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Discover the 5 Top Prime Altcoins of the Week
Welcome to the Altcoin Roundup! Each week, we highlight some of the best and most prime altcoins to watch in the current market. Regardless of whether the market is bearish or bullish, our focus is on trends, utility, and deep market insights.
Please note that this article serves as a resource for your research and is not intended to be financial advice. Always do your research and invest at your own risk. The author may not own every coin mentioned.
Uncovering the Prime Altcoins of 2024: Crypto Market Research Guide
When it comes to crypto, it’s not enough to just buy a coin, you have to know why the coin is being used and what’s affecting its trajectory. I suggest when researching you to look at the following.
1. Website
Viewing the website generally provides information and a roadmap for the crypto.
2. Whitepaper
The whitepaper gives you the whole architecture for the cryptocurrency.
3. Market Watch
The market watch, in FRNS terms, is defined as the market cap (MC = price x trading volume) + the trends surrounding the cryptocurrency.
4. Social Media
Social media provides real-time updates and engagement for the cryptocurrency. Social media is a good way to understand what developers are doing in real time. Think of it as crypto news but without all the sad stories(most of the time 😅).
These four factors help you understand the foundation and movement of cryptos. With that in mind, let’s explore this week’s highlighted coins.
1. Kaspa (KAS)
Website
Whitepaper
The Kaspa whitepaper dives into the innovation of blockchain technology through the introduction of the PHANTOM protocol, which pivots from the traditional single-chain structure to a blockDAG — think of it as a more interconnected and less linear blockchain. This innovation is designed to solve the problem of scalability in cryptocurrency networks without compromising on security or decentralization.
At the core of Kaspa’s tech is the GHOSTDAG protocol. It’s a system that’s all about maximizing the inclusion of honest blocks and minimizing the influence of malicious ones, enabling faster confirmations and robust security. Imagine a system that’s like your social media feed: where the relevant (honest) posts are boosted and the spammy (malicious) ones are filtered out.
Kaspa’s approach is to enhance transaction speed dramatically, akin to upgrading from a crowded highway to a multilane expressway, allowing for a much higher volume of traffic to flow smoothly. For the tech-savvy and the crypto-curious, Kaspa proposes to be the next step in blockchain evolution, providing a faster, more efficient, and secure network for the growing demand in digital transactions .
Market Watch
Kaspa’s price fell by 10% this week, influenced by BTC dropping below $60,000. As a Layer 1 blockchain, Kaspa’s market value often mirrors movements in BTC’s price, which itself declined following the April 20th Bitcoin halving event. This event reduced the mining reward from 6.25 to 3.125 Bitcoin per block, a change intended to enhance BTC’s scarcity.
Considering its focus on ensuring stable networking and faster transactions, Kaspa represents a promising option for long-term investments spanning 5 to 10 years. Similar to other undervalued Layer 1 blockchain like Binance Smart Chain (BNB), Kaspa offers significant growth potential in this market cycle.
Social Media
2. Polygon (POL)
Website
Whitepaper
Polygon, originally known as Matic Network, is a blockchain platform designed to enhance scalability and user cooperation on Ethereum’s network. It uses a unique Layer 2 scaling solution to allow for faster and more cost-effective transactions without sacrificing security. The core component of Polygon is its ability to process transactions quickly through a system of side chains that operate alongside the main Ethereum chain.
The platform’s native token, MATIC, plays a crucial role in maintaining and operating the network. It’s used for paying transaction fees, participating in network governance, and staking, which secures the network and validates transactions. The staking mechanism also incentivizes token holders by rewarding them for their participation in network operations.
Polygon’s architecture supports various use cases, such as decentralized finance (DeFi), where it can manage complex transactions and interactions at scale. This flexibility has made it a popular choice for developers looking to build efficient and scalable dApps.
Market Watch
Polygon’s price increased by 1% over the week. Although Polygon’s value is influenced by Bitcoin’s market movements, it tends to do its own thing.
This week, despite a mid-week dip, the price began to recover on Wednesday. This resurgence is likely tied to the ongoing transition to Polygon 2.0, which has enhanced token utility through Polygon Improvement Proposals (PIPs).
This week, despite a mid-week dip, the price began to recover on Wednesday. This resurgence is likely tied to the ongoing transition to Polygon 2.0, which has enhanced token utility through Polygon Improvement Proposals (PIPs).
Social Media
3. Dogelon Mars (ELON)
Website
Whitepaper
Dogelon Mars, inspired by the dog-themed memecoin craze, brands itself as more than just digital currency—it’s a ticket to the stars, envisioning itself as the currency of choice for future Martians. Its ethos is about creating a sense of unity and purpose among its holders, meshing humor with a vision for space exploration and community resilience.
Despite the galactic narrative, the ELON token is, at heart, a community-driven project without a specific whitepaper, charting its course through engagement and collective enthusiasm. The crypto community has embraced it, with a significant number of holders and social media followers, giving it a notable presence in the meme coin market.
Its tokenomics reflect a gesture of trust and goodwill, with half the supply locked in liquidity and the other half donated to charities—a strategy that nods to its more famous counterparts like Dogecoin. As it orbits the crypto space, Dogelon Mars embodies the playful spirit of meme coins while looking to its community to shape its trajectory.
Market Watch
Dogelon Mars is down 7.5% this week, and up 1% on the day. Typically during a bear market, meme prices dip. You probably noticed in the last bull run that these coins shoot up, referred to as “mooning”, without any rhyme or reason. Not necessarily, when BTC’s price rises, people take money out of Bitcoin and start transferring to other coins to see them pump. Why? Because it’s funny! People love the cheeky nature of memes and choose to invest in them no matter their utility. ELON started getting buzz around 2021 after dog-based coins such as Shiba-Inu and Dogecoin became popular.
Given their high market volatility, meme coins are generally better suited for short-term trading, ranging from less than a week to about three months. Effective timing for buying and selling is crucial to capitalize on these investments. Including ELON in your portfolio could be strategic before the onset of the next major bull run.
Social Media
4. GALA Games (GALA)
Website
Whitepaper
Gala Games is a blockchain-based platform that’s jazzing up the gaming scene with a twist, giving players real ownership of their in-game items through NFTs. Think of it as a blend of gaming fun and crypto cool, where players earn GALA tokens just by playing games. It’s part of the GameFi wave that’s redefining what it means to game, mixing play with pay.
The GALA token is the lifeblood of Gala Games, used for buying in-game items and as rewards for those running nodes. With a cap set at 50 billion tokens, it’s all about rewarding players and contributors, fostering a growing ecosystem. Gala Games isn’t just about one game; it’s a whole arcade. From the fantasy realms of Mirandus to the strategic battles of Fortified, there’s a game for every taste. And with a platform that boasts over 1.3 million active users, Gala Games is carving out its place in the gaming universe.
The platform’s big on community, with nodes operated by users who help power the network and have a say in the games and features developed. It’s a decentralized gaming haven where players aren’t just players—they’re part and parcel of the platform’s fabric. While many games are still in the pipeline, the platform’s native blockchain, GalaChain, is set to streamline transactions and lower fees, making it even more gamer-friend
Market Watch
This week, GALA’s value decreased by 9.8%, influenced by a downturn in Bitcoin’s price. Gaming represents one of the most practical applications for cryptocurrency, as it allows users to trade currency and NFTs within games, which can then translate to real-world assets.
GALA is SUPER undervalued. Cutting straight to it there. For a gaming project that continues to grow and attract such a large user base, the current price seems remarkably low. Similar to platforms such as Decentraland(MANA) and Sandbox(SAND), GALA is an excellent candidate for long-term investment, with a recommended hold period of 3 to 5 years. There is strong confidence that GALA will experience a surge as VR and crypto gaming transactions become more mainstream.
Social Media
5. Fetch.AI (FET)
Website
Whitepaper
Fetch.AI is a platform where artificial intelligence meets blockchain, enabling a decentralized digital world. The core of the Fetch.AI ecosystem revolves around Autonomous Economic Agents (AEAs), which autonomously perform tasks for users, such as data delivery or service provision, and get rewarded in FET tokens for their work. The platform aims to address a myriad of real-world problems, enhancing efficiencies in sectors like DeFi, transportation, energy, and travel by leveraging AI and blockchain.
The FET token, which is central to Fetch.AI’s operations, has various uses within the ecosystem. It’s not only the primary medium of exchange but also a staking mechanism to secure the platform, providing incentives and earning potential for stakeholders. The Fetch.AI project shows a commitment to innovation, with the development of new applications and features on its roadmap, including improvements to its wallet and the introduction of new protocols like Axim for collaborative learning platforms.
Fetch.AI’s vision extends to building a network that’s interoperable with other blockchains, broadening its reach and utility across the digital ecosystem. This ambitious project is backed by a strong team with deep roots in AI, blockchain, and software engineering, and has garnered significant investment interest, indicating a strong belief in its future potential.
Market Watch
Social Media
Is the market bullish or bearish?
The market is currently bearish. Bitcoin recently experienced a surge as large financial institutions began investing in Bitcoin ETFs. As these major players directed their resources toward Bitcoin, retail investors shifted their focus to altcoins like Solana (SOL) and Shiba-Inu, among others. Many had anticipated Bitcoin reaching $100K during the last bull market; although it didn’t hit that mark, it still reached an all-time high of $73,794. Since then, the market has corrected, and Bitcoin’s price now fluctuates between $58K and $65K.
In this bear market, it’s a good strategy to “Load the Boat”—that is, start setting aside a percentage of your funds to invest in the cryptocurrency market. By doing this, you’ll be well-positioned for the next time Bitcoin’s price rises. Use the information provided here to begin your research and consider all the inherent risks before making any investments. Check back next week for the altcoin roundup!
