2024 may be the year of the MEME token explosion. The top three tokens in terms of growth are all MEME tokens, such as WIF, PEPE, Bome, FLOKI, etc. The crazy speculation of retail investors on meme coins is also a resistance to the continuous high-market-value issuance of altcoins by institutions.
There are also some tokens with hype concepts this year. The rise and fall of these tokens are quite huge, which brings great volatility risks to investors, such as AI concept WLD, FET, RNDR, etc.; modular TIA, INJ, etc. Such concepts and themes are basically hyped and then withdrawn, so don't linger.
Through the analysis of the performance of the top 50 tokens this year, in addition to being affected by the sharp correction of the overall market, there are usually reasons that cannot be ignored for the poor performance of tokens, such as large-scale unlocking, inflation, poor ecological performance, and weak token practicality.
These attributes have caused the tokens to perform poorly, and it is likely to continue for a long time. Even Ethereum, which ranks second, has seen its price "sluggish" due to poor ecological performance and continued inflation, not to mention other projects. For a long time to come, projects with the labels of "continuous unlocking, inflation, and poor ecology" should be participated in with caution, especially those new coins with high market value and continuous unblocking, no matter how many concepts it has or how attractive the publicity is.
Before a new ecological narrative emerges in the market, funds will most likely continue to hype up SOL ecological projects repeatedly. The reason is that market funds are limited and can only focus on strong sectors. It would be wrong to even take a look at weak projects.
MEME explodes again! These 3 MEME altcoins are about to increase 20-50 times!
TREES
Bome is in a leading position in the SOL ecosystem. It has prospered with the rise of SOL and has the potential to become a rising star in the market and lead a new trend. Recently, the market maker's wash is about to end, which indicates that it is about to explode. It is expected that in the bull market, Bome will achieve a huge growth, which may reach 10 to 100 times. What is more noteworthy is that in the future, the auction of artists will be paid and destroyed by Bome, which adds unlimited imagination space.
WIF
As the flagship Memecoin of the SOL ecosystem, WIF has come to the fore with its unique design and strong community support. In the face of external criticism, WIF holders are confident that its value will soar. The market predicts that WIF will hit a high of $10 and is expected to compete with PEPE during the market peak in Q1 2024. WIF is very actively traded, with an average daily turnover rate of more than 15%, and it outperforms tokens with low circulation.
PEOPLE
Although the birth of the PEOPLE token is closely related to the plan to bid for a copy of the U.S. Constitution, the failure of this plan did not affect the position of the PEOPLE token in the market. The current trading price of the PEOPLE token is stable, and it continues to attract the attention of investors. With the promotion of the concept of decentralized autonomous organizations and the increase of community-driven projects, the value of the PEOPLE token is expected to increase further. People has no reserve price and is closely linked to ETH. It is indeed easy to pull the market with a small market value. Recently, the band operation of People can easily increase by more than ten points. People belongs to the U.S. election sector and can continue to hype until the end of the U.S. election in November. The current market value is 400 million, and the price-performance ratio is quite good.
BABY
After losing the psychological cushion of $0.000010 as well as the 200D EMA, PEPE’s decline hit the descending support trendline. At the right time, the broader market outlook began to rebound and the memecoin regained momentum. The long-tailed candlestick chart shows the potential demand, and the PEPE price has slightly consolidated below the 200D EMA. However, the intraday gain of 6.18% has created a bullish candle chart, offsetting the 4.85% drop last night. Currently, PEPE price is $0.00000781 and the trading volume has increased, supporting the recovery momentum. Moreover, the recovery from the support trendline increases the possibility of a bull cycle in the descending channel. As the bullish cycle begins to gain momentum, the memecoin is facing multiple high supply resistances. However, the short-term recovery and the warming of the long-term bullish outlook make it a penny coin to buy. According to the price analysis, the upward trend may challenge the upper trendline of $0.00001047. However, a bullish breakout of the psychological level and resistance trendline will lead the price to surge to $0.0000166.
Meme coins have taken the cryptocurrency world by storm and continue to surprise.
