2024 is proving to be a bullish year for the cryptocurrency market. After a disappointing and prolonged crypto winter in 2022 and 2023, the crypto market has recovered with renewed investors’ confidence and a positive sentiment all around. In what is starting to look like a comeback for the broader crypto industry, the prices of altcoins and memecoins have also experienced a resurgence.
Another major event that will only add fuel to the bullish fire that is currently gripping the crypto industry, is the Bitcoin Halving event set for April 2024. All the positive sentiment and scope for a bull run begs the question: Which cryptocurrencies should investors be looking at to maximize their returns in 2024?
Memecoins To Lead 2024’s Bull Run?
Memecoins are one of the most lucrative investment options that the crypto market provides today. Memecoins offers potential investors an affordable entry point, exponential returns and the chance to be a part of a vibrant community that collectively rallies under the banner of that particular memecoin’s mascot.
Out of the numerous memecoins that are available today, Shiba Inu (SHIB), BEFE, dogwifhat (WIF), Floki (FLOKI) and Dogecoin (DOGE) appear well positioned to skyrocket in 2024. Data from CoinMarketCap suggests that all these memecoins have already entered the spirit of the bull market, with impressive performance over the past 24 hours.
BEFE gained 4.7%, while DOGE was up 4.9%. SHIB, WIF, and FLOKI were up 4.7%, 35%, and 20% respectively. The daily trading volumes of these memecoins also experienced double digit gains over the past 24 hours, except for SHIB, which saw its daily trading volume grow up a whopping 130%.
The Potential Of Memecoins In 2024
The recent price action of BEFE, DOGE, WIF, SHIB, and FLOKI have made one thing clear: memecoins have massive potential in 2024. However, some memecoins will outperform their peers based on several factors like fundamentals and hype.
DOGE, for example, currently enjoys the top spot in the memecoin space. This spot comes with certain advantages, including credibility, online presence and random out-outs by well-known personalities like Elon Musk. What the smaller memecoins like BEFE and WIF lack in popularity, they make up for through affordability, active community, and the potential for exponential returns.
A closer look at BEFE for instance, reveals a vibrant and dedicated community, as well as sound fundamentals supporting the project. The Blockchain Ecosystem for Everyone (BEFE) token was launched by the BEFE crypto project in November 2023. BEFE has since disrupted the memecoin space, quickly rising up the ranks and making a name for itself.
BEFE currently boasts a market capitalization of over $40 million, and offers potential investors the chance to participate in the memecoin space at just $0.00040. The memecoin previously demonstrated its massive potential by returning more than 1400% to early investors within five weeks of its debut.
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