ApeCoin (APE), like most altcoins, has seen some serious selling pressure this week. The past week has passed with huge losses for crypto investors, just like the crypto markets. While there was some buying pressure on Friday, it is unclear whether this rally will continue. As a result, 2022 has been a year full of sales made at rallies.
While there is still fear in the crypto money market, the analyst is looking for the coin that could be the next ApeCoin
The biggest reason for this is the macro environment we are in right now. The environment we live in is completely different from what we have seen in recent years. The Federal Reserve intends to raise interest rates and draw liquidity from the markets. Thus, the cheap capital that has financed the incredible growth for various cryptocurrencies in the past is no more.
Chris MacDonald, one of the leading names in the industry, said that there are several altcoins that caught his attention during the sales made in the rallies. Many of these tokens, like ApeCoin, are still well above where they started. The analyst revealed three cryptocurrencies that he thinks could be the next ApeCoin. As Kriptokoin.com, we are sharing three altcoins that attracted attention in the rallies and are candidates to be the next ApeCoin.
Here are 3 altcoins that have the potential to be the next ApeCoin:
Axie Infinity (AXS)
Analis, Axie Infinity (AXS) is not a meme coin, at least, many investors say Axie Infinity He said he wouldn’t call it that. This project is a blockchain-based metaverse game. Like other metaverse-related tokens, Axie Infinity saw an incredible bull run last year. But since then, Axie Infinity has suffered a massive drop, along with Meta Platforms (NASDAQ:FB) and other metaverse-related stocks, for obvious reasons.
Axie Infinity is included in this list as comparable to ApeCoin because of ApeCoin’s ties to the metaverse through the Otherside metaverse project. While this project doesn’t necessarily go as expected, ApeCoin holders are very hopeful about the future. According to the analyst, both tokens can be considered as long-term growth opportunities with high risk but high returns.
Shiba Inu (SHIB)
Perhaps the most important meme coin in this market is the Shiba Inu (SHIB). This dog-themed meme coin hit the market with a huge surge and managed to make millions in early-stage investors the previous year. However, since peaking late last year, the Shiba Inu has now fallen nearly 85 percent from its all-time high. This move coincides with the worsening price action in the overall crypto markets.
Accordingly, as one of the most watched meme coins in the crypto world, investors outsold the Shiba Inu. However, there are some token-specific factors that push the Shiba Inu higher. Tweets from Elon Musk in particular have strengthened this token in the past. Accordingly, if Elon Musk’s Twitter buys in without a hitch, this development will get Shiba Inu bulls pretty excited. Like other altcoins on this list, Shiba Inu is speculative. However, for those looking for speculative risk-based investments, SHIB is currently of great interest.
Dogelon Mars (ELON)
Another interesting meme coin that has received impressive attention this year is Dogelon Mars (ELON). As the token symbol suggests, this is another meme coin that has been trying to capitalize on the celebrity status that Musk has enjoyed over the past year. While Musk seems to be more interested in Dogecoin (DOGE) and Shiba Inu, Dogelon Mars has attracted attention especially because of its name.
Like Shiba Inu and other meme cryptocurrencies, Dogelon Mars has a growing community of dedicated followers. However, if real utility is to be generated at some point in the future, this altcoin could offer massive gains like ApeCoin. Dogelon Mars is the most speculative meme cryptocurrency on this list. Meme coins are high-risk, high-reward sandboxes for investment. However, there remains interest in the potential for life-changing returns in the short term. Until this ends, these tokens will remain interesting and speculative investments for investors at these lows.
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