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Despite a solid open to 2024, Dogecoin and other meme coins have lost significant value in recent hours as the broader market dives. Currently, Dogecoin is down 11.62%, Shiba Inu is down 13.86%, and Bonk is down 21.71%.
However, a handful of lesser-known meme coins continue to show strength, indicating it could be a good time to buy ahead of a broader market reversal.
New Matrixport Analysis Sends Prices Plummeting, Meme Coins Most Affected
Narratives about Bitcoin spot ETFs gaining approvals from the SEC in January stoked massive optimism in the crypto markets in recent months, enabling meme coins and other cryptos to gain tremendous value.
However, a new report from Matrixport explains that the SEC may reject all Bitcoin spot ETFs in January.
Matrixport Analyst Markus Thielen provided the prediction, speculating that “all applications fall short of a critical requirement that must be met before the SEC approves.”
The report has made the crypto market panic, causing Bitcoin to drop 7.36%, Ethereum 7.95%, and Solana 14.41%. However, meme coins have fared worse for wear.
The Matrixport report and subsequent price dump occurred within the last hour, so analysts have yet to comment on what this means for meme coins.
However, the broader market sentiment remains bullish, with some traders dubbing it a “pre-ETF dump.”
Some analysts believe this is a manipulation tactic aimed at washing the market’s overleverage before a macro-uptrend continuation.
Trader Phugazi believes that the ETFs will still be approved and the market will quickly recover.
“Pre-marked dump before ETF announcement V-shape recovery into the stratosphere. Textbook manipulation. Flush everything.” Said the analyst.
However, Doctor Profit expects the ETF applications to be denied in January but approved before the Bitcoin halving, setting the stage for a new all-time high.
Moving back to meme coins, their increased volatility is associated with high-risk levels, meaning traders are likely to cut holdings faster in times of potential bearish momentum.
That said, as highlighted by Golden Degen, this could present a solid buying opportunity, particularly with the discount that meme coins are currently trading at.
With that in mind, here are the three best meme coins to buy while prices are low.
Meme Kombat
It is currently undergoing a presale, enabling investors to get in from the ground up. So far, it has raised an impressive $5.8 million, indicating a strong community interest.
The project lets users gamble on AI-generated battles between meme coin characters. It hosts an augmented battle arena where users can watch and bet on fights in various game modes, like single-player, multiplayer, and side-betting.
Users will bet and earn rewards in $MK, providing a unique way to earn crypto while also providing long-term token utility.
Another demand stream is Meme Kombat’s staking mechanism, which currently offers a 161% APY. However, this will decrease as more tokens are staked, so traders must be fast to secure the most upside.
Its compelling use case and robust tokenomics have compelled analysts to offer exciting predictions. One of those is Crypto Pablo, speculating Meme Kombat could 100x after its IEO.
Currently, the Meme Kombat presale price is $0.268, but this will rise to $0.279 in just over one day.
Sponge
Amid the May 2023 meme coin mania, Sponge rose as one of the top contenders, pumping 100x to a $100 million market cap.
At one point, analysts labeled the project the next Pepe after it quickly netted 30K followers and 13K holders.
However, the Sponge team has resurfaced from the depths of Bikini Bottom, aiming to absorb the new meme coin liquidity and dominate the dog coins. The team has created a new rendition of Sponge, Sponge V2.
It is packed with new features, including a Play-to-Earn racing game enabling users to earn free crypto. Players must hold the Sponge V2 token, increasing its long-term potential thanks to higher demand and lower supply.
The team has also set its sights on “bigger and better exchange listings.” Considering the original Sponge already had listings on over ten prominent exchanges like MEXC and Gate.io, could this mean a Binance or Coinbase listing is next?
However, it is crucial for potential buyers to understand the only place to buy $SPONGEV2 is from the Sponge.vip website. It is currently undergoing a Stake and Earn campaign, where investments will be staked and earn an additional yield until the campaign ends.
Once complete, Sponge V2 will launch on exchanges, and users can unstake their tokens.
Myro
Myro is a Solana-based meme coin that has continued to advance despite the volatile market conditions. The project is Solana’s third largest meme coin, following Bonk and Dogwifhat.
But while others have both struggled, Myro is up 1.2% in the last 24 hours. This comes on the back of a trend reversal after weeks of sell pressure, indicating it may continue to uptrend looking ahead.
Myro peaked at $0.046 earlier in December but sold off over 50% to lows of $0.016. However, it currently trades at $0.033, with a $31 million market cap.
This provides tremendous room for growth, considering Solana’s most prized meme coin, Bonk, holds a $720 million market cap.
The project was inspired by Solana co-founder Raj Gokal’s dog named Myro. However, unlike many other dog-inspired meme coins, Myro presents tangible utility with a built-in trading bot, enabling traders to snipe new projects on Solana early.
Furthermore, its website explains that future utilities will be added, including staking and other features serving the “evolving needs of users.”
Given its recent relative strength, analysts have begun backing Myro, with DS forecasting a breakout toward its ATH “is imminent.”
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.