Many investors perceive cryptos under $1 as offering more value for money, making them highly popular.
Meme coins often leverage this tactic, launching with a high circulating supply so the cost per unit is a fraction of $1. This is a central driver behind the parabolic success within the asset class.
This article analyzes the six penny cryptos that could explode in 2024. Alongside price, we consider factors like market trends and narratives, use cases, expert opinions, teams, and tokenomics,
Based on our analysis, the top penny cryptos to watch are Dogeverse, Ondo, Slothana, Pepe, Mega Dice, and XRP. Let’s explore each in more detail below.
Dogeverse
Establishing a new domain of memetic technology, Dogeverse is the first-ever meme coin to launch on crypto’s six hottest smart contract-enabled blockchains.
The project has launched on Ethereum, Base, BSC, Polygon, and Avalanche and will soon be available on Solana too.
Dogeverse’s multichain approach protects it from the flippant and fast-evolving narratives regarding which chain is best for meme coin trading. This could stabilize its price and enable steady long-term growth.
It also bolsters Dogeverse’s accessibility, ensuring everyone can buy it no matter which blockchain they use.
The project is currently undergoing a presale, enabling investors to get in from the ground up before it gets listed on exchanges. The current price is $0.0003, but this will incrementally rise throughout the campaign.
The next price increase will occur in 20 hours from press time or when the presale raises $10.1 million. So far, it has raised $9.3 million.
Ondo
While the meme coin narrative has been dominant in recent months, one emerging trend is real-world assets. Currently, Ondo is the market leader in this sector.
Ondo offers institutional-grade finance products on-chain, ensuring widespread and indiscriminate access globally.
Its native governance token, ONDO, was released in January and has seen staggering growth. It has a $1.1 billion market cap and is currently priced at $0.81, up 402% since CoinMarketCap data began.
However, Ondo is down 15% this week, presenting a potential entry point for new buyers ahead of its next leg up.
Analysts are immensely bullish on the project, with many referencing leading asset manager BlackRock’s interest in the real-world asset industry.
Rumors are circulating that BlackRock has invested in ONDO, and the protocol has BlackRock listed as a partner on its website.
“ONDO has been one of the most resilient to the market’s selloff, and Blackrock is buying. It’s definitely one to watch,” said Cold Blooded Shiller.
Slothana
Another penny crypto to captivate the masses is Slothana. It is a new presale on the Solana network, following in the footsteps of Book of Meme.
$SLOTH launched as a presale and raised a staggering $10 million in its opening two weeks, drastically outperforming BOME, which raised $2 million.
After its exchange launch, BOME became the fastest meme coin to a $1 billion market cap and received a near-instant Binance listing, setting a bullish precedent for the new sloth-themed meme coin.
Adding to Slothana’s bullish outlook, whispers are circulating in degen circles that the creators of Smog are behind the project. Smog is another Solana meme coin that soared 100x after launching in February.
The rumors follow Smog responding to Slothana’s first X post when it had less than 50 followers.
Slothana’s presale is ongoing, but there are just six days until it ends, so investors should act fast.
Pepe
Pepe is a well-known meme coin that has enjoyed notable strength recently. Following the market’s recent selloff, Pepe has seen one of the strongest bounces, hinting that it could be a top performer in the next leg up.
Currently, it is trading at $0.000006502, up 11% today and 21% this week, but it remains down 10% this month.
It has a $2.7 billion market cap and a $934 million 24-hour trading volume. This makes it the 44th largest crypto by market cap but the 11th largest by volume. Evidently, there is currently massive interest in Pepe.
Speculation is brewing that Coinbase may list the frog-themed meme coin in the coming weeks. This follows the exchange announcing it will soon offer Pepe perpetual futures trading to institutional clients outside the United States.
“I think Coinbase delayed the Pepe perpetual futures listing because they can do it together with the spot listing.” predicted analyst Plazma.
Mega Dice
Mega Dice is a leading crypto casino boasting over 50K players and $50 million in monthly wagers. The platform has long been an industry pioneer, but its new venture looks to take things to the next level.
Through the introduction of Mega Dice token ($DICE), the project hopes to add value to existing players while attracting new users to the platform.
It ushers in an unprecedented rewards system, offering daily passive crypto to holders based on the casino’s success. Moreover, limited edition NFTs, early bird bonuses, exclusive access to new features, and a referral program are all available.
Mega Dice token is currently undergoing a presale and priced at $0.069. However, this will increase once 14.7 million $DICE are sold. So far, the figure is at 6.4 million.
The Mega Dice token presale has caught the attention of analysts, with Today Trader dubbing it the “number one GameFi token on Solana” and speculating it holds 100x potential.
XRP
The last penny crypto that could explode in 2024 is XRP. As the largest penny crypto by market cap, XRP is in a unique position of relative price stability accompanied by a perceived low cost.
It is currently trading at $0.53, up 1% today and 7% this week. However, it is down 12% this month and up 13% this year. It has a $29 billion market cap and a $1.1 billion 24-hour trading volume, up 19% today.
The price has remained stagnant in the past year, but this could be about to change with the Ripple Labs vs SEC lawsuit coming to a close.
Ripple Labs’ last motion for remedies is due by April 29, 2024, following which the SEC will file a last opposition case.
This will conclude the lawsuit and provide regulatory certainty on XRP.
The project’s target market is banking and institutions, which must strictly adhere to regulations. As such, demand for XRP could skyrocket once its regulatory status is known.
