The crypto market has been very enthusiastic lately. After experiencing a correction, the crypto market capitalization managed to add $180 billion in the last week. The price of Bitcoin also set a new record above $67,000. It is not surprising that a number of other crypto assets, especially Memecoin, are also showing signs of revival.
Meme coins are often considered a high-risk investment due to their extreme volatility. But on the other hand, this characteristic is what makes speculative investors hope to achieve multiple profits in a short time. Towards the end of May 2024, there are at least 4 memecoins that are predicted to soar and have the potential to record profits of up to 3 times!
1. ERC20 (ERC20)
ERC20 is one of the oldest memecoins that still exists today. Launched in 2017, this crypto project is built on the Ethereum smart contract standard (ERC-20). One of the advantages is relatively fast transactions and the ability to collect various crypto assets in one place.
Apart from that, ERC20 also relies on a smart contract mechanism to maintain the security and privacy of transactions by not involving third parties, whether centralized or decentralized. These features are what make it still attractive to a number of crypto investors.
The recent ERC20 trading performance has been very encouraging. The current recorded price per coin is $0.169 with an incredible increase of 67.31% in the last 24 hours. Its trading volume even jumped 133.54% to $32.966 million. In one week, ERC20 has increased its value by 665.59% and throughout 2024, the increase will reach 1,870.55%!
Thanks to this impressive performance, ERC20 has been named one of the prime memecoins that has a big chance of making multiple profits by the end of next May.
2. GameStop (GME)
GameStop is a newcomer to the memecoin world that started to steal attention this year. This crypto token was launched in early 2024 in the Solana ecosystem, coinciding with a time when many other memecoins are also on the rise.
Since its debut, GME’s price movements have been quite volatile and have experienced ups and downs. However, some time ago, the price suddenly jumped drastically after a famous crypto influencer named Roaring Kitty showed off another GameStop meme on the “X” social media platform.
This action immediately triggered a surge in demand for GME. The latest data shows this coin is now trading at $0.005929 with a market capitalization of $40.497 million, ranking it the 672nd largest cryptocurrency.
Even though it was corrected 28.45% in the last 24 hours, in the last week GME managed to provide profits of up to 1,035.63% for its owners. This trend is expected to continue at the end of May, considering the increasing popularity and interest of the investor community towards the GameStop memecoin.
3. MAGA VP (MVP)
MAGA VP or MVP is a memecoin that was launched with the specific aim of supporting Donald Trump’s political campaign in the 2024 United States Presidential Election. This project was initially built on the Ethereum blockchain, but then developed itself by adopting several other popular blockchain networks such as Solana, Base, and BNB Smart Chain.
As of now, MVP is trading at $0.6084 per coin and has a market cap of around $25.26 million. Considering that Trump has a fairly large base of supporters, many people predict that demand for MVP will increase sharply towards the peak of the campaign period at the end of next May.
This bullish trend is expected to encourage MVP to soar, making it attractive to investors who want to take advantage of political sentiment during the US Presidential Election. The fluctuating characteristics of memecoin are very suitable for those who intend to make short-term profits.
4. Ponke (PONKE)
Ponke is a Solana-based meme coin that offers low fees and high transaction speeds. Ponke’s popularity also continues to increase with its adoption on a number of leading crypto exchanges.
The latest data shows that the price of Ponke has risen 45% in the last 24 hours and 100.66% in the last week. In fact, year-to-date, the increase in Ponke’s value has reached 334.68%. With a limited supply of 555 million coins, the increased demand towards the end of May 2024 is expected to encourage Ponke to continue its bullish trend.
Conclusion
Memecoin does offer exciting profit prospects for bold investors who like to speculate. However, keep in mind that trading this type of crypto asset is very high risk because of its extreme volatility. The price of Memecoin can soar many times over in a matter of hours, but it can also plummet in the blink of an eye.
This characteristic is what makes Memecoin different from mainstream cryptocurrencies such as Bitcoin which tend to be more stable. Beginner investors are very vulnerable to experiencing large losses if they get caught in the flow of Memecoin trading without adequate preparation and knowledge.
Therefore, the most important step before investing in any Memecoin, including ERC20, GameStop, MAGA VP, or Ponke, is to carry out in-depth research or what is known by the abbreviation DYOR (Do Your Own Research). First study the profile, development roadmap, team behind the project, and the fundamental factors.
Apart from that, also carefully evaluate market sentiment, macroeconomic conditions, related regulations, and various other variables that can influence the price movement of a crypto asset. Don’t get caught up in following momentary trends or making rash decisions just based on other people’s recommendations.
Despite the high risk, Memecoin’s prospects at the end of May 2024 do look quite promising. Investors who succeed in reading opportunities correctly can reap multiple profits. But of course the decision to jump in or not must be based on careful calculations and disciplined risk management. As the old saying goes, “invest appropriately and ensure the remaining profits last for old age”.
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*Disclaimer
This content aims to enrich reader information. Always do your own research and consider carefully before investing. Use funds that are not too vital for your needs before getting involved in investing. All bitcoin buying and selling activities and other crypto asset investments are the responsibility of the reader.
Author: RB & AL
Related tags: #CryptoNews today.
