Markets
Cryptos Meme to Enjoy the Cryptocurrency Market of 2024
Source: Maurice NORBERT / Shutterstock.com
The current market cycle has chosen meme cryptocurrencies as favorites and promotes their growth in every possible way. After a brief pause, these assets are back in the black, which gives relief to investors in highly volatile assets. A humorous origin does not mean lower profits, as the lucky ones who recognized the potential of such tokens have demonstrated. The focus on meme coins means that a period of cryptocurrency market correction can turn into a bull run and turn even small investments into fortunes.
Some traders consider buying more massive assets as Bitcoin (BTC-USD) AND Ethereum (ETH-USD) when meme tokens increase in value. However, this strategy has disadvantages, as large-cap coins do not show the same dynamic growth as meme-themed altcoins. If you wait for the moment when these assets are overbought, you may waste time and miss the phase of major profits. Late 2023 and early 2024 marked the first phase of the meme coin craze. Those who fail to take advantage of this opportunity in the summer of 2024 may lose their investment portfolio while waiting for a better opportunity.
Sealana (SEAL)
Source: shutterstock.com/ChrisStock82
Among the hundreds of meme cryptocurrencies, you can count on one hand those that stand out from the competition from the first days of their existence and have a clear base of support rather than achieving results only thanks to general hype. The South Park “Gamer” parody was a hit among the community, as this seal has the charm of a crypto gem hunter. Without any distractions, and sometimes not even sleep, this character is looking for the next big meme coin. Sealana’s (SEAL-USD) social networks continue to gather an army of fans that has already surpassed 12,000 on X and Telegram.
After settling into the Solana (SOL-USD), Sealana protected users from transaction overpayments and attracted the global blockchain infrastructure into its development. Solana’s 1.6 million users have access and the opportunity to purchase the good. Sealana’s pre-sale raised $5 million in just a few weeks at a fixed price of $0.022. At the end of this phase on June 25, the coin will be listed on major exchanges and a wide range of investors will be able to transact with it, while increasing the strength of SEAL.
Turbo (TURBO)
Source: shutterstock.com/Unknown man
Nobody thought that a project with a budget of $69 would reach the heights, but Turbo (TURBO-USD) managed to surprise even the most experienced traders. The project integrated artificial intelligence to run processes on the network and moved away from traditional development methodologies. Such courage pays off, as the token with the image of a yellow frog has received increased interest from meme cryptocurrency users. In the period May-June 2024 the currency rose to 210th position in the market capitalization ranking and in the last month it has shown a price increase of 201.95%. Speculative interest is high, as daily trading volume has exceeded $100 million.
Less than a quarter of TURBO tokens are in circulation, but this does not stop the capitalization from growing, reaching a peak of $601 million. The 14-day Relative Strength Index (RSI). 55.78 demonstrates a balanced condition without overbought. The token maintains upward momentum, trading above its 200 day simple moving average (SMA).
Sponge v2 (SPONGEV2)
Source: Michael Vi/Shutterstock
Sponge V2 (SPONGAV2) follows in the footsteps of the previous version, Sponge (SPONGE). In 2023, Sponge has become a real gem, chased by crypto meme fans around the world. V2 continued the trend and may encourage cryptocurrency enthusiasts who previously joined the project. The total supply of 150 billion The tokens primarily aim to incentivize participants through staking and other project mechanisms. SPONGE has reached a peak market capitalization of $100 million and its successor is expected to perform no worse.
The unique transition mechanism involves investing Sponge V1 in the corresponding smart contract to receive a token reward of the upgraded version. Users who take advantage of the offer early can expect a higher reward than over 181% APY. This figure may decrease as the number of applicants increases, so it is extremely important to seize this opportunity. However, even for investors who are slow to make decisions, the APY will be at least 40%. In addition to this mechanism, the Play-to-Earn (P2E) gaming ecosystem promises to increase user engagement through competition for leaderboard positions.
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.