Altcoin Buzz has announced three potential altcoin projects that it believes will potentially attract buyers in 2023. On the other hand, another analyst, Paul L., shared five meme coins to watch out for during the month of January. Here are the details…
Altcoin Buzz pointed to these cryptocurrencies
cryptocoin.com As we have also reported, 2022 has been a difficult year for cryptocurrencies. Unforeseen events have had a huge impact on the prices of all cryptocurrencies. Analysts predict that by 2023, cryptocurrencies will bottom out again before taking a bullish stance. At this point, analysts share some altcoins to follow. One of these analysts was Altcoin Buzz.
The analyst drew attention primarily to Litecoin (LTC). Litecoin was created based on the Bitcoin protocol. However, the hash algorithm used also differs in terms of hard limit, block processing times, and a few other factors. LTC also has a block time of just two and a half minutes and extremely low transaction fees. Suitable for microtransactions and point-of-sale payments. Additionally, Litecoin is expected to perform its third halving in July 2023.
Second on the list is ApeCoin. It is the management and utility token used in the BAYC ecosystem. The launch of the Otherside metaverse also enhances the utility of ApeCoin. Apart from that, the list includes Internet Computer (ICP). With the help of cryptographic developments, ICP includes a radical design of Blockchain architecture. With this Blockchain, users can create almost any online system or service.
What are the best meme coins to follow?
So, what are the best meme coins? Analyst Paul L. shared the coins to follow throughout January 2023. The analyst’s listing includes the following coins and the following comments:
While Dogecoin trades mostly in the red zone in 2022, it has recorded small gains backed by news of network development and adoption. Notably, the asset soared after gaining support from Tesla CEO Elon Musk. DOGE, given that there are speculations that the token could be integrated as a payment option on Twitter, according to the analyst; continues to be a viable investment opportunity.
It also stands out for possible progress after Musk and Ethereum founder Vitalik Buterin were revealed to have plans to develop the network. Also, according to the analyst, DOGE may be aiming to build small peaks of 2022. Dogecoin fell 54 percent by market cap in 2022, making it the second best performing coin among the top ten cryptocurrencies.
Shiba Inu (SHIB)
Away from significant price correction, Shiba Inu (SHIB) aims to reach several milestones in 2023 as the community tries to offer a variety of products on the network. For example, decentralized finance (DeFi) is looking forward to the launch of its layer-2 scaling solution called Shibarium, alongside the growing interest in the metaverse.
The Shiba Inu-themed asset is witnessing growing community excitement as it makes huge profits despite the market downturn. Airdropped to Bonk (BONK), Solana (SOL) NFT communities and creators. This led to an increase in trade volume and purchasing pressure. While Bonk is gaining momentum, it will be interesting to watch if the token repeats the success of other meme coins.
Terra Classic (LUNC)
After the collapse of the Terra (LUNA) ecosystem, the original chain of the platform, Terra Classic (LUNC), mimicked the price action of meme coins. Backed by coordinated short squeezes, LUNC challenged the overall market price action to record gains. Currently, LUNC’s prospects largely depend on continued support from established crypto assets. However, any developments regarding Do Kwon, the founder of Terra, could also affect the altcoin.
Floki Inu (FLOKI)
The Floki Inu (FLOKI) was created after the success of the Shiba Inu. Currently, the Floki community is focusing on developing NFT markets, metaverse-based games, and educational platforms. According to the analyst, the success of the development will likely bring more benefits to Floki Inu and make the coin attractive to the masses. Like SHIB and DOGE, FLOKI can act on possible tweets from Musk.
Conclusion: Meme coins are affected by the overall market
As a result, the recovery ability of meme coins will be determined by the overall market movement remaining in the consolidation phase. Relevant communities also need to work extra hard, amid criticism that “meme coins do not provide solid benefits.”