Analysts upbeat about 2024, lists 5 meme coins to watch
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2024 is primed as a big year for crypto, and meme coins look to retake center stage. As such, backing the right one could be profitable, but there are several considerations to get it right.
This article considers trends, price, culture, utility, and long-term potential to identify which meme coin could be the top dog in 2024.
With that said, let’s explore each.
Dogecoin
No other meme coin has as strong a mass market appeal as Dogecoin. With backing from Elon Musk, one of the world’s wealthiest men and owner of X, DOGE might trend higher in 2024.
Dogecoin is the largest meme coin and the tenth largest crypto by market cap. It also has a long track record since its launch in 2013. While it still carries risk, this makes it the safest bet regarding meme coins and is a perfect entry point for those looking to get their feet wet in the high-risk, high-reward market.
Dogecoin is down 1.22% in the last day but up 14.54% this month and 30.37% this year. It holds a staggering $13 billion market cap and $401 million 24-hour trading volume.
In recent months, much of Dogecoin’s narrative has been around integration with several of Elon Musk’s ventures as a means of payment.
One of those is X payments, which will launch in 2024, and Musk says users “won’t need a bank account.”
The Dogecoin community is hopeful that Musk will enable users to pay with DOGE, with commentator Doge Norway speculating on this just one hour ago.
Sponge V2
Continuing to focus on projects with successful track records, Sponge V2 is a second rendition of the Sponge meme coin that did a 100x in May 2023.
The project garnered a $100 million market cap, over 13K holders, and secured listings on ten prominent exchanges.
However, the team has launched Sponge V2 to absorb the bull market liquidity, aiming for even more parabolic gains.
Sponge V2 comes packed with a play-to-earn (P2E) racing game, enabling users to earn free crypto while providing notable utility. This could equate to higher demand potential, enabling its price to increase faster.
The project was just recently announced but is already gaining significant traction. Michael Wrubel explains how he made 100x returns on the original Sponge and is optimistic about V2.
Currently, Sponge V2 is not available on exchanges. The only way to get it is via the project’s “buy and stake” campaign, which has raised $1.1 million so far.
Shiba Inu
While Shiba Inu started as just another joke meme coin, it has evolved into a complete blockchain ecosystem with an Ethereum layer 2 network, a decentralized exchange, NFTs, a monthly magazine, and much more.
It is currently the 16th largest crypto by market cap.
SHIB is priced at $0.00001063, down 1.73% today but up 27% this month and 34% this year.
Nevertheless, it remains 88% from its all-time high, presenting room for growth.
Shiba Inu holds a $6.2 billion market cap and a $159 million 24-hour trading volume.
The launch of Shibarium, its layer 2 blockchain, is a massive utility that it didn’t hold in the last bull run. While not without risk, this could forge a strong narrative, potentially enabling SHIB to outpace its last all-time high.
Another benefit to Shibarium is that the team collects network transaction fees and uses them to burn SHIB. This month, 8.6 billion SHIB were burned.
Ultimately, Shiba Inu’s utility and deflating supply could kickstart a parabolic run as market conditions strengthen in 2024.
Meme Kombat
Meme Kombat is a newly launched presale offering a spin on traditional meme coins.
The project provides an exciting way for users to earn crypto by betting on AI-generated fights between meme coin characters.
It hosts an augmented battle arena where users can watch the matches up close, partaking in various game modes like single-player, multiplayer, and side betting, where they can wager on dynamic battle events.
Players will bet with the MK token, creating a long-term demand stream provided the platform attracts users.
Another advantage to Meme Kombat is it boasts a doxxed team with its founder’s information and social media available on its website. This adds transparency and accountability, which are uncommon in other meme coins.
Analyst Mathew Perry is bullish on MK.
In the ongoing presale, MK is available for $0.268 and will rise to $0.279 in the next phase.
Pepe
Pepe lost its spot as the third-largest meme coin by market cap last month, overtaken by Solana’s meme coin, Bonk.
As such, a wave of fear swept Pepe holders, who were worried they had backed the wrong project to catch Shiba Inu and Dogecoin in the upcoming cycle.
Nevertheless, Bonk has slowed down recently while Pepe has pushed ahead.
Pepe is up 27% this month and has begun to form higher lows and higher highs on the price chart, indicating a reversal after a lengthy downtrend.
Given that Shiba Inu has primarily moved from the Ethereum main net to its own layer 2, Shibarium, Pepe holds the top spot as Ethereum’s leading meme coin.
As such, Pepe could be considered a leveraged bet on the Ethereum price, and analysts believe Ethereum is next to pump, given its recent inaction.
Max Schwartzman, CEO of BecauseBitcoin, recently explained why Pepe is a leveraged play on ETH.
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