2024 has started with a lot of speculation about general market performance. While the global cryptocurrency market awaits SEC approval for the Bitcoin ETF, another major talking point in the cryptocurrency world has been the rise and fall of memecoins.
Topping the list of wildly popular memecoins in 2023 was $PEPE. However, the coin was unable to maintain interest and price momentum in the months following its launch. Another major controversy surrounding $PEPE was PEPE Coin 2.0.
While investors were still mulling over new “imposter” coins, memecoins like $SUI and $GFOX were announced. Both coins had promising price prospects for early holders, holding them until 2024.
In this article, we analyze Pepecoin’s highs and lows, the potential of new Pepe coins, and the current interest in $SUI and $GFOX. watch.
PEPE Latest News
Pepe Coin ($PEPE) is a memecoin built on the Ethereum blockchain that has gained popularity since its launch in April 2023. Despite the unstable price, thousands of investors purchased this coin on major cryptocurrency exchanges.
In August 2023, there were general concerns that an “undefined” amount of $PEPE tokens had been inexplicably transferred from project wallets to central exchanges. This caused the price and acceptance of the coin to decline. In September, despite assurances from the Pepe community about the safety of the remaining tokens, the price continued to fall. In October, a new team of advisors was announced along with some token burns to increase the scarcity and price of the coins.
Pepecoin seemed to be back on the right track after these major changes until Pepe 2.0 was released. The new Pepe Coin is rumored to have been created by a blacklisted individual from the original Pepe Coin project. Unlike the tax-free original, Pepe 2.0 charges a 1% transaction tax for marketing, liquidity, and community development, which naturally limits its acceptance, popularity, and price.
The new Pepe Coin’s roadmap includes vague steps for the coin’s launch, with no plans for community partnerships or Tier 1 exchange listings.
40% off price pumps from SUI
The SUI token backed by Mysten Labs has achieved remarkable price growth. $SUI currently ranks 13th among all L-1 blockchains in terms of Total Value Locked (TVL), which has generated a lot of hype for its native token, resulting in a recent surge in its price.
This is not the first time $SUI has made a positive impression on the market. SUI rose 228% on May 2, 2023, reaching an all-time high, despite fluctuations in the macro cryptocurrency market.
At the time of writing this report, the price of $SUI has fallen slightly over the past 24 hours to around $1.30, but is still up an impressive 55% over the past week.
While these statistics suggest that $SUI is a good investment, it is important to know that the token’s relatively low market capitalization makes it highly volatile and its tokenomics are notoriously difficult, resulting in a 70% crash upon launch on retail exchanges. After the recent recovery, $SUI may not be able to sustain further price gains due to selling pressure from large stakeholders. Therefore, investors have been spinning their profits from $SUI to alternatives such as $GFOX, which has greater upside potential and better tokenomics.
Galaxy Fox (GFOX) pre-sales expected to reach $5 million
GFOX is one of the memecoins to watch in 2024. The coin has surpassed investor expectations in pre-sale, with more than 95% of the Phase 6 supply already sold. The project is expected to exceed $5 million in pre-sales by the end of January 2024 and has already raised close to 50% of its goal. Due to rising prices and low risk, analysts have speculated that $GFOX is the next big coin.
At the heart of the Galaxy Fox ecosystem are compelling play-to-earn games. This captivating game is designed to both entertain and reward players, making it popular around the world. The coin is expected to be one of the top three memecoins upon listing on the exchange platform. This is also expected to increase the price of $GFOX by 50 times the current pre-sale price.
final thoughts
2024 started off with good news for cryptocurrency investors as the SEC ruled on the official sale and purchase of Bitcoin ETFs. Investors are now more optimistic about market trends and prices.
Memecoins like PEPE Coin 2.0 may cast doubt on the performance of memecoins in 2024. Coins like $SUI and $GFOX are proof that good things await early investors. $SUI has seen a price increase of over 40% over the past month and $GFOX is currently poised to make 50x its pre-sale price. Considering $GFOX’s community and current market capitalization, this is one coin that every investor should consider.
To learn more about $GFOX, visit the Galaxy Fox pre-sale website or join the community.