With the crypto market suffering due to Bitcoin’s recent crash, investors need to seize the opportunity to buy dips on promising tokens for handsome returns. This CoinGape article outlines four altcoins that are a good buy now to turn $1,000 to $100,000 by January 2024
4 Promising Altcoin To Turn $1,000 to $100,000
As noted above, these four altcoins that show promise of an exponential rally. These crypto tokens could help turn $1,000 to $100,000.
Ripple (XRP)
The 30-day MVRV indicator has dropped below zero and currently hovers around -4%. This suggests that investors who purchased XRP a month ago are now at an average loss of -4%. The MVRV indicator is used to guage the average profit/loss of investors. A drop in 30-day MVRV below zero provides buying opportunities for long-term holders as short-term holders capitulate.
As long-term holders accumulate XRP, the odds of the remittance token kicking off a massive XRP price rally to the upside improve. So far, Ripple has shot up nearly 500% and has more momentum to shoot higher.
Investors looking to turn $1,000 to $100,000 can include this altcoin in their portfolio.
Shiba Inu (SHIB)
The second altcoin to buy includes Shiba Inu (SHIB). This dog-based meme coin was once termed “Dogecoin killer” and has the potential to skyrocket. Lately, the number of SHIB tokens held on exchanges has been plummeting.
The number of SHIB dropped from 146 trillion to 141 trillion, a net outflow of 5 trillion tokens. This 4.25% decline suggests that investors are confident in Shiba Inu price performance in the near future and are not looking to sell SHIB. This is a fundamental development for SHIB price.
Nebula Stride (NST)
Nebula Stride (NST) is a new and promising blockchain project that has been gaining attention. The NST airdrop is yet to occur, which has also helped the project gain a lot of traction in recent days. With a total supply of 2 billion NST, the project’s team plans to allocate 10% for the airdrops. Typically, this attracts investments and could spark optimism among potential investors looking to buy altcoins. The presale’s next stage will begin after raising $416,666.66, with the token price increasing to $0.025.
If the market sentiment improves NST price could rally. Additionally, the project plans to giveaway $1 million to 100 lucky winners. Each of the selected winner will receive 10,000 USDT.
As a relatively new token, Nebula Stride has significant room for upside growth and is the best altcoin to buy to turn $1,000 to $100,000.
Virtual Protocol (VIRTUAL)
Like Nebula Stride, Virtuals Protocol is a newly launched token that is AI-based. According to Santiment, the supply on exchanges has plummeted from roughly -113,000 to -1.42 million. This shows a massive outflow from centralized platforms and in turn denotes rising investor confidence. Even if there is a slight sell-off, these investors wouldn’t consider selling.
Pepe Coin (PEPE)
The last altcoin to buy includes PEPE, which is a frog-based top meme coin, built on the Ethereum blockchain. The 30-day MVRV for Pepe Coin has dropped to -17%, indicating that investors that purchased PEPE in the past month are at an average loss of 17%.
As noted above, short-term holders’ capitulation is a buying opportunity for long-term holders. Hence, the recent drop serves as a good place to buy the altcoin to turn $1,000 to $100,000. Hence, PEPE’s value could be due for a rally.
All in all, the recent drop in Bitcoin from above $100K to sub-$95K has caused altcoins to drop double-digit. This dip is a good opportunity before altcoins skyrocket, turning $1,000 to $100,000.
Frequently Asked Questions (FAQs)
Ripple (XRP), Shiba Inu (SHIB), Nebula Stride (NST), Virtual Protocol (VIRTUAL), and Pepe Coin (PEPE) are the top altcoins with potential for exponential rallies.
The 30-day MVRV indicator dropping below zero indicates that short-term holders are capitulating, providing a buying opportunity for long-term holders.
The decline in SHIB supply on exchanges suggests that investors are confident in its price performance and are not looking to sell, which could be a bullish sign for the token.
Akash Girimath
Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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