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As we head into the new year and leave behind a great year for the market, inverters are wondering what is in store for crypto in 2024. Meme coins will be looked back on as the story of 2023 and we are expecting their explosion in popularity to continue into the new year.
Two of the trendiest meme coins of 2023 Pepe Coin (PEPE) and Bonk Coin (BONK) have been seeing their value drop in recent weeks. This could be a sign of bearish conditions or it could be a sign that some new meme coins are about to take over the market. We think it's the latter as there are three meme coin projects that look like they are in for big gains in 2024.
Let's take a look at the specific properties each of these coins has that make them likely candidates to pump in 2024.
As we mentioned in the opening, 2023 was the year of the meme coin. After Pepe Coin's price explosion, there were more eyes than ever on the crypto market. One of the best performers was Sponge Token ($SPONGE). The meme coin which is inspired by one of the most memed shows of all time, Spongebob Squarepants, was a huge success and is now being relaunched as Sponge V2 ($SPONGEV2).
There is a lot of excitement about the possibilities version 2 has because version 1 was a success despite some notable handicaps. The coin was launched with little or no publicity on just one exchange and it was during a bearish market. Despite this, the coin still pumped by 340% initially and another 500% once staking was added to the ecosystem.
The way the project has decided to move from version 1 to version 2 also leads us to believe it will be a success. A stake-to-bride system will benefit both project security and investor's pockets. Those who wish to purchase the token will need to purchase version 1 $SPONGE. Once they do an equivalent amount of version 2 $SPONGEV2 will also be purchased. The investor will then receive staking rewards from their locked V1 tokens over 4 years.
P2E games took a backseat for most of 2023 but we are predicting that to change this year mostly thanks to Meme Kombat ($MK). The innovative blockchain game will offer hours of entertainment and unique ways for investors to make revenue. It is also a very exciting combination of a P2E and a meme coin. We also love the move of taking inspiration from a traditional gaming giant.
As readers may have guessed the inspiration comes from one of the greatest combat games of all time: Mortal Kombat ($MK). The difference is players of Meme Kombat will be using the biggest memes of the last 10 years as their fighters. AI is an important foundational block of the game and provides gamers with a unique and immersive experience.
It also will help make sure the outcome of fights is fair. This is important because players will be able to win big by wagering on their fights. They will be able to bet 1 v 1 against the computer, against friends and other players, and even side bet. Side betting will let players win big by betting on fight events like what the first move will be. This, alongside staking, means investors have a chance to make a killing off Meme Kombat.
We cannot remember a presale that not only had as much hype before it even began but also delivered on said hype than Wall Street Memes (WSM). The meme coin, which was being launched by the very popular Wall Street Memes brand, raised over $25 million during its presale and broke all kinds of records along the way.
After this, many thought that it would challenge Dogecoin (DOGE) at the top of the meme coin ladder but things didn't fall into place. The coin had the unfortunate timing of launching during a bearish market and hasn't been able to see any good return for investors. As things stand WSM has lost over 45% of its value since it was launched. However, we think there are signs that this could be the perfect buy-low opportunity.
We need to remember that the Wall Street Memes brand is very strong with nearly 2 million followers across its social media accounts, and they can be mobilized at the drop of a hat. The Wall Street Memes casino has also been a huge success as it saw over 18k players sign up in the first month and has been growing ever since, All of these point to a big 2024 ahead.
Both Pepe Coin (PEPE) and Bonk Coin (BONK) will look back at 2023 fondly. Pepe coin, of course, was likely the most talked about token out of the major coins. Its massive gains practically overnight will be the stuff of legend over time. However, since then the coin has failed to regain a lot of its momentum.
Bink Coin has a similar story to PEPE and hopes to recapture its form in 2024. It hit an all-time high just a couple of weeks ago but has since lost some of its momentum. It should be noted that both coins are still up thousands of percentage points from their launch and thus are massive success stories.
This kind of history, especially for meme coins, means they can not be overlooked for 2024. While not as good options as the three coins we have reviewed, the base they have built this year means they can always pump again.
As we head into 2024 we expect it to be another big year for meme coins. PEPE and BONK stole the spotlight in 2023 but they will likely need to move aside for $SPONGEV2, $MK, and WSM. These newer coins all have the potential to replicate the success of their predecessors and we expect them to do just that.
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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.
