Benzinga - A ton of tokens have made headlines in 2024, with some of the most discussed being Bitcoin (BTC), Solana (SOL) and Shiba Inu (SHIB).
These tokens cover a wide range of use cases and purposes and have performed well to start the year. Take a look at how an investment in each would have fared in 2024.
For Bitcoin, some of the primary drivers in 2024 are the release of spot exchange-traded funds (ETFs) in January and the market pricing for the upcoming halving. The ETFs brought in tons of new buyers and have been the most successful ETF launch in history. The halving is projected to decrease the amount of tokens sold each day, potentially leading to higher prices.
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If you invested $10,000 in Bitcoin on Jan. 1, your investment would be worth $17,400. This is based on a low BTC price of $41,700 to start 2024 and a high of $72,700 in mid-April.
Solana also has seen large gains in 2024. The project had a rough 2023 after the collapse of FTX Trading Ltd. However, the project has experienced a strong comeback in 2024, largely because of a host of new meme coins on the chain that have increased demand for SOL. Some of the tokens include Bonk (BONK) and dogwifhat (WIF). These meme coins have caused so much demand on the Solana chain that the network has struggled to keep up, experiencing congestion issues in April.
A $10,000 investment in SOL at the beginning of the year would be worth $24,400. SOL began the year trading as low as $86 and has gone as high as $210. However, the price has since dropped and is now trading around $180.
Finally, Shiba Inu has been one of the largest meme coins in 2024. The project has expanded its use cases beyond memes and a form of payment, now offering staking and governance as well as a decentralized exchange and non-fungible tokens (NFTs). These new use cases may have helped the token attract new users and sent the price higher. Additionally, the overall meme coin mania has helped the token perform well, as it is the second-largest meme coin behind Dogecoin (DOGE) and has been around for some time.
If you had invested $10,000 in SHIB at the beginning of the year, your position could have been worth as much as $34,200. This is based on SHIB beginning the year trading for around $0.0000105 and going as high as $0.000036. The price of SHIB is currently trading lower at around 0.000025.
These gains have outpaced every major index, potentially showing the opportunities for large profits that are associated with crypto. For reference, in the same period, a $10,000 investment in the S&P 500 would currently be worth $10,883. So, with lots of time left in 2024, it will be interesting to see how crypto performs relative to other asset classes.
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