DePin Coins Emerge as Attractive Investment Options in the Second Half of 2024

As we approach the second half of 2024, a few sectors are emerging as attractive ones, be it price or fundamental. DePin coins are attracting investors due to their impressive short-term performance.

As we approach the second half of 2024, a few sectors are emerging due to their attractive nature, whether it be in terms of price or fundamentals. Among these sectors, DePin coins have managed to attract investors due to their impressive short-term performance.

Here are the top 5 DePin coins that may be on traders' radars for August. Destra Network (DSYNC), Lumerin (LMR), AIOZ Network (AIOZ), Storj (STORJ), and StorX Network have emerged as strong performers in the short term.

1. DePin Sector Leader: Destra Network (DSYNC)

Destra Network stands as a beacon of true decentralization. DSync revolutionizes the Web3 landscape by seamlessly integrating decentralized cloud solutions with a GPU network, creating a mutually beneficial arrangement.

Moreover, this synergy optimizes AI computation to peak efficiency, powering the Destra Network as a unified entity. With a live market capitalization of $263.92 Million, it ranks 220th in the cryptoverse.

The Destra Network price made a strong recovery in July, rising over 32% a week and 78.5% a month. When writing, the DSYNC price was exchanging hands close to $0.279, recording a swift intraday rise of 1.75%.

On the higher side, $0.338 may act as a hurdle, which, if breached, may unlock a further upside potential till the higher supply of $0.5 and $0.75 levels. The daily transaction volume has surged by 34.4% to $2.19 Million, suggesting an increased demand.

2. Depin Top Ones: Lumerin (LMR)

Lumerin is an open-source protocol and foundational layer that uses smart contracts to manage access, routing, and transactions of P2P data streams. It is currently being used to decentralize and optimize AI compute power, enabling new applications on DePIN and tokenizing RWAs.

Its market capitalization at press time was $11.53 Million, ranking 967th in the cryptoverse. Out of 1 Billion LMR tokens, nearly 606.6 Million tokens were in circulation.

Moreover, on 28th August 2024, a token unlock event is scheduled to be allocated to the core team. Nearly 9.86 Million LMR tokens, about 0.99% of the supply, will be unlocked.

Despite losing 10% in intraday, the LMR price traded at a weekly gain of 8.5% and a monthly gain of 58.05%. The price has crossed the 20-day and 50-day EMAs and may head towards the next 200-day EMA at $0.029.

3. AIOZ Network (AIOZ)

AIOZ Network is a DePIN for Web3 AI, storage, and streaming, empowering a faster, secure, and decentralized future. By leveraging a global network of DePINs, AIOZ rewards users for sharing computational resources for storing, transcoding, and streaming digital media content, as well as powering decentralized AI computation.

The daily chart showcases the formation of a declining parallel channel pattern, with the price currently hovering near the upper boundary. The $0.69 level has been acting as a major resistance zone on the higher side.

A sustained breakout above the $0.69 level may validate a bullish breakout and mark the end of a correction phase. The transaction volume has surged by nearly 6%, highlighting an increased demand. It has a live market capitalization of $648.6 Million and ranks 95th in the crypto world.

4. Storj (STORJ)

Storj, pronounced as “storage,” is an open-source cloud storage platform that leverages a decentralized network of nodes to host user data securely using advanced encryption.

Individuals with available hard drive space and reliable internet connectivity can join the network as nodes. These space providers are rewarded with Storj tokens.

From a technical standpoint, the STORJ price has been trading below the key 200-day exponential moving average, pointing to a correction phase since mid-May. However, the recent sessions have recorded a bullish bias as the price has surged above the 20-day and 50-day EMAs.

If the price breaks below the 50-day EMA, it may indicate a bearish continuation. However, if the price continues to get the buyers’ support and surpasses the 200-day EMA, it may indicate a bullish reversal.

5. StorX Network (SRX)

StorX Network is an open-source, trustless, and censorship-resistant decentralized cloud storage network powered by the XinFin Network

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