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Messari's team of analysts is staying relevant and decided to disclose its bullish stance on a handful of tokens in its 2024 trend report. Analysts find themselves bullish about Bitcoin and Solana, as well as a suite of AI tokens, but surprisingly stay bearish on Ethereum.
The focus is particularly intense on Solana, which, alongside Bitcoin, has been labeled the biggest winner by several analysts. This sentiment is driven by Solana’s recovery from the FTX collapse, with the SOL/ETH price ratio seeing a strong reversal. Despite bearish sentiment toward Ethereum due to its beta nature, many analysts continue to hold ETH in their portfolios, signaling a cautious yet hopeful outlook.
Render Token (RNDR) has captured significant attention, with analysts like Maartje and Seth listing it as their biggest winner. This token, which powers a distributed GPU rendering network, is believed to be at the forefront of combining blockchain with powerful AI and graphics processing capabilities.
Innovation in decentralized AI has been pegged as crypto’s next killer app, with analysts like Dustin and Mihai bullish on AI x Crypto, particularly tokens like OLAS, AKT, TAO and RNDR. They cite the potential for zk-coprocessors and on-chain cognitive frameworks to revolutionize the space, drawing parallels with the functionality and performance of Web2 applications.
Alex DovbnyaDespite the enthusiasm for these selected tokens, the analysts remain conscious of the risks. More than 90% of meme coin traders lose their money, highlighting the randomness of the whole meme coin "industry." The recovery and growth of the Shiba Inu ecosystem, for instance, is deemed a questionable venture for the foreseeable future, given its recent poor performance on the market.
Price analysis of Shiba Inu shows a token struggling to make substantial gains. With the price of SHIB stagnating, it underscores the challenges ahead for meme coins and tokens attached to specific applications or themes.
The potential of AI and blockchain convergence, along with the solid fundamentals of projects like Solana and Bitcoin, appear to be the primary drivers of their optimism.
Godfrey Benjamin
Gamza Khanzadaev
Vladislav Sopov
Dan Burgin