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Crypto Assets: Crypto Gems: Best Crypto Assets to Watch and Buy in June 2024
May was a historic month for cryptocurrency enthusiasts. Ethereum Spot ETFs have been approved in the United States, signaling that the altcoin market is about to get its due recognition and adoption. Bitcoin it has again surpassed $70,000 and is within 5% of its all-time high. Main altcoins (Ethereum, Solana AND Cardan) are still 20-30% off their 2021 highs, even as BNB tries to enter price discovery mode. The overall cryptocurrency market, currently worth $2.6 trillion, appears to be moving out of the consolidation phase and into a strong second half of the year.
To maximize cryptocurrency returns, it is prudent to allocate a decent share to emerging and upcoming narratives that potentially drive value in the ecosystem. Today we cover the trend of artificial intelligence and tokens that can leverage its narrative along with the continued focus on RWA AND memecoin. As we gaze at the crystal, we encourage investors to understand the risks and growth potential associated with each asset and perform their own independent analysis.
AI tokens – ASI, AIOZ, TAO (higher risk, great returns)
Alliance for Artificial Superintelligence (ASI) is launching in mid-June with the merger of three AI giants and their tokens: Recover.ai (FET), SingularityNET (AGIX) and Ocean Protocol (OCEAN). The merger is expected to accelerate investment in artificial intelligence, facilitating the commercialization of cutting-edge AI technologies and enabling access to them at scale. Collectively, the three tokens today enjoy a market capitalization of $3.4 billion. ASI will start with that baseline and can probably do 5-7x in 18 months if it becomes the leading AI platform Web3.
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The AIOZ Network (AIOZ) is an infrastructure solution for Web3 storage, decentralized AI computing, live streaming and video on demand (VOD). AIOZ network blockchain combines the robustness of Cosmos and the compatibility of Ethereum Virtual machine (EVM). AIOZ actively collaborates with global brands: Google, Qualcomm and Nvidia. AIOZ has already done this 5 times this year. With a market capitalization of $0.8 billion, AIOZ can potentially grow 6-10x over the next 18 months.
Bittensor (TAO) is a decentralized, open-source AI network where peers evaluate and incentivize valuable work. Multiple AI platforms (called subnets) can be connected to this blockchain with TAO fueling the production of this intelligence. Bittensor is backed by Polychain Capital and currently has a market capitalization of $2.8 billion. TAO can grow 5-7 times in the next 18 months
Real World Assets (RWA) – ONDO, PENDLE (medium risk, considerable returns)
RWA tokens represent various things like stocks, bonds, and real estate that can be traded on smart contract-enabled blockchains like Ethereum. We follow two RWA projects with great potential. Pendle (PENDLE) is a DeFi platform that offers its users returns in the form of tradable tokens. Pendle’s new RWA product uses MakerDAO’s Boosted Dai Savings (sDAI) and Flux Finance’s fUSDC stablecoin – both of which generate returns from traditional financial sectors. With a market cap of $0.9 billion, PENDLE can potentially rise 6-8x in 18 months.
Ondo Finance (ONDO) facilitates the tokenization of real-world assets such as real estate, commodities, and art. This allows investors to access fractional ownership of traditionally illiquid assets, diversifying their portfolio beyond the usual cryptographic resources. Backed by Pantera Capital and Coinbase, Ondo has an active partnership with Blackrock. With a market cap of $1.9 billion, ONDO can potentially rise 5-8x over the next 18 months.
Memecoin – NOT, DEGEN (higher risk, good returns)
Memecoins are driving growth and speculation in the crypto ecosystem this year. Every time Bitcoin has shown strength, memecoins have risen. Three memecoins (DOGE, SHIB and PEPE) are now part of the list of top 25 crypto assets. Let’s cover two potential memecoins that have a strong community on their side.
Notcoin (NOT) is a meme game project in the TON ecosystem that uses the Telegram messenger as its technical platform. The developers offer users a simple “game” that allows them to “mine” virtual coins, which can potentially be converted into tokens. With a market cap of $2.1 billion, NOT can rise 6-8x in 18 months if the momentum continues.
Degen (DEGEN) is a meme coin from the BASE ecosystem. Degen is a meme project where Farcaster (social network) users get points every time they interact on Farcaster. With a low market cap of $330 million, DEGEN can offer high returns (8-12x) although it carries the highest risk.
The blue chips – BTC, ETH and SOL (lower risk, decent returns)
It is prudent to focus the majority of your crypto portfolio on the safest assets: Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). They are proven to enable adoption by new investors in the sector (both institutional and retail). Their returns will be moderate (3-6x), but they lead the trend and volume of cryptocurrencies.
(The author is Vikram Subburaj, CEO, Giottus cryptographic platform)
(Disclaimer: The opinions expressed by experts are their own and do not necessarily reflect those of Economic times)