As 2024 approaches, the crypto community is buzzing with speculation about which DeFi token currently priced under $1 will be the first to break past this milestone. A top analyst who correctly predicted the Dogecoin (DOGE) pump in May 2021 has weighed in, naming Ripple (XRP), Dogecoin (DOGE), and ETFSwap (ETFS) as the top candidates. This article explores his reasoning behind each token’s potential to surge past the $1 mark next year.
Ripple (XRP): The Legal Battle Nears an End?
Ripple’s native cryptocurrency, XRP, has long been a popular contender among DeFi enthusiasts, but its price has been held back by ongoing legal challenges with the U.S. Securities and Exchange Commission (SEC). Despite this, the analyst believes that XRP is one of the leading contenders to reach $1 in 2024.
Why XRP?
- Favorable Legal Outcome: The analyst points to potential resolution in Ripple’s lawsuit against the SEC, which accuses the company of conducting an unregistered securities offering. A positive ruling could remove a major roadblock for XRP, allowing its price to surge as confidence returns to the market.
- Utility and Adoption: Ripple has focused on building real-world use cases, particularly in cross-border payments. Its network, RippleNet, is already used by major financial institutions to settle payments, and the analyst argues that increased adoption could provide the catalyst needed to push XRP above $1.
- Community Support: The XRP Army, a large and passionate online community, continues to rally behind the token. This consistent interest and engagement could help drive price growth once legal uncertainty clears up.
Dogecoin (DOGE): The Meme Coin That Never Dies
Despite its origins as a joke, Dogecoin has repeatedly surprised the crypto world, particularly during its massive bull run in May 2021. The token has become synonymous with viral moments and celebrity endorsements, particularly from Elon Musk, which has led to price spikes. The analyst suggests that DOGE could be another frontrunner to hit $1 in 2024, but he notes that this outcome depends heavily on renewed social media attention and market conditions.
Why DOGE?
- Social Media and Celebrity Influence: Dogecoin’s price history is filled with examples of social media trends and high-profile endorsements, particularly from Elon Musk, propelling the coin to new heights. If another meme-driven frenzy takes off in 2024, DOGE could easily see renewed interest, pushing it toward $1.
- Community Engagement: Like XRP, Dogecoin enjoys strong community support. The Dogecoin community has consistently engaged in charitable efforts and viral campaigns, keeping the token in the public eye.
- Widespread Accessibility: Dogecoin’s relatively low price and strong liquidity make it accessible for both retail and institutional investors, which could contribute to rapid price appreciation.
However, the analyst also warns that DOGE’s price action is highly speculative and often driven more by hype than utility, meaning its journey to $1 may be unpredictable.
ETFSwap (ETFS): The Rising DeFi Star
A lesser-known but promising player in the DeFi space, ETFSwap (ETFS) has emerged as a strong contender to reach $1, thanks to its innovative decentralized finance (DeFi) platform. ETFSwap aims to bridge traditional finance and crypto through tokenized exchange-traded funds (ETFs), giving users easy access to DeFi-based ETF trading.
Why ETFS?
- Innovative DeFi Use Case: ETFSwap brings something fresh to the DeFi landscape by enabling the trading of ETFs in a decentralized manner. The platform allows users to engage with a wide range of asset-backed ETFs on the blockchain, a feature that the analyst believes could attract both crypto investors and traditional finance users looking to diversify their portfolios.
- Undervalued Token: Priced well below $1, ETFSwap remains under the radar compared to major tokens like XRP and DOGE. The analyst suggests that as the project continues to develop and gain traction, ETFS could see significant price appreciation, driven by both its utility and increasing awareness in the DeFi space.
- Growing Partnerships and Adoption: The project has started to form partnerships with financial institutions and blockchain projects, positioning itself as a leader in tokenized ETF trading. As more users flock to the platform, the demand for the ETFS token could rise, helping to push its price upward.
Who Will Win the Race to $1?
The analyst’s insights point to XRP, DOGE, and ETFSwap as the top candidates to break the $1 barrier in 2024, but each token has a unique set of factors that could influence its journey.
- XRP has strong potential if Ripple wins its legal battle, and its established use cases in cross-border payments could lead to further adoption and price growth.
- Dogecoin is largely driven by social media trends and community support, making it highly unpredictable, but its loyal following and celebrity endorsements could lead to another bull run.
- ETFSwap, while lesser known, stands out for its innovative DeFi use case and strong potential for future growth as tokenized ETF trading becomes more popular.
Conclusion
As 2024 approaches, the race to $1 is on for these DeFi tokens. XRP, Dogecoin, and ETFSwap each present unique opportunities and challenges. Investors will need to stay tuned to market trends, community sentiment, and any major announcements that could push these tokens to new heights. While predicting the future of crypto is never an exact science, the analyst’s picks offer some intriguing possibilities for the coming year.
