Memecoins like WIF and SHIB will not encourage the cryptocurrency’s rise, analyst recommends OP and ALGT instead
Despite the popularity of meme coins like WIF and SHIB, market analysts believe that these tokens will not lead the next cryptocurrency rally. Experts point out that its inherent volatility and lack of seed projects limit its ability to achieve sustainable growth.
Instead, analysts point to tokens like OP and ALGT, which are backed by solid technological foundations and real-world applications. These recommendations come at a time when investors are looking for more stable and promising opportunities in the cryptocurrency space, aiming to benefit from tokens with significant use cases and development activities.
Dojoyvat and Shiba Inu: Contrasting paths in the memecoin market
Dujoyvat (WIF) It has seen a meteoric rise, with its price rising by a staggering 195,510.3% in just five months, showing no signs of slowing down.
Recently, the memecoin saw a significant rally, rising from $2.70 to $3.54 in one week, sparking bullish sentiment about its ability to close out 2024 at $5. These positions ascend rapidly Dujoyvat As one of the most promising meme currencies currently on the market.
Conversely, Shiba Inu (SHIB), despite being one of the most popular cryptocurrencies, has struggled to maintain momentum. The broader downturn in the cryptocurrency market, exacerbated by the recent sentencing of Binance CEO Changpeng Zhao to four months in prison for money laundering, has impacted SHIB significantly.
The currency witnessed a decline of 13% over the past week and 19% over the past month. For SHIB to reach higher valuations, a crucial step will be to address its massive supply, which remains a major impediment to its growth.
Optimism (OP): A promising solution for layer 2 scaling of Ethereum
Optimism works as a layer 2 blockchain solution that aims to enhance the scalability of the Ethereum network. It runs directly on top of the Ethereum mainnet and uses optimistic pools to boost transaction throughput while maintaining the security features of the base layer. This innovative approach significantly reduces transaction fees and improves processing speeds.
currently, optimism At $2.72, reflecting an increase of 8.30% over the past 24 hours. Over the past year, the value of the coin has risen by 26%, indicating strong market sentiment. The price now stands above the 200-day simple moving average (SMA), reinforcing the bullish outlook among traders. Despite the market being dominated by just 0.03%, optimism shows potential for stabilization with the 14-day Relative Strength Index (RSI) at 56.88, which could indicate a potential period of sideways movement. The token has shown low volatility, with 43% of days last month showing positive returns. In addition, the volume to market cap ratio of 2.6525 highlights the large investor participation and high liquidity in the market.
Optimism hosts major DeFi protocols such as Synthetix (SNX), Uniswap (UNI), and Velodrome (VELO), and boasts a total value locked (TVL) of over $500 million. This comprehensive adoption facilitates seamless interactions with decentralized finance applications and decentralized exchanges on the Optimism network, providing users with faster transactions and lower fees compared to those on the Ethereum mainnet.
Algotech (ALGT) is emerging as a major player in the cryptocurrency market with its AI-powered trading
Along with OP, Algotech (ALGT) is rapidly gaining traction in the cryptocurrency market. This decentralized trading platform, which launched with a strong IPO, differentiates itself by incorporating artificial intelligence into its operations. This strategic use of AI enhances trading strategies, reduces human error, and improves market analysis, ultimately leading to better trading results.
From a financial perspective, Algotech has been a profitable investment for early backers. Investors who participated in the initial pre-sale at $0.04 per token saw their investment grow to $0.08 in the current third phase. As the presale progresses to its final fourth stage, anticipation is building, with the token expected to reach a listing price of $0.15, an increase of 87.5% from its current price.
To attract more investors, Algotic Apple is running a giveaway promotion for premium Apple products, with additional incentives for participation.
For more details about Algotec:
Visit Algotech Presale
Join the Algotech community
Disclosure: This is a sponsored press release. Please do your research before purchasing any cryptocurrency or investing in any projects. Read the full disclosure here.