In recent months, the crypto market has assumed an aura of frustration – if not outright despair – for those investors seeking to take advantage of cryptocurrencies’ tendency to rapidly multiply their value during bull cycles.
Crypto greats such as Bitcoin (BTC) and Ethereum (ETH) have been mostly stagnant but also featured significant price drops – such as the ones they are experiencing at the time of publication – while even the meme coin ‘fiesta’ is said to be near its end.
Despite the recent trends – and despite some believing the crypto bull market may already be at its end – there are still many who believe that the June downturn is but a quiet period in a cycle that will soon reignite and take numerous digital assets to ever higher highs.
Whatever the case for the broader crypto market may be, there remain several coins and tokens that hold the potential for rocketing before the end of 2024.
Solana (SOL)
As of late June 2024, Solana (SOL) finds itself in a precarious position. The fact that it has been such a popular blockchain for millions of new projects has exposed the Solana network both to criticism and potential legal issues – if recent rumors of a ‘huge case’ are true.
Additionally, the SOL ecosystem came under fire on June 27 after a 90% drop in stablecoin daily volume made many suspect wash trading was used to inflate the numbers, and that much of Solana’s popularity amounts to little more than smoke and mirrors.
Despite this, SOL has also proven to rapidly surge on positive news as it did after VanEck’s plans to establish a trust for the token were unveiled. Given that Solana is considered the likeliest cryptocurrency to have an exchange-traded fund (ETF) approved – after Ethereum, that is – it might just rocket to unprecedented highs before 2024 is out.
XRP (XRP)
The argument for XRP’s likely surging has remained largely unchanged for years. XRP is a major cryptocurrency whose price is severely depressed by the long legal battle between Ripple and the SEC. Based on this assessment, it appears obvious that, should the regulator lose the fight in the next round of court battles, XRP has the potential to surge if the aftermath of the first case is anything to go by.
Though the argument is relatively old, it has been reinforced by several developments in the last 12 months. The most recent of these is that the SEC’s authority appears to be on a descent.
While far from a coup de grâce for the Ripple battle, the U.S. Supreme Court’s (SCOTUS) ruling against the regulator’s ability to use in-house rules has certainly hampered the SEC’s ability to prevail in future cases.
In general, the Commission is finding itself under mounting pressure, as Coinbase (NASDAQ: COIN) recently filed its own lawsuit against it and several other agencies, and Ripple has also been scoring occasional wins over the months.
MAGA (TRUMP)
The talk of the town – or rather, the talk of the shining city on a hill – in 2024 have been the upcoming presidential elections. The trend has also translated into the crypto markets and has generated numerous meme coins centered on one of the two main candidates – Joe Biden and Donald Trump – and several non-fungible token (NFT) collections.
While any of the candidate-themed cryptocurrencies could theoretically skyrocket should the associated politician win, the MAGA tokens have, by press time, started appearing vastly more likely than the Biden ones.
The notion only became more true on June 28, given the reports that the Democratic party is looking to replace the elderly President on the November ballot after his performance during the June 27 debate.
Out of the Trump cryptocurrencies, the biggest reaction in case of victory is likely to come from MAGA (TRUMP) meme coin. It is not only the largest of the bunch, with a market capitalization of almost $350 million, but has already shown strong reactions to the candidate-related news.
Interestingly, the MAGA meme coin saw its biggest spike and its all-time high (ATH) a day after former president Trump was convicted. Overall, the cryptocurrency’s price, at the time of publication, stands at $7.96 and it is up 47,932% in the all-time chart.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
