As PolitiFi coins lose momentum, multi-chain meme coins like Base Dawgz and Crypto All-Stars are emerging as promising investment opportunities in Altcoin Season 2024.
As the cryptocurrency market gears up for Altcoin Season 2024, the hype surrounding PolitiFi coins appears to be dwindling, making way for a new wave of multi-chain meme coins that are rapidly gaining traction.
While the PolitiFi coins category, a niche segment of the cryptocurrency market focusing on politically themed tokens, has seen impressive gains in 2024, its influence is waning in the face of more versatile and innovative meme coins that operate across multiple blockchains.
The Rise and Fall of PolitiFi Coins
Between January 1 and August 25, 2024, PolitiFi coins experienced a remarkable surge, with the category rising by 782.4%. This outperformance compared to the broader meme coin market, which grew by 90.2% during the same period, was driven by heightened interest in the US political scene.
However, despite this significant growth, the PolitiFi sector remains a small player within the broader meme coin market, accounting for just 1.5% of the meme coin market’s $45.6 billion capitalisation as of August 25.
Among the PolitiFi coins, ConstitutionDAO (PEOPLE) stands out as the largest, with a market cap of $385.6 million, representing a 494.3% increase since the beginning of the year. Originally created to raise funds for purchasing an original copy of the US Constitution, ConstitutionDAO has maintained its prominence in the PolitiFi space despite the project’s eventual disbandment.
However, the initial enthusiasm for PolitiFi coins has started to wane, particularly as the market becomes more saturated and investor interest shifts towards more innovative projects. The market cap of PolitiFi coins peaked on June 16 at $1.6 billion, encompassing 3.3% of the meme coin sector, but has since declined.
The Emergence of Multi-Chain Meme Coins
As interest in PolitiFi coins declines, a new trend is emerging in the cryptocurrency market: multi-chain meme coins. These tokens, which operate across multiple blockchain networks, offer a level of flexibility and interoperability that single-chain coins, like those in the PolitiFi category, cannot match.
This shift is being driven by the growing popularity of multi-chain platforms, which allow for seamless transactions and interactions across different blockchain ecosystems.
One of the standout projects in this space is Base Dawgz, which concluded its presale on August 28 after raising over $3.1 million. Unlike traditional meme coins, which are often confined to a single blockchain, Base Dawgz operates across five major networks: Base, Ethereum, Solana, Binance Smart Chain and Avalanche.
This multi-chain approach offers holders the ability to trade across multiple ecosystems, providing unmatched flexibility within the meme coin space.
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Base Dawgz has also launched a “Be Social for Airdrop” campaign, encouraging users to engage with the project by creating and sharing memes and other content on social media platforms like X (formerly Twitter).
Participants earn points for their content, which can later be exchanged for the project’s native token, DAWGZ. This campaign has attracted nearly 16,000 community members across the project’s X account and Telegram channel, indicating strong early interest.
The project’s roadmap includes plans for decentralised exchange (DEX) and centralised exchange (CEX) listings, marketing campaigns and community rewards, suggesting that Base Dawgz is positioning itself for long-term growth. The project has allocated 20% of its total token supply for staking, with an annual percentage yield (APY) of 736%, further incentivising long-term investment.
Crypto All-Stars and the Future of Meme Coins
Another multi-chain project gaining attention is Crypto All-Stars, which recently launched its initial coin offering (ICO). The project has already raised over $864,000 and is on track to reach its $12.8 million presale target.
Crypto All-Stars is unique for its MemeVault ecosystem, a unified staking protocol that allows users to stake multiple meme coins, such as Dogecoin, Shiba Inu and Pepe, within a single platform. This feature simplifies the staking process and offers higher returns, with an APY of 1,653% for $STARS token holders.
The use of ERC-1155 technology in the MemeVault ecosystem allows for more flexible and cost-effective staking compared to traditional methods. The protocol’s multi-chain capability supports cross-chain transactions, providing users with more options and the potential for maximising returns.
The project has also received endorsements from prominent cryptocurrency analysts, including ClayBro, who has projected that the $STARS token could see significant price increases post-launch. This endorsement adds to the project’s credibility and has contributed to its growing popularity among investors.
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The transition from single-chain to multi-chain meme coins reflects a broader trend in the cryptocurrency market, where investors are increasingly seeking projects that offer more utility and flexibility. While PolitiFi coins saw a period of rapid growth, their reliance on specific political events and limited market scope has led to a decline in interest. In contrast, multi-chain meme coins like Base Dawgz and Crypto All-Stars are gaining momentum by offering innovative features and cross-chain interoperability.
