Investors monitoring 3 projects following Avalanche and Polkadot surge
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It looks like the altcoin bull run is underway, with Avalanche (AVAX) performing brilliantly throughout December and Polkadot (DOT) breaking out of its downtrend.
We’ll look at these and three other tokens set to potentially lead 2024’s bull market.
Avalanche and Polkadot advancing
At a $16.9 billion market cap, AVAX has broken into the top 10.
December’s rally has more than doubled the price of the token, going from $21.4 to $46 from Dec. 4 to 21.
2023 has been a big year for AVAX. In May, they saw over 4x the number of active addresses to have ever used their account in a day, at 600k users. Daily transactions reached their highest ever in December, at almost 80 million.
Primary drivers looks to be cheap gas fees – as pointed out by YouTube crypto analyst, Lark Davis. Much cheaper than Ethereum, which is likely why Avalanche now sees upwards of 500 new tokens traded on the network today, up from 0-3.
Though Lark Davis believes AVAX is set for an even better 2024, a number of reporters have pointed out a recent sell-off, with a fair few whales offloading $6.8 million, after the trading price crossed $40.
Whether or not the rally will last remains to be seen.
Meanwhile, DOT is seeing similar price action, rising from Nov. 22’s price of $4.86 to Dec. 14’s price of $7.61 – the highest it’s closed at this year. News of Polkadot’s 2.0 upgrade has helped their token break out of its years-long downtrend.
Cardono recently announced their plan to enable partner chains on their network, and that they’ll be adopting Polkadot’s framework – a vote of confidence, according to analyst and YouTuber, Consider.
What’s even more enticing is that DOT is still down 86.3% of its all-time high of $55, possibly presenting opportunities.
DOT has a market cap of $9.4 billion placing it at 11 – two places behind AVAX.
Top 3 altcoins to watch
And as a number of altcoins finally rise out of the bear market, we’re starting to see new projects appear in time for the 2024 bull market.
Bitcoin Minetrix
Bitcoin Minetrix is a new project which offers a decentralized tokenized cloud mining service. This enables users to mine Bitcoin (BTC) efficiently and securely – addressing the issues of fraudulent third-party cloud mining by giving control to the token holders.
You can stake Bitcoin Minetrix to earn credits you’ll then use for BTC mining.
BTCMTX is available at $0.0123 in the current presale stage which has seen the project raise over $5.6 million.
77.5% of the total supply are available for purchase, and each of these tokens can also be staked.
In fact, this is encouraged – with a total of 39 stages of price increases set for the token. It first started at $0.0117 and has steadily increased to $0.0123.
This strategy aims to attract early investors by offering lower prices and all but promising appreciation before BTCMTX begins trading on exchanges.
Those new to the concept of mining will be able to take full advantage of this token.
As stated on the Bitcoin Minetrix site – one Bitcoin mined in 2013 will have appreciated 27,300% by this year.
Meme Kombat
Meme Kombat is a play-to-earn (P2E) game that features popular meme characters like Pepe and Wojak.
You play by staking tokens on battle outcomes between the characters.
The game’s native token, MK, is currently in presale and has already raised $4 million. Once bought, you can stake these tokens to earn an annual percentage yield (APY) of 228%.
So far, over 17.7 million MK have been staked, accounting for 75% of the available supply.
In rewards, 3.4 million MK have been distributed to 4,753 stakers.
The Meme Kombat project has done well to leverage the rising popularity of meme coins. It’s positioned MK to potentially act as an index for all the popular meme tokens.
With the growing interest in meme-related cryptocurrencies, commentators in the crypto space, including OnlineHustleTV, are optimistic about its prospects.
TG.Casino
TG.Casino is a crypto-based online gambling platform running on Telegram whose native token, TGC, is being watched.
The casino offers a variety of slot, table and live games, as well as sports betting.
TGC holders benefit from special rewards and staking options – able to share in the casino’s revenue. They’re currently offering proof-of-stake (PoS) annual yields exceeding 137.3%.
Although a decrease can be expected over time, there are multiple incentives in play to attract and retain investors.
A portion of the casino profits are used to buy back TGC. Buybacks serve two purposes – to subsequently burn the bought-back tokens (potentially leading to price appreciation) or to redistribute them to the community as rewards.
This approach is designed to create value for token holders and foster community engagement by sharing the casino’s success with its users.
Moreover, with the platform running on Telegram, they’re able to bypass mandatory know-your-customer (KYC) checks usually set in place for crypto casinos.
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