Altcoins and meme cash are at the moment navigating uneven waters within the cryptocurrency market. This follows Bitcoin’s BTC/USD worth curler coaster, the place the apex cryptocurrency spiked to $49,000 final week after the launch of BTC exchange-traded funds (ETFs) within the U.S., solely to expertise a swift downturn to $41,000, as a ‘sell the news’ effect kicked in.
Decline Of Apex Coin Hits Altcoins Exhausting
Altcoins like Ethereum ETH/USD, Cardano ADA/USD, and XRP XRP/USD, amongst different cryptocurrencies, have lately tumbled. Meme cash like Dogecoin DOGE/USD and Shiba Inu SHIB/USD weren’t spared both, experiencing comparable drops.
Analyst Michael Van de Poppe spoke to Benzinga about how meme cash, particularly Solana’s BONK BONK/USD, Floki FLOKI/USD, and TokenFi TOKEN/USD, are navigating the cryptocurrency market panorama in 2024.
BONK experienced a meteoric rise, soaring by 9900% in 2023. Initially supposed as a token for aid support, BONK took benefit of its strong neighborhood assist and the resurgence of the Solana ecosystem, catapulting it to grow to be one of many 12 months’s best-performing belongings.
The Pursuit of the Next Viral Meme Cryptocurrency
Van de Poppe stated, “BONK, the meme coin inside the Solana ecosystem, has proven a large return upwards, by way of which lots of people wished to leap on the wagon, and merchants wished to commerce the asset to be sure that they’ll get a return.”
He additional defined that merchants are betting on meme cash like Floki, TOKEN, BONK “in seek for the subsequent Dogecoin”, sparking a rush to capitalize on potential rallies.
Trying forward, Van de Poppe doubted that utility could be a major driver for meme cash, he urged neighborhood energy and topical hype as key elements. “Memecoins are most likely going to be driving as a result of neighborhood energy and the hype of the day,” he added.
See Extra: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
To Tokenize or Not To Tokenize, That Is The Query
In an business more and more seeking to tokenize real-world belongings (RWAs), meme cash are discovering new footing. He stated, “To be truthful, If a meme coin decides to be doing one thing with RWA and has that as a buzzword together with a powerful neighborhood, you may see it do effectively when RWA does effectively.”
Final 12 months, Floki builders launched a tokenization platform TokenFi TOKEN/USD devoted to the rising RWA phase in an effort to place the previous memecoin venture as a severe DeFi contender, aligning with broader business strikes towards tokenization foreseen by leaders comparable to Larry Fink of BlackRock.
Fink, stated that cryptocurrency funds are an incremental progress in the direction of the broader goal of tokenization. “These are simply stepping stones towards tokenization. I actually do consider that is the place we’ll be going. Now we have the expertise to tokenize right now.”
Picture through Shutterstock
Learn Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?