Top Cryptocurrencies to Consider Buying Now: SLOTH, DOGEVERSE, WAI
By Joel Frank
Last updated:
May 14, 2024 14:31 EDT
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3 min read
The cryptocurrency market experienced a significant downturn on Tuesday due to US PPI inflation data and comments from Fed Chair Jerome Powell. This has left investors uncertain about which cryptocurrencies to invest in at the moment.
Pepe is the only top 100 cryptocurrency that saw gains in the past 24 hours, reaching new all-time highs. Notably, Roaring Kitty, the iconic GameStop investor who played a key role in the 2021 meme stock craze, made a comeback on social media on Monday. This led to a surge in speculative trading activity, with stocks like GME and AMC, as well as meme coins, experiencing a pump. However, most meme coins, including Dogecoin (DOGE) and Shiba Inu (SHIB), have since reversed their gains and are currently down 3-5% in the past 24 hours, according to CoinMarketCap. Bitcoin (BTC) is also down about 2% and is currently trading in the mid-$61,000 range.
The surge in GameStop triggered by Roaring Kitty’s return could potentially indicate an upcoming spike in inflation expectations, as noted by macro strategist Otavio Costa. If inflation expectations increase, it is likely that the Fed will raise interest rates, as seen in 2021/2022. However, Powell stated on Tuesday that he does not anticipate the next move by the Fed to be a rate hike. He mentioned that he expects inflation to decrease again, but his confidence in inflation has waned compared to before. These remarks come after the release of higher-than-expected PPI data and a day before the release of CPI data, which have dampened sentiment in the broader market.
Bitcoin is still trading within recent ranges, while Ether (ETH) is at risk of breaking below the $2,850 support level.
Given the current market conditions, it may be challenging for investors to identify the best cryptocurrency to invest in today. Here are a few options that analysts at Cryptonews recommend.
Best Cryptocurrencies to Buy Today:
Slothana (SLOTH):
Slothana is a new meme coin based on the Solana blockchain that has seen a significant price surge since its launch earlier this month. It has gained an impressive 550% since May 1 and has a market cap approaching $90 million. Slothana aims to surpass its predecessor, Slerf (SLERF), another sloth-themed meme coin that once had a market cap of nearly $500 million but has since declined to $127 million. With the renewed interest in meme coins, Slothana has the potential to become a multi-billion dollar asset, making it an attractive option for investors seeking the best cryptocurrency to buy today.
Dogeverse (DOGEVERSE):
Dogeverse is a new meme coin with unique cross-chain capabilities that has generated significant excitement in the market. It aims to be the multi-chain equivalent of the original meme coin, Dogecoin, and will launch on six of the most popular blockchains, excluding Bitcoin. Dogeverse stands out by establishing a presence on all major chains, recognizing the competition among blockchains to become the leading platform for meme coin launches. Its cross-chain bridge capabilities further enhance its appeal, making it a “Doge with superpowers.” Currently in the presale stage, Dogeverse has already raised over $15 million, positioning itself as a strong contender for the best cryptocurrency to buy now.
Wiener AI (WAI):
Wiener AI is another meme coin currently in the presale stage that offers AI-powered trading tools. It features a sausage dog theme and has raised over $1.8 million in its presale. Priced at $0.000707, WAI currently has a market cap below $50 million. If it achieves market leadership, early investors could see significant gains, potentially reaching 100x or more. With 20% of the token supply allocated to staking rewards, investors can currently enjoy an impressive 566% APY, according to the project’s official website.
Please note that investing in cryptocurrencies is a high-risk endeavor. This article provides information for informational purposes only and should not be considered investment advice. There is a possibility of losing all invested capital.