Despite the pullback of Bitcoin (BTC-USD) last week back to the $63,000 level at the time of writing, I’m still firmly bullish on the coin’s potential and future for the rest of the year. That creates a bullish backdrop for these meme cryptos to buy, as a rising tide lifts all boats in the crypto market.
Meme cryptos are categorized by their strong community-driven nature, often emerging from internet trends or cultural phenomena. These coins typically gain traction and value not solely based on their underlying technology or utility but rather due to the enthusiasm and hype generated by their passionate online followers.
What’s best is that meme cryptos often have small market caps and deflationary mechanics, which optimizes their upside potential. However, note that in a downturn, one can also suffer large losses and their lack of utility makes them speculative long-term plays.
But if one is bullish on the crypto market’s potential for the future, here are three meme cryptos for investors to consider this April.
Dogeverse (DOGEVERSE-USD)
Dogeverse (DOGEVERSE-USD) stands out as a multi-chain meme coin offering high staking APYs. It operates across multiple blockchains, with more integrations planned. By 2030, the token aims to be widely recognized and more deeply integrated within these platforms, contributing to a projected price of as high as $0.08.
Furthermore, following a strong initial coin offering (ICO) that raised $2 million in just three days, DOGEVERSE aims to continue this momentum by completing listings on major cryptocurrency tracking sites like CoinMarketCap and CoinGecko once its presale ends between May and June 2024.
The price predictions for Dogeverse in 2024 range from a potential low of $0.000306 to a high of $0.000506, with an average price expected around $0.000406.
Shiba Inu (SHIB-USD) and dog-themed coins continue to be meme crypto favorites amongst investors, making this coin one to watch in April and for the rest of the year.
Dogelon Mars (ELON-USD)
Dogelon Mars (ELON-USD), aiming to be the first interplanetary coin, represents a playful take on Elon Musk’s Mars ambitions.
The token saw its price varying significantly throughout 2023, with notable surges and declines reflected in its trading volume and market capitalization. At the time of writing, Dogelon Mars had a market cap of approximately $115.5 million and a circulating supply of around 549.65 trillion ELON tokens.
Looking forward to 2024, there are no specific projects or detailed road maps reported that would indicate a major shift in the utility or application of the ELON token.
However, I still think ELON could be one of those meme coins to consider for investors. The coin could figuratively go to the moon and further to Mars, as the name suggests, as the recent crypto sell-off has put it into oversold conditions on some momentum indicators.
If Bitcoin rebounds, as I predict it to on the halving event coming in a few days, this coin could surge in value, making it one to watch.
Slothana (SLOTH-USD)
Slothana (SLOTH-USD) is a new Solana (SOL-USD)-based meme coin characterized by its lighthearted approach, symbolized by its sloth avatar. The coin quickly raised significant funds during its presale and lets investors directly exchange SOL for Slothana tokens.
Coincidentally, SOL is my third-favorite crypto for this year’s bull cycle, behind Bitcoin and Ethereum (ETH-USD). As such, meme coins built on the platform could be accretive for investors.
For 2023, SLOTH’s performance has been marked by significant volatility. The price of SLOTH showed dramatic increases of 100% over varying time frames, including hourly and daily measurements.
I think SLOTH could be a good option if one wants to double down on their position on Solana and access greater levels of volatility. Due to a mix of macro headwinds and convergent tailwinds, this year could be one of the most volatile of the past few years and certainly the most volatile during a halving event.
SLOTH could then be one of those meme cryptos to consider if one is looking for intraday trading opportunities, as well as a means of cashing in on the big rallies that could be in the cards.
On the date of publication, Matthew Farley did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
