Curious about which cryptocurrency will be the next to reach $1? With the market buzzing and prices fluctuating, finding the right pick can feel like a puzzle. Benzinga explores the top five crypto coins likely to hit $1.
When talking about the current crypto market in late March 2024, the overall volume of the cryptocurrency market reached $99.22 billion, a decrease of 15.44%. Specifically within the decentralized finance (DeFi) sector, the volume stands at $9.37 billion, constituting 9.44% of the total crypto market volume for the same period. Stablecoins contribute to the overall volume, reaching $88.07 billion, which represents 88.76% of the total cryptocurrency market volume.
Reaching the $1 mark represents an achievement for any low-value cryptocurrency, signifying its potential to make a substantial impact and shake up the industry. Let's explore the top five crypto coins predicted to cross the $1 milestone in 2024.
Next Crypto to Hit $1 — Benzinga’s Top 5 List
With the idea of finding the next crypto coin to hit $1 in mind, it's time to explore these handpicked top 5 choices.
1. Dogecoin (DOGE)
Dogecoin (DOGE) is a decentralized digital currency created as a spoof of the serious cryptocurrency market, particularly Bitcoin. Intended as a lighthearted joke for crypto fans, it surged in popularity and value, becoming one of the best cryptocurrencies in circulation today.
The current price of Dogecoin is at $0.21955 with a total market capitalization of $31.54 billion. On March 28, 2024, its trading volume reached $6.59 billion, an increase of 15.74%, with a circulating supply of 143.66 billion DOGE.
In the past year, Dogecoin's price increased by 201.94%. Its highest price reached $0.22, while its lowest price recorded was $0.058. A total of 559,946,883 DOGE was bought, amounting to $125,230,441.
Dogecoin has a potential path to reaching $1 per coin, which would require a sixfold increase in its current value. This trajectory is contingent on Dogecoin's ability to achieve greater adoption. While this prospect may fuel optimism among Dogecoin enthusiasts, it's essential to assess the likelihood of such an outcome realistically.
2. Shiba Inu (SHIB)
Shiba Inu (SHIB) Coin is a decentralized cryptocurrency created as part of the Shiba Inu ecosystem. It's described as an experiment by its developers and operates on the Ethereum blockchain. Positioned as a meme coin, it entered the market as a competitor to Dogecoin, earning the nickname Doge-Killer.
On March 28, 2024, the price of Shiba Inu is $0.00003037, showing a decrease of 1.26% in the last 24 hours as of 5 p.m. Shiba Inu coin, also known as SHIB, operates as an ERC-20 token and serves as the fuel for the Shiba ecosystem.
In the past year, the price of Shiba Inu increased by 206.31%. The highest price reached was $0.000036, while the lowest price recorded was $0.0000066.
Investing in Shiba Inu carries risks, but it also holds the possibility of being the first to hit $1, given its dedicated community and potential for significant profits. However, investors should be cautious because of its high circulating supply and limited real-world applications.
3. Cardano (ADA)
Cardano (ADA) is a decentralized blockchain aiming to offer a more efficient solution than traditional proof-of-work (PoW) networks. It's designed to expand into a versatile system with various practical applications, governed by users who have staked their cryptocurrency.
On March 28, 2024, the price of ADA stands at $0.648812 with a total market capitalization of $23.08 billion. Its trading volume reached $610.40 million. Cardano decreased by 2.72% with a circulating supply of 35.58 billion ADA.
In the past year, the price of Cardano has increased by 84.21%. Its highest price reached $0.77, while its lowest price recorded was $0.24. A total of 41,228,026 ADA was bought, amounting to $26,800,979.
ADA holds the potential to reach $1, but achieving this milestone relies on overcoming technical challenges and leveraging market conditions effectively.
4. Pepe (PEPE)
Pepe Coin (PEPE) is a meme-inspired cryptocurrency introduced in April 2023, featuring the Pepe the Frog meme. Operating on the Ethereum blockchain, it serves as a decentralized digital currency. Pepe Coin is available for trading on various exchanges, such as Uniswap, PancakeSwap and Gate.io.
The current price of Pepe is $0.000008 per PEPE, with a total market capitalization of $3.35 billion. On March 28, 2024, its trading volume reached $691.99 million. Pepe has seen a slight increase of 0.42%, with a circulating supply of 420,689.90 billion PEPE.
PEPE coin entered the market with an initial trading price of approximately $0.000000001. On March 28, 2024, one PEPE coin is valued at $0.0000014. No established team or roadmap is associated with PEPE.
Pepe coin shows promise as a cryptocurrency investment. Its accessibility and niche appeal contribute to its potential for growth. While hitting $1 is possible, investors should assess risks before making decisions.
5. Ripple (XRP)
Ripple (XRP) is a digital coin for facilitating low-cost and instant cross-border fund transfers. It acts as a bridge currency, enabling financial institutions to exchange cryptocurrencies and traditional fiat currencies more affordably. Its main purpose is to provide a cost-effective solution for international money transfers.
The current price of Ripple is at $0.624457, with a total market capitalization of $34.27 billion. On March 28, 2024, its trading volume reached $1.79 billion. Ripple has seen an increase of 2.14%, with a circulating supply of 54.88 billion XRP.
In the past year, the price of Ripple has increased by 25.52%. Its highest price reached $0.82, while its lowest price recorded was $0.42. A total of 21,873,837 XRP was bought, amounting to $13,623,135.
Ripple is expected to increase in value over time because of Ripple's money transfer services. It is referred to as crypto under $1 that will explode in 2024. The token can benefit from the market influence of Bitcoin's gains. While there are no guarantees, the overall trend suggests that Ripple's value will likely continue to rise.
Are Cryptocurrencies Under 1 Dollar A Good Investment Option?
Investing in cryptocurrencies, especially those priced under $1, comes with significant risks because of their high volatility and the unpredictable nature of the market. However, there are compelling reasons why you might consider adding these cryptocurrencies to your portfolio.
- Buying larger amounts: With lower-priced cryptocurrencies, you can purchase larger quantities with the same amount of money. This strategy allows investors to potentially profit more if the value of the token increases substantially in the future.
- Affordability: Lower-priced cryptocurrencies allow investors with limited capital to enter the market and diversify their portfolios without having to spend a significant amount of money.
- Earning rewards and prizes: Some projects behind cryptocurrencies under $1 offer incentives, rewards or opportunities to earn yields. For example, tokens like TAMA and Lucky Block provide users with chances to earn rewards through various activities or by holding their tokens.
- Diversification and risk management: Lower-priced cryptocurrencies offer a lower entry threshold, enabling investors to diversify their portfolios more easily. Diversification helps spread risks across different assets, reducing the impact of any single investment's performance on the overall portfolio.
- Potential for future growth: Buying cryptocurrencies under $1 during market downturns can provide an opportunity for significant future growth. While there are no guarantees, historical examples like Bitcoin demonstrate how early investments in low-priced assets can lead to substantial returns over time.
- Staking for passive income: Many blockchain projects allow users to earn passive income through staking or farming. By locking their tokens in high-yield pools, holders can earn rewards without actively trading or mining. Projects like Ankr offer staking solutions with attractive incentives and easy accessibility for investors.
The Elusive Dollar Mark
The search for the next cryptocurrency to reach $1 encompasses a range of coins, including Dogecoin, Shiba Inu, Ripple, Pepe and Cardano. Cryptocurrencies priced under $1 present unique opportunities for investors, allowing for larger token purchases, potential rewards and diversification of portfolios. While investing in these coins comes with risks, their accessibility and potential for future growth make them an intriguing option for seasoned and novice investors. By carefully analyzing market trends and conducting thorough research, investors can position themselves to capitalize on the next crypto to hit $1.
Frequently Asked Questions
Which crypto can give 1000x in 2024?
Solana (SOL) can give 1000x in 2024.
Which crypto will reach $1 in 2024?
Dogecoin has the potential to reach $1 in 2024.
Which crypto has 100x potential?
Sponge V2 (SPONGEV2) has 100x potential.
About Ishan Jain
Ishan Jain is a technical enthusiast with a knack for financial analytics and trading. Ishan primarily works on AI algorithms, business development, and software engineering for his ventures and side projects, and he produces Web3 content for Benzinga. Ishan has been involved in DeFi in a variety of ways, including heading a project at a crypto asset investment firm along with leading a blockchain security research project.