The Israel-Iran war has resulted in a major crypto crash, with the Bitcoin price declining by 15% to hit an April low of $61,500.
Altcoins are faring much worse, with large caps such as Solana, Avalanche and Shiba Inu all down over 20%. Indeed, Bitcoin Dominance reached a new cycle high of 57.12% on Sunday, signalling that the altcoins are underperforming BTC.
Why Is Crypto Crashing?
Owing to its strong correlation to broader equities, the cryptocurrency market continues to reel from geopolitical and macroeconomic risks.
Initially, crypto prices were down due to bad US inflation data, as highlighted by the March CPI. However, the ongoing conflict in the Middle East – heightened by Iran’s recent attack on Israel late on Saturday – led to much a larger crypto crash.
While cryptocurrencies see a broad-based decline during such events, prices typically bounce back up once the crisis is resolved. This provides an excellent “buy the dip” opportunity for investors, especially those who were sidelined up until now.
Popular crypto analyst GCR has said as much in an X post on Sunday, stating that “the future is still so bright” after the crypto crash.
5 Best Crypto Coins To Buy On The Dip
With Bitcoin Dominance reaching a cycle high on Sunday, experts believe that altcoins could start to take the lead in the second leg of the crypto bull market. As such, altcoins typically outperform BTC for a few weeks after the Bitcoin Halving.
Meme coins are also expected to resume their bullish trajectory in the coming weeks, especially in light of the upcoming Doge Day.
We list the 5 best cryptocurrencies – backed by experts – to buy on the dip.
Solana ($SOL)
Solana is our top pick for the best crypto to buy after the crypto crash.
This large-cap altcoin – often referred to as the Ethereum Killer – has been one of the most bullish cryptocurrencies since the start of 2023. And yet, while Bitcoin has already reached a new all-time high this cycle, Solana is still down 45% from its peak.
Simply put, traders buying Sol today – at its current price of $142 – could still double their investments if Solana only reaches its previous all-time high. However, experts are backing it to go much higher.
Expert traders such as Jelle back the Solana price to reach $600 during this bull run – over 4x from its current value.
Most people seem to have given up on $SOL.
— Jelle (@CryptoJelleNL) April 11, 2024
Watch it go to $600 in the coming months anyway.
Bags packed, ready to roll. pic.twitter.com/S2QXiimT3x
SOL’s excellent price prospects are also bullish for the Layer-2 tokens in its ecosystem, especially Solana meme coins. Indeed, tokens such as Dogwifhat have been acting as leveraged bets on SOL.
Consequently, smart-money traders will continue to be on the lookout for new low-cap Solana meme coins that could explode next.
Dogeverse ($DOGEVERSE)
Dogeverse is a new, multi-chain meme coin that is being backed by experts such as ClayBro and Roshawn Silva to potentially deliver up to 100x returns.
The new meme coin is already seeing high demand in its presale, raising close to $4 million in less than a week. Typically, presale cryptocurrencies provide a stable investment opportunity during a crypto crash as they are not impacted by short-term volatility.
Dogeverse’s mascot is Cosmos, the chain-hopping doge. Indeed, Dogeverse is set to be the first meme coin available on six different blockchains. The token is already live on Ethereum, Polygon, BNB Chain and Avalanche, with Solana and Base integration going live soon.
A multi-chain token allows holders to enjoy the best of multiple blockchain ecosystems. For instance, with Dogeverse available on Ethereum, investors can stake their holdings and earn staking rewards, currently at an APY of over 250%.
Furthermore, just as Solana meme coins benefit from the SOL price rally, Dogeverse could potentially benefit from 6 different blockchains.
Slothana ($SLOTH)
Slothana is another new Solana meme coin that is witnessing strong early demand in its ICO. However, its presale is in its final days and the meme coin is set to launch on a DEX soon, which has led to FOMO in investors. A CEX listing will follow soon as well.
$SLOTH has already raised over $10 million in its ICO, a sign of strong interest amongst meme coin enthusiasts.
Slerf’s historic rally last month popularized sloth meme coins and Slothana is capitalizing on this new meta. Its mascot is a lazy office sloth who is tired of the 9 to 5 grind and is embracing the world of crypto trading.
Slothana has also adopted a new fundraising model. Investors can now simply send $SOL tokens directly to the project wallet to partake in the presale. They will receive $SLOTH tokens as an airdrop after the completion of the ICO. The simplicity of the model is one of the factors behind the strong early fundraising figures.
Owing to its unique value proposition, popular crypto YouTube channels such as 99Bitcoins are backing Slothana to potentially deliver 100x returns.
Dogecoin ($DOGE)
Despite its high market capitalization, experts continue to back Dogecoin as one of the best coins to buy on the dip.
While not as explosive as some of the newer meme coins, the market leader could still deliver over 10x returns in this bull cycle. After all, Doge is still 80% below its previous all-time high.
Moreover, experts are backing Dogecoin to reach $1 – $2 by the end of the year, and not without any reason.
Doge remains Elon Musk’s favourite cryptocurrency and surges on any positive Musk-related development. The billionaire recently revealed that Doge payments could soon be accepted for Tesla EVs.
Despite the crypto crash, the Dogecoin price could flex its bullishness in April itself. The lead-up to Doge Day – which falls on April 20th – is typically a good trading period for the meme coin. Moreover, Coinbase is set to launch Dogecoin Futures trading on April 29th.
Doge simply needs to reclaim the $0.19 support level, which could pave the way for the meme coin to hit a new all-time high.
Oasis Network ($ROSE)
Oasis Network is a privacy-enabled and scalable Layer-1 blockchain. Experts are backing its native cryptocurrency – ROSE – to emerge as one of the top-performing tokens during the 2024 crypto bull cycle.
Rose has excellent short-term prospects. As such, the Oasis Network unveiled a major rebrand on April 12th, launching itself as a pioneer of privacy in blockchain, AI and beyond.
Typically, projects with successful rebrands witness strong immediate growth, which could be a possibility for Rose once the crypto crash is over. A crypto whale on Coinbase has started accumulating, buying 2.3 million $ROSE tokens in 6 hours today.
However, its short-term prospects pale in comparison to its long-term price potential. For instance, bullish investor RoseGardener reveals that the token will trade above $2 in the coming months, over 22x from its current price of $0.09.
