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Top 10 DeFi Tokens To Buy For June 2023 Bull Run
The decentralized finance (DeFi) sector exploded in 2019 when several protocols emerged promising to transform the traditional financial industry. However, in 2022 the DeFi sector suffered a sharp dropoff in investor interest as cryptocurrencies suffered one of their worst winters. However, the sector is now experiencing another resurgence.
The crackdown on the many centralized crypto entities has forced a new wave of investors and traders to return to the DeFi sector. The renewed interest in the sector comes as investors are reminded of the potential DeFi has to improve the current financial system.
In this guide, we analyze 10 of the best DeFi tokens to buy in June 2023 based on their growth potential in June and their unique solutions to problems facing the current financial system, allowing investors to benefit from some of the best projects decentralized finance offers.
1.Tradecurve (TCRV)
Tradecurve is an emerging DeFi platform seeking to transform cryptocurrency trading. The project is building the first decentralized trading platform where users will be able to trade a wide variety of global financial instruments, including forex, stocks, options, ETFs, commodities, and more, from a single one. Defying the trend of the broader cryptocurrency market, Tradecurve has been bullish in the last month, with its price increasing by as much as 50%. DeFi experts have tipped Tradecurve to perform even better in June.
DeFi experts are bullish about Tradecurve's prospects, forecasting that the all-inclusive platform will revive the DeFi space because it taps into the global over-the-counter (OTC) derivatives market valued at $632 trillion and the forex market with a $7.5 trillion daily trading volume, according to the Bank for International Settlements. These volumes are more significant than the daily trading volume of the cryptocurrency market and could make Tradecurve a challenger for the top crypto exchange position.
As Tradecurve attracts more users to its trading platform, experts have predicted that the price of the DeFi token could increase by at least 50% in June. If this happens, TCRV could jump from $0.015 to as high as $0.0225, making it a great buy for investors in June. Tradecurve presents an even better opportunity for long-term investors, as experts have predicted that the DeFi token could trade between $1 – $1.5 before the end of 2023.
2.Avalanche (AVAX)
Quickly becoming popular after its launch in 2020 for its unique solution to the blockchain trilemma of scalability, security, and decentralization Avalanche (AVAX) has remained a top prospect for investors ever since. Recently, the dominance of Avalanche has been growing in the DeFi space, claiming more market share. In the first week of June, the trading volume of Avalanche increased by 27.41% amidst a surge of new investors entering the network.
Avalanche (AVAX) is one of the few DeFi tokens showing bullish signs in June as the price of AVAX approaches a critical support level. At the time of this writing, the price of AVAX has slightly above the 20-Simple Moving Average (SMA), suggesting an increasing demand for AVAX and indicating that buying is beginning to drive the price momentum in the market.
If this happens, the price of AVAX could jump as high as 30% in June, but more gains could follow for the DeFi token. Another reason for the bullish outlook of Avalanche is the increasing number of developers that are now migrating to the network because of its scalability and interoperability. With AVAX in the centre of the Avalanche network, the DeFi token could yield gains for its holders in June and beyond as the network expands.
3.Uniswap (UNI)
After the Securities and Exchange Commission (SEC) announced its filing against some leading centralized exchanges (CEX), Uniswap, the leading decentralized exchange (DEX), recorded an influx of new users. DeFi exchanges like Uniswap are poised to revolutionise cryptocurrency trading and benefit from the crackdown on centralized entities. As a leading DEX with over 300 independent DeFi apps integrated into its network, Uniswap is strategically positioned for success.
Week-over-week, the trading volume of Uniwap has increased by more than 45%. With the regulatory fire driving the influx of liquidity into Uniswap only starting, there is the potential that this on-chain activity will only increase through June. Price increase often follows liquidity, and the price of UNI increased by as much as 38% amidst the spike in its trading volume.
Experts have predicted that the volumes on Uniswap will increase further in June as more of the crypto community discovers the benefits DeFi exchanges have over CEXs. This could add more bullish momentum for UNI in June, making it a great token to buy.
4.Pancakeswap (CAKE)
PancakeSwap is one of the leading automated market makers (AMM) in the crypto space and stands out for its large number of liquidity pools and staking options that offer users an option to earn passive income. The case of Pancakeswap (CAKE) is very similar to that of Uniswap. In the first 24 hours after the SEC lawsuit was announced, the price of CAKE increased by 17%. Similarly, there was also a significant jump in the trading volume on PancakeSwap as centralized exchanges found themselves in the throes of the U.S. regulator.
The PancakeSwap team has also focused on adding more utility to its ecosystem in June, further adding more benefits to the CAKE token. The team recently launched the Pancake Protectors, a new free-to-play tower defence game where gamers recruit heroes and form teams to defend their base camps for enemies in return for CAKE tokens. With PancakeSwap taking a deeper dive into the Web 3 gaming space and challenging Uniswap for the top DeFi exchange, June could be a good month for CAKE.
5.Sushiswap
Albeit an outlandishly named, the SushiSwap ecosystem hosts a wide variety of decentralized finance (DeFi) products and services, earning it the moniker, the DeFi chief. SushiSwap (SUSHI) is one of the few cryptocurrencies in the green amidst a market wide-crash. SushiSwap is a great investment in June as the project looks set to release even more projects amidst the growing interest in the DeFi sector.
To start June, SushiSwap announced the launch of a new network aggregator, marking its first foray into the aggregation space. The aggregator will provide SushiSwap users with the best prices of assets while also exposing them to a large number of assets available for trading. The aggregator will bring more liquidity to the SushiSwap ecosystem, solving one of the most prominent problems that have restricted the use of DEXs.
If all goes as planned, SushiSwap could record more users and increase transactions in June, which could help to drive the price of the already bullish SUSHI even higher in June. According to the SushiSwap team, this is just one of many projects they have been secretly working on and is part of the project's bigger plans to capture more of the DeFi market share in 2023.
6.Ethereum (ETH)
DeFi tokens will only be discussed with the pioneer of decentralized finance being mentioned. Despite being an already established project, Ethereum still offers a great buy opportunity for investors looking to make profits. Being the first and biggest DeFi platform gives its utility token, the Ether (ETH), great potential for growth. Onchain data shows an increased demand for Ethereum in June as investors predict a major bull run.
The daily active Ethereum addresses in June sits at around 441,000, significantly higher than the 357,000 recorded last month. Similarly, the number of daily transactions conducted on Ethereum has seen a month-on-month increase from May to June. The stability of the Ethereum ecosystem also makes the ETH a great asset for both new and old crypto investors to buy.
Lastly, as the biggest altcoin, Ethereum is often the leader of the altcoin rally – and if another of such altcoin rally were to break out in June, the chances are very high that Ethereum holders would be beneficiaries. Ethereum (ETH) has currently settled above the long-term $1,800 support level and could consolidate above this region for the next few days. The 30-day moving average (M.A.) of Ethereum is also moving towards its 200-day M.A. When the 30-day M.A. drops below this level, Ethereum would have bottomed on a longer-term timeframe and would be due for a 20-35% price rebound in June.
7.Solana (SOL)
Over the last few weeks, Solana has been involved in more developments than most other blockchain projects, setting up its SOL token for a bullish June. After a critical network upgrade to ensure the stability of its blockchain, Solana recently became the first cryptocurrency to integrate artificial intelligence into its network when it launched a plug-in from the very popular OpenAI chatbot, ChatGPT, to assist users in better interacting with its network.
SOL experienced a price outbreak when most crypto markets were under bearish pressure. Despite significant losses over the recent SEC announcement, SOL still has a better year-to-date performance than Bitcoin and most crypto markets. The Solana Foundation has also created a fund to spur the development of A.I. services on its network. Depending on the number of services rolled out in June, we could see a trend reversal for Solana (SOL) and a rally through the rest of June.
8.Cardano (ADA)
Despite being categorized as unregistered security by the SEC, Cardano (ADA) remains a great DeFi token to hold. If there's anything, the sell-off has created an opportunity for investors to buy ADA at a discounted price. With Cardano's developer, IOG, already preparing to battle the SEC and the project receiving support from the likes of Mark Cuban, it won't take very long before the price of ADA finds stability.
Cardano's DeFi ecosystem is also growing at an incredible pace, giving the ADA more use cases and setting up the token for a potential bull run. Despite being in its early stages, Cardano's DeFi space has already been predicted by many DeFi experts to have the potential to challenge the biggest player in the space, Ethereum. Year-to-date, the total value locked in the Cardano DeFi ecosystem has increased by more than 300%. As this value increases in June and beyond, investors can expect the price of ADA to increase alongside.
9.Chainlink
Since its launch, Chainlink, a Web 3 project built to connect people and businesses to the blockchain, has been regarded as a great business opportunity. For June, Chainlink (LINK) is a great asset to hold. The team recently announced that Chainlink was partnering with the interbank messaging system Swift and dozens of big financial institutions to develop a means that they can use to connect to blockchain networks. After the announcement, the price of LINK began increasing and is predicted to increase further in June after clearing a major psychological level.
In the long term, LINK should still remain a great investment as its parent platform is used to expand the functionality of DeFi smart contracts. Because Chainlink has the potential to vastly increase the variety of products offered within DeFi and encourage more regulated players to participate in the growing sector, its native LINK token stands a great chance of rising in the future.
10.dYdX
dYdX is one of the few decentralized exchanges with a unique use case. dYdX offers DeFi users a transparent, fair, and secure way to trade perpetual crypto contracts. The platform also removes the complexities that surround DEXs, creating a platform that is easy for new users to operate. dYdX integrates zero-knowledge (ZK) proofs to provide additional privacy for its users.
This ranks amongst the best DeFi tokens to buy in June because the exchange has recorded an influx of new users amidst the regulatory struggles of centralized exchanges like Binance, Coinbase, and Crypto.com. In the week when most digital assets fell double digits, the price of DYDX rose by more than 10% amidst the increasing usage of its exchange platform.
The price of DYDX is set to increase even further as the DEX accommodates more users, making it a great investment for June and beyond. In addition, holders of DYDX can also stake to secure the network and earn passive income.
