By the end of 2024 3 cryptocurrencies poised to transform 100 into 1000
In recent times, the crypto market has taken on an atmosphere of frustration, if not outright despair, for investors looking to leverage the tendency of cryptocurrencies to rapidly increase in value during bull cycles. Established cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have remained mostly stagnant and have experienced significant price drops, an ongoing trend at the time of this publication. Even the meme coin “fiesta” is rumored to be approaching its end.
Despite the current trends and some speculation that the crypto bull market may have peaked, there are still many believers who see the recent downturn in June as a temporary lull before a resurgence that will drive various digital assets to new highs.
While the broader crypto market’s future is uncertain, there are specific coins and tokens with potential for substantial growth by the end of 2024.
Solana (SOL):
As of late June 2024, Solana (SOL) faces a challenging situation. Its popularity as a blockchain for numerous new projects has exposed the network to criticism and potential legal challenges, especially amidst rumors of a significant impending legal case. Concerns were raised after a 90% drop in stablecoin daily volume on June 27, leading many to suspect wash trading tactics were being used to inflate numbers, questioning the real substance behind Solana’s popularity.
However, SOL has demonstrated the ability to surge quickly on positive news, like the boost it received after VanEck’s plans to establish a trust for the token were revealed. Considered a strong candidate for approval of an exchange-traded fund (ETF) after Ethereum, SOL may reach unprecedented highs before the end of 2024.
XRP (XRP):
XRP’s potential for a surge has remained consistent over the years. Despite the ongoing legal battle between Ripple and the SEC suppressing its price, a potential upswing is expected should the regulator lose in the upcoming court battles, following precedent from the initial case.
Recent events, such as the U.S. Supreme Court limiting the SEC’s in-house rules, have bolstered this argument. The SEC is facing mounting pressure, highlighted by Coinbase’s lawsuit against it and Ripple’s occasional legal wins.
MAGA (TRUMP):
In 2024, discussions centered around the upcoming presidential elections have seeped into the crypto markets, resulting in the creation of meme coins tied to candidates like Joe Biden and Donald Trump, alongside various NFT collections. While any candidate-themed cryptocurrency could potentially skyrocket upon the associated politician’s victory, MAGA tokens have gained prominence as the more likely option compared to Biden’s.
The momentum shifted further towards Trump’s favor on June 28, amid reports hinting at the replacement of the elderly President on the November ballot following his performance in the June 27 debate.
Of the Trump-related cryptocurrencies, the MAGA (TRUMP) meme coin is expected to have the most significant reaction in the event of a victory. With nearly $350 million in market capitalization, MAGA has shown notable responsiveness to candidate-related news. Notably, the coin saw its highest spike and all-time high a day after former President Trump’s re-election. As of now, the coin is priced at $7.96 and has soared by 47,932% in the overall chart.
Please note that this rephrased content is not intended as investment advice, and caution should always be exercised when investing as it involves inherent risks.