Can These 3 Meme Tokens Climb to New Highs in 2024?

Stocks to sell

In the forcible crypto world, overlooked currencies continue to gain value, creating complexity for investors. Amid recent gains, discerning and selling cryptos with little upside is vital. Despite widespread optimism in the cryptocurrency space, particularly for leading mega-cap cryptos, caution is advised. Not all cryptocurrencies are worthwhile; some meme tokens are best avoided due to their dubious potential. 

The surge in wealth we’ve seen created over the past year, while impressive, may not be sustainable. Amid this backdrop, pinpointing resilient and adaptable cryptocurrencies worth buying becomes imperative. Reflecting on the crypto journey underscores its volatility and rapid shifts. Let’s examine three cryptos to sell, which are facing significant headwinds.

Internet Computer (ICP-USD)

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Since its May 2021 launch, the Internet Computer (CCC:ICP-USD) token has seen a significant decline, now trading at 70 cents from its peak of $755.50. This drop signals market skepticism about ICP’s long-term viability, given its struggles to attract developers and users for its decentralized applications platform. 

Following news of its integration with Bitcoin (CCC:BTC-USD), Internet Computer’s ICP coin experienced a recent rally, rebounding from a previous dip triggered by being labeled an unregistered security by the SEC. Amid a bullish crypto market, ICP made gains, reaching approximately $13.50 on January 2, 2024. Despite seeking comments, Internet Computer did not immediately respond. 

The crypto market acknowledges Ethereum’s drawbacks, seeking alternatives addressing high costs and speed issues. Despite advanced technology, Internet Computer exhibits unpredictable price swings, raising doubts about decentralization and transaction nature. Despite early venture capital support, ICP’s value declined, failing to sustain growth or stability.

Dogecoin (DOGE-USD)

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Founded in 2013 as a playful jab at cryptocurrencies like Bitcoin, Dogecoin (CCC:DOGE-USD), initiated by Adobe and IBM developers, saw astronomical growth. From trading for fractions of a cent in early 2014, it surged 32,000%, now valued at 50 cents. 

Notably, Dogecoin gained regulatory approval for the DOGE-funded SpaceX Doge-1 Moon Mission in November, followed by Federal Communications Commission authorization for a January 12, 2024 launch. Announced by Doge Norway on X, the mission, financed in DOGE, marks the first meme crypto in space.

While amusing, Dogecoin lacks investment appeal. Unlike stablecoins tied to assets or systems like Ethereum, it’s missing intrinsic value. Its entertainment value and community support are its main assets, but fundamental investors often avoid it. Relying on popularity, it yields short-term gains but lacks sustainability. DOGE’s peak popularity suggests a new cryptocurrency trend may soon emerge.

Shiba Inu (SHIB-USD)

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In December, Shiba Inu (CCC:SHIB-USD) surged among whales, possibly linked to the impending Bitcoin halving. This surge, driven more by hype and quick gains than genuine interest, poses short-term risks. SHIB’s vulnerability to sharp declines, coupled with concentrated supply control and a lack of utility progress, flags it as a crypto to sell.

Despite a notable 99,000% gain potential, achieving this for Shiba Inu becomes increasingly challenging with its current $6.2 billion market cap and 589 trillion circulating tokens. Hitting $0.01 per token would necessitate a market cap 4.6 times higher than Bitcoin’s peak valuation, a formidable task. While reaching a penny per token seems nearly impossible, potential upward movement in the coming years is feasible.

Shiba Inu, an Ethereum-based cryptocurrency, lacks distinct features beyond being a speculative asset. With minimal utility as a currency, it competes among over 23,000 cryptocurrencies. While creating currencies or speculative assets is easy, sustaining an evolving community is challenging. Shiba Inu’s team shows efforts for long-term viability, but its meme coin status remains a key advantage.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.

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