The price of Solana (SOL) is down almost 3% today after the network crashed. This is just another setback for the altcoin that now finds itself down by over 10% over the last 10 days. Unfortunately, this has started to impact exchanges. Upbit announced it would temporarily suspend deposits and withdrawals of Solana-based tokens, including Solana.
We will get into a Solana price prediction a little later in this article, but first, we want to look at some alternatives to the altcoin. For this, we delved into the presale market and found two coins that look like they will outperform Solana in 2024.
Bitcoin Minetrix (BTCMTX) and Meme Kombat look like they will both pump once listings begin, thanks to their unique properties. Let's take a look at what those are.
The presale of Bitcoin Minetirx (BTCMTX) has been a hot topic in crypto media lately as the whales are starting to push the token toward its hard cap. It has now raised over $10.3 million and it looks like those who haven't invested may need to start thinking of acting fast as the price is increasing regularly.
As always, there has been a lot of speculation about how Bitcoin (BTC) will perform this year. However, given the amount of significant events inside and outside crypto circles that may affect the token this year, the talk has been louder than ever.
Most of the focus is on interest rates and the halving event, but Bitcoin Minetrix could be a hugely positive force for Bitcoin once everybody realizes how they may have the solution to the market's number one tokens mining problem.
Everybody will be aware of the criticism that mining crypto, and specifically Bitcoin, comes under from environmental groups. The process uses a lot of energy and now the U.S. Department of Energy is getting involved. They are going to track the BTC mining process over the next 6 months and future policy could be affected by the result.
The mining process also has a lot of detractors from inside crypto circles too. Mining of BTC today almost exclusively takes place in massive data centers that cost an incredible amount of money to run. This is a far shot from the humble beginnings of mining BTC that let anyone partake. Now, only the ultra-rich can afford to do so.
Luckily, Bitcoin Minetrix's solution solves both problems as it is a greener and cheaper way to mine Bitcoin. Cloud mining was the original idea to help more people mine Bitcoin but it has now been overrun with companies charging individuals too much for the right to mine and scammers.
The Bitcoin Minetrix solution is to combine cloud mining with staking. How it works is pretty simple as the staking part is the same as it is with any other project. Investors can stake their BTCMTX and earn rewards, or they can sell their tokens at any time.
There is a third option, however, and that is to exchange their staked tokens for mining credits. These secondary ERC-20 tokens act as a ticket to BTC mining. Investors will be able to mine themselves or get a share of the yields. A cheaper and greener way to mine Bitcoin, meaning it could hugely impact the crypto market as a whole. That's why it is such a perfect alternative to Solana.
Another presale that is really taking the market by storm right now is Meme Kombat ($MK). It is just about to pass the $8.3 million raised mark and is drawing a lot of attention from crypto whales as well. The meme coin/P2E game crossover is not that far from selling out, so anyone interested in investing should be getting a move on.
We think you will all be interested once you hear everything that this game has to offer. As we mentioned, this is a unique crossover between two different kinds of crypto. The P2E game is inspired by one of the biggest fighting game franchises of all time: Mortal Kombat.
This blockchain game feels like a combination of that game and Tekken, which any traditional game readers will know is another cult classic in the combat game world. Meme Kombat is a fighting game too, but the characters will be the market's biggest memes from the last 10 years.
That means you will be able to play with and against Pepe, Wojak, Doge, and many others. What's great is they all have unique attributes that make every match-up different. They are also AI-controlled which really takes the game to a new level we have not seen before in terms of graphics.
Meme Kombat also gives players a chance to win big through their wagering section. Players will be able to wager on their fights against the computer and other players. There will even be markets for fight events, like what the first move will be. A great way to win some extra $MK.
This can be hugely valuable as the Meme Kombat ecosystem employs a dynamic staking system. This means the more investors that stake their tokens the more rewards there will be. Considering a whopping 80% of purchased $MK has already been staked, it means players can make a big return from this game. Another clear candidate to outperform Solana this year.
We referenced in the opening that Solana (SOL) was down over 10% in the last 7 days, which you can see from the above chart. This is very worrying for an altcoin the size of SOL has 10% is a big number for the coin. Given that this is the network's 11th outage in the last two years we think investors may be losing patience.
As you can from this price analysis, the bears are certainly winning the battle for now against the bulls. Solana may be worth buying a little into the future if the fall continues, but for now, it is certainly a stay-away as this outage likely helps the bears win the short-term battle.
So, to summarize, while we won't completely write off Solana for 2024, it is likely it will go through a rough patch before things pick up for the network. Either way, we think Bitcoin Minetrix and Meme Kombat can comfortably outperform the altcoin in 2024. Both have unique properties that are causing their presales to rocket toward their final goal and that should continue into their respective listings.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.