed when it comes to reining in internal inflation. If tax proceeds are too high due to frequent sales or purchases of the token, internal inflation can spike. 

To avert the situation, 1% of tax proceeds from every transaction is burned. The proceeds left are utilized to finance staking rewards, marketing campaigns, and replenish liquidity levels.

Algorand Foundations joins hands with Plateau State

Algorand is a Layer 1 blockchain where developers can find multiple tools for deploying dApps and other decentralized solutions. All transactions made with its native token ALGO are validated with a proof-of-stake consensus protocol as an extra security measure. 

It has emerged as a top crypto to invest in and has negligible energy consumption. Algorand’s smart contracts purchase carbon offsets to minimize their footprint. 

The blockchain was recently in the news due to its partnership with Nigeria’s Plateau State. The Algorand Foundation will help the Plateau State government explore pilot initiatives for various sectors using blockchains.

APhone launched on Solana network

Solana is a Web 3.0 platform where developers can find a diverse range of tools for deploying dApps. For settling payments and paying any kind of fees within the Solana network, developers have to use its native token SOL. 

Its popularity has increased over the past few months as it unlocks new gains for its users. In March 2024, Solana’s price reached $150 for the first time in two years, owing to an uptick in its trading volume.

Solana hit the headlines after the virtual phone app APhone was launched officially on its network. The Web-based app is device-agnostic and enables people to use Web 3.0 applications without having to worry about hardware restrictions. 

Conclusion

Solana, InQubeta, and Algorand were among the best altcoins for 2023 and are likely to ensure an encore this year, too. The three coins have generated global interest with their upward graph and rapid strides towards growth. 

While analysts see Solana inching closer to new records, they are also impressed with Algorand’s recent achievements. InQubeta has been giving tough competition to new altcoins with high presale gains. It has attracted praise from both analysts and retail users due to its unique use cases.  

The tokens have also been successful in allaying fears of exploits and hacks with their robust security frameworks. However, users must carefully research projects before making an investment decision.  

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