With over two million cryptocurrencies in existence, traders are always on the lookout for hidden gems that could provide massive returns on a small investment.
This article explores 7 penny cryptos currently trading under $1 with solid fundamentals and utility to potentially see exponential growth this year.
1. Sponge V2 (SPONGEV2)
Kicking off our list of penny cryptocurrencies that could explode this year is Sponge V2 (SPONGEV2).
SPONGEV2 is a SpongeBob-themed meme coin that looks to be the “next evolution” of the original Sponge (SPONGE) token, which soared last year alongside Pepe (PEPE).
The new and improved SPONGEV2 will be implemented in an upcoming play-to-earn racing game, where crypto enthusiasts can earn more tokens by winning races and ranking on the monthly leaderboard.
To access SPONGEV2, investors must buy and stake the original SPONGE token – with reward rates currently set at 273% per year.
So far, over 5.9 billion SPONGE tokens have been staked in this “Stake-to-Bridge” mechanism – representing $4.4 million in total value.
With the development team stating they will be listing SPONGEV2 on “bigger and better” exchanges than the V1 token, 2024 could be an exciting year for this new meme coin.
2. Bitcoin Minetrix (BTCMTX)
Next up is Bitcoin Minetrix (BTCMTX), a penny crypto that’s currently in the midst of its presale phase.
Bitcoin Minetrix’s presale has raised almost $9.3 million in funding so far, with investors piling in from around the world to acquire BTCMTX tokens at a discount.
Much of the buzz around the presale is thanks to Bitcoin Minetrix’s Stake-to-Mine feature, which offers a new way for investors to participate in Bitcoin mining.
Not only that, but Bitcoin Minetrix also has a high-yield staking protocol for BTCMTX, offering yields well above the industry average.
Given the considerable growth potential in the crypto mining space, BTCMTX could be a penny crypto to watch in the weeks ahead.
3. Meme Kombat (MK)
Another penny crypto with explosive potential is Meme Kombat (MK).
Like Bitcoin Minetrix, Meme Kombat is still in its presale phase, yet this hasn’t stopped the project from generating enormous hype from the retail investment community.
Over $7.4 million has been raised through the sale of MK tokens – with early backers able to stake their MK and earn yields of 126% per year.
Meme Kombat’s flagship feature is its hilarious battle arena, where gamers can bet on animated battles between meme characters to win more MK.
Looking ahead, Meme Kombat’s team plans to continually update the battle arena with new characters, game modes, and ways to earn MK.
Due to its clear utility, Meme Kombat looks to set itself apart from the hype-driven meme coins in the space, priming it for success as it nears the official launch date.
4. eTukTuk (TUK)
eTukTuk (TUK) is a crypto project that aims to revolutionize transportation in developing countries by creating an ecosystem of affordable electric vehicles and charging stations.
With a focus on sustainability and scalability, eTukTuk seeks to reduce pollution while empowering drivers and passengers in regions like South Asia and Africa.
Currently in presale for just $0.026, the native TUK token could be primed for explosive growth if the development team can execute their ambitious vision.
As noted in the project’s whitepaper, the development team has even set their sights on launching a Crazy Taxi-style P2E game based on the eTukTuk vehicle featured in the marketing materials.
Adding to the project’s appeal is that the entire development team is fully doxxed and accessible via LinkedIn.
As both a penny crypto and an innovative blockchain platform, eTukTuk has enormous breakout potential in the year ahead.
5. Myro (MYRO)
Myro (MYRO) is a low-cap meme coin that burst onto the scene in November 2023 as a dog-themed token hosted on the Solana network.
The token is modeled after Solana co-founder Raj Gokal’s Shiba Inu dog and features hilarious branding on its social media channels.
However, with a staking protocol in the works, plus an active community on Telegram, MYRO seeks to create real value for holders.
After its meteoric price surge in the early weeks of January, MYRO obtained listings on top-tier exchanges like KuCoin and MEXC.
Although it is not yet at the level of its Solana counterparts like Bonk (BONK), MYRO has enormous room to run if bullish momentum returns.
6. Pyth Network (PYTH)
Pyth Network (PYTH) is a decentralized oracle network that looks poised for a breakout year.
As an essential price feed for dApps requiring high-frequency data, Pyth has already powered over $70 billion in trading volume.
Although Pyth operates similarly to Chainlink (LINK), it differentiates itself by focusing on first-party data sources and providing real-time updates.
The native PYTH token is trading around $0.39 yet has surged 9% in the past day alone.
Moreover, PYTH’s market cap is $594 million, while its fully diluted market cap is a whopping $3.9 billion – hinting that significant investor interest would propel Pyth Network to its full potential.
7. Fluxbot (FLUXB)
Rounding off our list of penny cryptocurrencies that could explode in 2024 is Fluxbot (FLUXB).
Fluxbot is Solana’s first Telegram AI trading bot, leveraging chatbot convenience to guide new users into the SPL ecosystem.
The project has drawn attention for its solid infrastructure and was even crowned the Grand Champion of the Hyperdrive Hackathon at Solana Breakpoint 2023.
Currently trading at just $0.09, the native FLUXB has a 500 million maximum supply that positions it for strong growth.
Although FLUXB is only tradable on a handful of smaller exchanges, the token is up 41% in the past day, indicating it could be gearing up for a sharp bull run this year.