One-third of 2024 has passed, and after reaching a historic high in March, Bitcoin experienced a decline in April. What tracks and projects are worth paying attention to in May?
AI is currently a hot topic, and there are several catalysts driving attention to it. These include NVIDIA’s earnings on May 22, Apple’s WWDC 2024 releasing AI-related content on June 10, the potential release of ChatGPT 5 this summer, and the Google I/O conference on May 14. When events generate expectations, it leads to market attention, which in turn drives price increases.
There are many AI projects in the cryptocurrency industry, and it requires careful selection. Personally, I prefer coins that have market recognition and are listed on CEXs, such as $FET and $TAO. $TAO has a large market capitalization but a high staking rate and a low circulation supply. On the other hand, $FET is preparing for a merger with $OCEAN and $AGIX. On May 3, Fetch.ai minted an additional 1,477,549,566 tokens in preparation for the next conversion. Between $TAO and $FET, I choose $FET due to personal capital limitations.
For those interested in computational power projects, $RNDR and $AKT are worth considering. Another promising area is AI agents, such as $OLAS. $OLAS is a long-term position for me, and I will consider increasing my position when I make profits from other coins. Another AI agent project to watch is $PRIME, although I sold my position in the range of $24-$26. The expectations for $PRIME are likely to be realized in the second half of the year or in 2025, so there is no rush to enter now.
Other opportunities worth paying attention to include Jupiter’s second phase Launchpad, as well as projects related to interactive scoring. However, the profit potential in these projects may be limited due to the high number of participants.
In the meme coin sector, I will focus on $WIF and $PEPE. $PEPE is a long-term hold for me, while I use $WIF for short-term trading during market downturns. These coins have the potential to become meme coins on the level of $SHIB in this cycle.
Regarding Solana, it is recommended to refer to Pima’s insights. Additionally, $JUP is not only focused on DEX but also aims to become the front end of the entire Solana ecosystem. Jupiter is working on various projects, including DEX aggregation, Perp DEX, Launchpad, acquiring Ultimate Wallet and its mobile team, Jito Bundles, LST jupSOL, and Meme:WEN. Sanctum, the second phase project of Jupiter, is also worth attention for staking SOL.
As for Basechain, two events have attracted market attention: the launch of Friend Tech’s token and the upcoming official launch of Coinbase Smart Wallet. Friend Tech and Farcaster are expected to have great development opportunities on Coinbase and Basechain, making Basechain the land of SocialFi. $DEGEN is the largest position in my portfolio in this sector.
I still have a positive outlook on ETH. The ETF approval in May is unlikely, but there is a chance in August. The GCR analysis suggests that ETH ETF may be approved at the end of 2024 or in 2025. I continue to hold $PENDLE despite the recent FUD. Pendle’s underlying value remains intact, and Pendle v3 with the core concept of “Intent” is in the pipeline. Buying during FUD may be a better choice.
$LDO has good fundamentals, but it has not performed well in the current market conditions. I consider $LDO as Ethereum’s Beta, while $PEPE is Alpha. $ETC’s halving is approaching, making it worth attention. Another project to watch is $MODE.
BlackRock’s involvement in the crypto market, particularly ETFs and RWA, is also attracting market attention. BTC ETF has already been approved, and $ONDO is the mainstream target for RWA.
The upcoming Summer Olympics and European Cup also have potential for hype and market attention, similar to the World Cup. These events trigger speculative expectations.
In conclusion, the “Sell in May and go away” strategy is popular, but I don’t expect a significant decline in May without major negative events. I anticipate a period of consolidation and opportunities for certain altcoins in narrative.