As crypto markets exhibit a mixed performance on Thursday, with Bitcoin (BTC) and Ether (ETH) witnessing profit-taking due to hotter-than-expected US PPI inflation figures, while other major altcoins such as Solana (SOL) and Dogecoin (DOGE) demonstrate upward momentum, investors find themselves evaluating the market to determine the optimal cryptocurrency investment for the day.
Bitcoin is currently trading just below $71,000, and Ether is below $3,900, facing pressure from a strengthening USD and rising US yields. However, both experienced gains on Thursday as macro traders adjusted their expectations for Fed rate cuts this summer in response to the latest inflation data.
Nonetheless, it appears that some of the profits withdrawn from these cryptocurrencies have been reinvested elsewhere. This could explain why Solana has surged by over 5% in the past 24 hours, as reported by CoinMarketCap, along with similar gains seen in Dogecoin and Polkadot.
While major coins like Bitcoin may be overdue for a pullback at this juncture, investors should anticipate any such retracements to be shallow.
Bitcoin ETF inflows have remained robust in recent sessions, indicating sustained interest from institutional investors who appear eager to acquire coins ahead of the April halving.
With Bitcoin still heavily favored to reach $100,000 in 2024, possibly even before the halving event, the potential for another 50% price surge in the coming months positions Bitcoin as one of the top cryptocurrencies to consider purchasing today.
However, many investors are aiming for significantly larger gains during this bull market, possibly in the range of 5-10x returns.
In pursuit of such gains, investors are scouring the market for smaller, lesser-known coins with substantial upside potential.
Young meme coins with dedicated communities are particularly attractive in this regard.
Let’s delve into the top three such coins that investors will be closely monitoring on Thursday.
WIF (Dogwifhat)
Introduced last November as a contender to Bonk, Dogwifhat (WIF) emerges as a fresh iteration of the Shiba Inu dog meme coin concept.
Distinguished by its depiction of a Shiba Inu dog adorned with an endearing hat, Dogwifhat has garnered significant attention from the meme coin investing community.
According to DEXTools, WIF boasts an impressive $3.2 billion market capitalization and boasts over 83,000 on-chain holders. Moreover, with trading occurring across numerous cryptocurrency exchanges, it is likely that WIF has garnered a considerable number of investors.
With a notable surge of 22% in the past 24 hours, WIF stands out as the top-performing cryptocurrency among the top 100 on Thursday. However, despite this remarkable performance, its market capitalization remains six times lower than that of Dogecoin, suggesting substantial potential for further growth.
Therefore, WIF is positioned as a strong contender for the title of the best cryptocurrency to purchase today, given its promising trajectory and potential for significant upside.
Pepe (PEPE) stands out as an excellent cryptocurrency investment option for today.
Introduced in April 2023 with the ambitious aim of ushering in the post-era of dog meme coins, Pepe (PEPE) has shown commendable performance thus far in 2024.
While it hasn’t entirely supplanted dog meme coins, which continue to enjoy enduring popularity, Pepe has managed to carve out a notable share of the meme coin market.
As reported by CoinMarketCap, Pepe experienced a remarkable surge of 12% in just 24 hours on Thursday, reflecting its growing momentum in the market. At present, Pepe’s market capitalization stands at approximately $4.1 billion.
Drawing inspiration from the iconic Pepe the frog internet meme, Pepe holds the potential to garner substantial traction and further establish its presence in the cryptocurrency landscape.
Considering its impressive performance and promising prospects, Pepe emerges as one of the top contenders among the best cryptocurrencies to invest in today.
Bonk (BONK) emerges as one of the top choices for investment today.
Bonk (BONK), widely recognized as the premier success story among Solana meme coins, continues to demonstrate strong performance on Thursday.
According to CoinMarketCap data, this meme coin has surged by approximately 10% over the past 24 hours, with its market capitalization reaching an impressive $2.1 billion.
While Bonk may have been overshadowed by its newer Solana-based meme coin counterpart, dogwifhat, it remains poised for significant potential growth. Notably, Bonk holds a special place in the hearts of many Solana enthusiasts due to its sentimental value.
Originally launched via an airdrop around Christmas in 2022, Bonk played a pivotal role in rejuvenating the struggling Solana ecosystem. This initiative was particularly crucial given the ecosystem’s vulnerability following the collapse of FTX and Alameda, major supporters and users of Solana at the time.
The successful launch of Bonk in late 2022 injected much-needed optimism into the Solana ecosystem, helping to sustain its momentum during challenging times.
Given its promising trajectory and the potential to catch up to meme coin giants like Dogecoin and Shiba Inu, Bonk emerges as a compelling contender among the best cryptocurrencies to consider investing in today.
