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3 tokens that could mint the next batch of crypto millionaires
These three crypto projects remain among the best digital assets to own for the long term
Many crypto millionaires have been minted in recent years. And with a number of key catalysts continuing to play out in this space, investors continue to look for hidden opportunities to profit from the next potential bull market cycle.
I believe we are already at the beginning of another bull market rally. Many major top-tier cryptocurrencies are surging, with smaller meme coins and other more speculative projects seeing even bigger gains.
But for those looking to build a diversified and relatively low-risk digital asset portfolio, sticking to a few of the top tokens is the best way to go. For those seeking crypto millionaire status, three tokens are worth purchasing for the long term.
Solana (SOL-USD)
Source: Skorzewiak/Shutterstock
One token that has seen strong bullish momentum in recent times is Solana (SOL-USD). Indeed, Solana has emerged as a profitable investment for bullish cryptocurrency fans. Although it has dropped 9% in the last week, it still remains a strong long-term buy.
Technically, Solana could form a rounded bottom. Its recovery continues to strengthen, compared to its competitors in the world of smart contracts and decentralized finance. Key integrations, such as Solana Pay with Shopify AND The visa one (NYSE:V) stablecoin program, enhancing its potential.
SIMD-0096 approved Solana validators, assign 100% of priority transaction fees to validators instead of the current 50%. This change, favored by 77%, is expected to increase inflation by 4.6%. The proposal aims to improve the incentive structure but has divided the validator community.
In other news, MEW, a feline-themed Solana token, collaborated with the animation studio LOCUS to produce a 3D animated series. LOCUS, known for Korean 3D animations, raised $17.5 million pre-IPO and plans an international IPO next year. MEW aims to become the most globally recognized memecoin by leveraging LOCUS animation to reach film and television audiences.
Ethereum (ETH-USD)
Source: shutterstock.com/BT Side
After a long trip from his US Securities and Exchange Commission (SEC) approval, Ethereum (ETH-USD) spot ETFs are finally approved. This is the country’s second cryptocurrency-based ETF, enhancing institutional access to Ethereum. The SEC briefly published the document, but later retracted it, signaling a shift in cryptocurrency sentiment.
Ethereum’s bullish momentum, fueled by improving on-chain metrics, is strengthened by the potential debut of these spot ETFs. Bloomberg’s Eric Balchunas sees a possibility of launch by the end of June BlackRock’s S-1 update for its iShares Ethereum Trust. While SEC refinement comments are awaited, Balchunas suggests a late June launch as plausible, with higher odds for July 4th.
ETH is up 23% over the past 10 days, outperforming Bitcoin and other tier 1 tokens. Bitcoin is up just 2% over the past month, and other major tokens have also seen smaller increases. I think Ethereum may be the mega-cap token that investors want to watch most closely right now.
Bitcoin (BTC-USD)
After the US Memorial Day, Bitcoin (BTC-USD) traded in a tight range around $68,000, but fell near a weekly low on Friday. As of 11:45 a.m. ET, it stood at $67,300, down 1% in 24 hours and more than 2% from two hours earlier, when it briefly reached $69,000. Despite the strong strength seen in May, Bitcoin has lagged, up 11% from around $60,000 since the start of the month. I think this momentum could continue and Bitcoin could have the potential to be a top performing token once again.
This week, Bitcoin has shown stability, moving towards the $69,000 level. With economic data suggesting that stagflation could be a possibility, all eyes are on stores of value right now.
Now that we are approaching June, analysts expect more major US economic reports to be released in the coming weeks. Weakening economic conditions could push Bitcoin’s rally towards its all-time high, while strong data could lead to a retest of the May lows.
As of the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions 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.
Chris MacDonald’s love of investing led him to earn an MBA in Finance and take on numerous leadership roles in corporate finance and venture capital over the past 15 years. His past experience as a financial analyst, combined with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investment outlook.