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The crypto market is suffering its first real bearish period of 2024, but that shouldn't worry investors. As a risk market, it cannot only enjoy growth and this down period was always going to come. It just means that investors need to re-shift their focus and figure out which coins are likely to bounce back.
This means it's the perfect time to look at the presale market and one token in particular, DogeCoin20 (DOGE20). This exciting new meme coin could be coming for the number one meme coin crown. To do that, both Bonk Coin (BONK) and the original Dogecoin (DOGE) would have to be passed. We are predicting good periods for them in 2024 too, but the new meme coin on the block could be the biggest gainer.
Let's take a look at how we see these three tokens' fortunes panning out for the rest of 2024 and why we think they will exceed 500% growth.
The original Dogecoin (DOGE) has stood atop the meme coin market since its very first day when it began as a joke. While later in this piece, we will speak about the meme coin's potential, we think DogeCoin20(DOGE20) is a better option for the future. The reasons for this we will get into now.
Dogecoin has mostly just benefited from its early arrival. Of course, it deserves credit as the very first meme coin to kickstart the movement, even if it did start as a joke. In the last year, however, the meme coin market has developed and evolved more than it had for its entire existence before that.
Pepe Coin (Pepe Coin) kickstarted a new era for meme coins when its historical performance created meme coin millionaires almost out of thin air. Since then, the innovation we have witnessed has been amazing as the sector zooms through every checkpoint that even the most skeptical of investors would have.
The most crucial development has been the addition of utility to meme coin projects. This has become almost a necessity for a lot of new projects. A clear divide in the market is now visible as some projects go for the traditional method of virality being the only asset while others add utility to the project that they hope investors will prefer.
Critics of Dogecoin would argue that the project has stood still when all around it competitors innovate. Dogecoin has put all its eggs in the basket of being a mainstream payment method. We are not sure how this will turn out, but projects like DogeCoin20 are pouncing now as they believe they can steal investors away from the current number-one meme coin.
The main difference between the two projects is the proof-of-work vs proof-of-stake systems. We all know the heavy criticism that Bitcoin comes under for the amount of energy transactions on its chain use. What might go under the radar is how close Dogecoin is to this energy use.
In fact, its annual electrical consumption is on par with the total power consumption that the entire country of Gabon uses, according to Digiconomist. Considering that the US government has already tried to intervene with the Bitcoin mining process mere days after ETF approvals, it would be naive to think that proof-of-work projects may come under a lot of pressure in the future.
DogeCoin20 is built on the Ethereum network. As many readers will know, they made the switch to the proof-of-work method in 2022 and reduced their energy output by over 99%. This would seem to be the way the wind is blowing and the damning comparisons that can be made between DOGE and entire countries will not help its case.
It is clear the DogeCoin20 project has targeted a good name as part of its goal. It has also dedicated a very sizable part of the total allocation of DOGE20 toward charitable causes. The project understands virality is crucial for a meme coin's success. They believe that the best way to spread the word about a project is by doing good in the world.
Speaking of total coin allocation, there will be a set supply of 140 billion DOGE20 in the world, of which 25% will be available during presale. One disadvantage DOGE has always had since its launch is its massive allocation. Scarcity becomes more valuable every year on the market so DogeCoin20 has the upper hand here.
Lastly, we have the staking, which is almost routine for any new meme coin to include in its ecosystem. A massive benefit of proof-of-stake, aside from the environmental side of things, is it gives investors a chance to earn more crypto.
DogeCoin20 has set up its staking system to ensure the long-term success of the meme coin. More rewards will be given to those that stake the longest. A lot of these rewards will become available down the line, which should also help maintain the security of the project as investors will be much less likely to sell.
Bonk Coin (BONK) is one of the best-performing meme coins of the last year. It has soared by over 3300% and has been the Solana network's star performer since its launch. It too has suffered from the market drop-off and is down over 17% over the last 7 days. However, it should be noted it has recovered from a much bigger fall-off in the last 24 hours.
The meme coin is also still up over 70% in the last 30 days. According to experts, BONK's underlying numbers show it may just have bottomed out meaning that the only way for this meme coin is up. This bad performance was always likely only because of the general market dip so 500% growth could definitely be in its future.
We spent much of the DogeCoin20 section of this piece criticizing Dogecoin (DOGE) but we have to remember this is one of crypto's biggest tokens. It consistently ranks in the top 10 coins on CoinMarketCap and has always been the market's number one meme coin. However, it does have all its eggs in one basket.
IF Dogecoin is not added by Musk as a payment method for X or Tesla, it may be curtains for the meme coin. However, if it is added and this causes a wave of merchants accepting the meme coin as payment then 500% is the minimum it will pump. It all depends on how investors think that dice roll will go.
While Bonk Coin and Dogecoin could easily pump by 500% in the future, the strongest candidate is certainly DogeCoin20, and its presale reflects that. The project is less than a week into raising funds and has incredibly surpassed the $3 million raised mark already. This may be the hottest coin on the market now, meme coin or otherwise.
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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. 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. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
