News
3 cryptocurrencies to buy during the Memecoin Mania Cool-Off
In early 2024, most meme coins have reached unprecedented levels. The record values of Bitcoin (BTC-USD) has opened the eyes of ardent opponents of cryptocurrencies. However, after the ETF euphoria subsided, most tokens showed a correction. After the March highs, the crypto community experienced a decline reaching x3 and x5. The depth of the correction depended on many factors, but mostly affected young projects that grew rapidly in the bull market. These include meme coins, as they have proven to be an asset with the potential to increase multiple times in just a few days. Among them, it makes sense to choose the next group of cryptocurrencies to buy a high-margin asset.
The US consumer price index (IPC) rose less than consensus forecasts in April. This information contributed to the reversal of bearish trends. The shocking news in 1 day led to 7.5% the rise of the major cryptocurrency and other blockchain assets are already following suit. Spot bitcoin ETF statistics also had a positive impact on trader sentiment. The net increase of over $150 million it stands out clearly from the decline in volumes of recent weeks. The fear and greed index responded with an increase and is now at level 70 (greed). All of the above suggests that market sentiment is changing. By opening a position in meme coins, investors get the most benefits from the recovery that has begun.
KangaMoon (KANG-USD)
Source: Dilok Klaisataporn / Shutterstock
The young DeFi project is based on more than just hype, representing a new concept. The combination of Social-Fi and Play-to-Earn (P2E) pays off KangaMoon (KANG-USD) stand out among the meme coins that have gained popularity thanks to the preference of speculators. The token aims to transform the cryptocurrency sector without losing the splendor and attractiveness that the community loves so much.
Cryptocurrency enthusiasts appreciated the project’s gamified approach, which includes a series of tasks and challenges. They are designed to enhance the gaming experience and create a sense of community among participants. Weekly and monthly challenges stabilize the mechanics and give members equal opportunities to win prizes. NFTs and project coins are a reward and incentive to continue playing, which is the basis of KANG’s long-term success.
The token presale demonstrated the success of this strategy, raising more than $6.5 million. The initial price of KANG a $0.005 it quickly reached $0.025. Venture buyers have witnessed 5x growth, but overall market trends have put pressure on the coin. KangaMoon has seen a decline, but the upcoming listing on top-tier exchanges puts it on the list of cryptocurrencies to buy before the next growth cycle begins.
The partnership with RaidShardBot and the formation of a monthly reward fund for players (up to $1,000) lay the foundation for KANG to become a leader in meme coins. KangaMoon plans to launch a meta-platform with augmented reality capabilities in the next steps. Such ambitious plans serve as the basis for forecasts of analysts, who are preparing for price increases $0.5 after listing on the first level stock exchanges.
The Cat in the World of Dogs (MEW-USD)
Source: Iness_la_luz / Shutterstock.com
The blockchain community has heard a lot about dog-themed meme coins, but now a new representative of the “furry” tokens is taking to the podium. Since March this year, cat in a world of dogs (MEW-USD) has carved out its own niche with its white cat mascot and playful branding. The fresh and interesting option has proved attractive to traders and investors. Strategic fire and targeted airdrops helped consolidate this token on the Solana network. The coin is now positioning itself as a leader among feline-themed crypto assets.
The days following MEW’s launch showed its potential for rapid growth, as a sharp increase in trading activity accompanied the initial price increase. At its peak, the MEW cost $0.01. Even in times of bearish sentiment, the value of the cat in the dog world has not dropped significantly, as other meme coins have shown. Now the price is $0.003 and the market capitalization is ready to cross the $300 million mark. The coin is expected to return to a valuation above $800 million. Until that time, savvy investors choose MEW among other cryptocurrencies to buy a valuable asset with a tenfold growth prospect.
THE 61,000 X followers are proof of MEW’s commitment to staying in constant contact with its community. Listing on exchanges such as MEXC, KuCoin, Gate.io, and HTX has simplified access to transactions with this valuable asset and increased its recognition in the crypto community. Having achieved such results in 2 months, the cat in the world of dogs is ready to take a higher position than that of dogs first 200 cryptocurrencies.
Dogecoin (DOGE-USD)
Source: Pixabay
The rise of cryptocurrencies often begins with a strengthening Bitcoin (BTC-USD), the first and most powerful among blockchain assets. The same can be said for Dogemoneta (DOGE-USD) about meme coins. Since 2013, the open source project has been an oasis for cryptocurrency enthusiasts. This community differs significantly from typical speculators, as its extremely active members promote the project in all possible ways, from sponsoring charitable initiatives to organizing social media campaigns.
Dogecoin repays community efforts by developing the ecosystem, paying mining fees, and offering low transaction fees. While it is hardly possible to use typical meme cryptocurrencies to purchase anything outside of standard trading operations, DOGE is a means of payment for video games (GameStop), gift cards (Keys4Coins) and even electric cars (Tesla).
The inflationary nature of the project works in its favor, making DOGE more available and faster to use. The dynamics of the market capitalization confirm this, as the currency is among the the top 10 with a value of 22.5 billion dollars. The 2024 bull run meant a rise from $0.08 to $0.22 for Dogecoin, which seems incredible given the scale of the project. The token shows growth of 116.53% for the year, but this is far from its real potential. Community activity is returning to $2 billion in daily transactions after dropping to $600 million. Therefore, the price increase from March data may not be the limit, as market favor could send DOGE to ATH ($0.73).
As of the date of publication, Julia Magas does not hold (either directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to InvestorPlace.com Guidelines for publication.
Julia Magas is a writer covering the latest trends in finance and technology. Her work is published in numerous financial media outlets such as Nasdaq, Cointelegraph, Investing, SeekingAlpha, FXEmpire and Beincrypto. She primarily covers cryptocurrency and blockchain technology with a focus on performance, innovations and market trends.