Crypto recovers, analysts watching 5 new coins this week

Following a pullback at the end of last week, the market is flooded with opportunity as prices begin to recover. However, coins with the most upside are newer projects yet to pump. This article lists five coins to considering based on hype, use case, price, tokenomics, and more.

Sponge V2

Alongside PEPE’s surge in 2023, an unassuming meme coin paying homage to SpongeBob SquarePants called Sponge yielded life-changing gains for early investors.

Despite being a true meme coin underdog, Sponge garnered 100x gains for early buyers, reaching a $100 million market cap and securing listings on ten exchanges. It also amassed 30K social media followers in its first few days and reached 13K holders.

But with crypto entering a new bull market, the Sponge team has returned to absorb the new liquidity. However, it is launching a new token, Sponge V2, offering investors a second chance for gains.

The project features a new utility in a play-to-earn racing game, providing an additional demand stream that may help bolster its price.

Meanwhile, its website states, “launching on bigger and better exchanges.” Adding to this, the looming bull market with more investors entering the industry, projects listed on leading exchanges could benefit significantly.

These factors have led leading analysts to make exciting predictions about sponge V2. For instance, Crypto Gains speculated that it could 100x “like the first one did.”

Presently, there is a pre-launch buy-and-stake campaign, where investors can get in for a fixed price.

Purchases will be locked in the Sponge V2 staking contract, where they will earn an additional yield until the campaign ends.

Bitcoin Minetrix

Bitcoin Minetrix is a newly launched presale building a BTC cloud mining solution on Ethereum.

Users do not require specialist hardware or technical expertise, making it more beginner-friendly and helping push Bitcoin mining toward mass adoption.

Furthermore, the decentralized and transparent nature of BTCMTX eradicates the risk of cloud mining scams, providing a more secure alternative to existing cloud mining solutions.

The platform is seamless. Users simply connect their Ethereum-compatible wallet (like MetaMask) and stake BTCMTX. In exchange, they will receive Bitcoin mining credits that they can burn for cloud mining power. This then translates to free Bitcoin rewards.

Other benefits to this process include no space or noise constraints on the user and providing a more sustainable alternative to traditional Bitcoin mining.

So far, the presale has raised over $8.4 million.

One of the reasons for this is the expectation of gains once it launches on exchange. This is because of its supply and demand dynamics, with users requiring BTCMTX for staking. At the same time, many tokens will be locked in the staking contract, and rewards are primarily paid in mining credits, not BTCMTX.

Meme Kombat

Meme Kombat is a new GambleFi utility token enabling users to gamble on AI-generated battles between meme coin characters. 

It hosts an augmented battle arena where users can watch and bet on fights from up close, providing a fun and immersive way to earn crypto.

Given its proximity to the meme coin and crypto gambling markets, Meme Kombat enjoys multiple narratives and allures, helping it build momentum.

It is currently undergoing a presale, having raised over $6.8 million so far.

One of its main narratives is the utility behind MK. Users require it for playing, meaning there will be a steady and predictable demand stream. Meanwhile, MK features a staking mechanism, further bolstering its demand while minimizing sell pressure.

Yet, Meme Kombat will also benefit from a viral meme coin allure.

Another benefit to Meme Kombat is its boasting a doxxed team and smart contract audit. This provides a notable degree of transparency not common in other meme coins, adding to the project’s credibility.

But with the Meme Kombat presale selling fast, those looking to buy should act quickly to avoid missing out. 

Celestia

Celestia is a modular blockchain that securely scales as the number of users grows. This unique architecture means developers can quickly launch a fast and secure network that integrates with Ethereum.

The project launched in October and has already garnered a $3.1 billion market cap. It is up 858% since launching.

Currently, it is the 31st largest crypto by market cap but the 15th largest by 24-hour trading volume, at $452 million.

TIA holds multiple utilities, like paying for “blob space” on Celestia’s main network, staking, and paying for gas.

According to its website, the main problem that Celestia solves is that network participants can run “light” nodes and still verify the blockchain. This enables blockchain to remain decentralized despite the industry’s data requirements growing.

Leading figures like Ethereum co-founder Vitalik Buterin believe node centralization is an increasing issue and aim for everyday users to one day be able to run nodes at home.

Celestia is the first network to attack this issue with momentum, indicating immense potential in the next bull market, particularly as transaction fees increase and conversations about increasing block sizes grow.

Metis DAO

Following the spot Bitcoin ETFs approval last week, traders promptly shifted their focus to Ethereum and related coins.

This comes as BlackRock CEO Larry Fink explained that the next step is to secure a spot Ethereum ETF, followed by the “tokenization of every financial asset.”

As such, Ethereum has experienced notable strength in its coin pairing with Bitcoin this week, but Ethereum ecosystem tokens have seen even more gains.

One of those is Metis DAO, a promising Ethereum layer 2 network offering a crucial benefit over other layer 2s. METIS has soared 7.26% today, 55.61% this week, and 356% this month. 

Nevertheless, it has a market cap $566 million, with room to eventually flip competitors like Optimism or Arbitrum.

One of the driving factors in Metis DAO’s recent momentum is that it boasts a decentralized sequencer, a critical mechanism that orders the transactions on the layer-2 before reporting back to the Ethereum main network. 

Projects like Optimism and Arbitrum opted for a single controller or sequencer, introducing centralization and a single point of failure. 

Metis’ alternative presents a strong USP, making it a favorite among decentralization proponents and believers. 

It also has a deep ecosystem fund of $360 million, alluding to long-term, sustainable development.