4 Outstanding Altcoins to Buy on This Crypto Dip

Take full advantage of this $BTC price drop. It dropped by more than 5% to around $96K. However, most altcoins dropped between 5% and 10%. Some even more, with double digits up to 20%. This is the time to show your diamond hands. Don’t panic sell your altcoins or $BTC! This is not a dip. No, instead, see this as a fire sale.

This is a great moment to get fundamentally good altcoins at a low price. Altcoins that during previous dips recovered fast and strong. So, today, I will cover four altcoins that are available at a discount.

Sui Network ($SUI)

Sui ($SUI) hit a new ATH only three days ago with a $5.35 tag. However, today it’s down 7.2% on the day and sits at $4.61. So, on the daily chart, this doesn’t look too good. But if you zoom out, you can see that $SUI is still performing strong.

It’s as strong as ever, I would say. There’s actually so much going on with Sui and its ecosystem, that it’s hard to know where to start. Nonetheless, here are some pointers,

• Sui hit $2 billion in TVL (total value locked). That’s only three months after it hit the $1 billion mark. It shows how strong its DeFi ecosystem is.
  

Various TGEs and airdrops are coming up. For example, Bucket ($BUT), Walrus ($WAL), and Kriya ($KDX).

Walrus mainnet is coming soon.

Solana is coming to Sui.

Institutional interest in Sui is growing. There’s a Grayscale Sui Trust, and VanEck EU launched a new Sui backed product in Europe. There’s also a strategic partnership with Franklin Templeton Digital Assets.

So, plenty going on with Sui and more to come. Getting $SUI under $5 right now is a good deal.

Ethena ($ENA)

With Ethena ($ENA) we are in the DeFi sector. Besides its native $ENA token, it also offers a synthetic dollar $USDe. Ethena has a new way of keeping its stablecoin pegged to the $USD. This is a “delta-neutral” strategy, see their docs.

Delta neutral means you make $$ regardless of market direction. So it’s often 2 trading positions together, like a long and a short. For example, it takes a long spot $stETH or $BTC position. At the same time, it shorts an $ETH-PERP or $BTC-PERP position with the same value. The result is that both positions offset directional risk. So, in theory, this maintains the 1:1 peg. This applies to USDe when someone deposits $stETH to mint USDe and then Ethena takes a combo long-short position as I just described to hedge ETH risk and make $$ for USDe holders.

Both positions also earn yield. If you stake your $USDe, you receive $sUSDe. This is a reward-bearing token. These rewards come from the yield, generated by the delta-neutral positions. I know, it’s a bit complicated, but this is how Ethena works. The current APY for $sUSDe is 10%. That’s pretty good for a stablecoin.

Now, another important factor why I expect $ENA to do well is World Liberty Financial. This is Trump’s DeFi protocol, and WLFI has a strategic partnership with Ethena. WLFI also invested $754K in $ENA.

$ENA is down 17% on the day, this is a great buy right now.

Hyperliquid ($HYPE)

 Hyperliquid ($HYPE) is the next project to take a look at. It is a Layer 1 financial app chain, and its flagship is a perps DEX. You can also spot trade on its platform. It raised a lot of attention with its recent airdrop. Users got massive airdrops, up to $30k and more. Hyperliquid set a new standard on how you can execute airdrops.

Another great feature of the platform, is that it’s 100% self-funded. So, during its TGE, there was no VC selling pressure, nor will there be in the future. As a result, $HYPE saw a fast and steady price increase from $3.81 to an ATH of $35, less than three weeks ago. That was a 9x right there for Airdrop receivers who held their tokens. 

However, some expected selloffs started before Christmas. The current $HYPE price is $21.72. It’s 14% down on the day, a perfect entry point. There’s another airdrop coming your way, if you’re a Hyperliquid user. Use their platform, trade spot, trade perp futures, stake $HYPE, or get referrals. Be active in the ecosystem, that’s all you need to do. 

Solana ($SOL)

My last pick in today’s altcoins list is Solana ($SOL). The $SOL price took a 9.5% hit for the day and currently trades at $195. Solana has seen a lot of sideways action recently. However, the fundamentals are as strong as ever. I don’t expect Solana to have a similar run as in 2021. It went from $1.50 in 2020 to $260 at the end of 2021. That’s a 17,000% price increase.

Well, with Solana’s current market cap of $94.5 billion, that’s not likely to happen. However, there’s still more price improvement possible. Analysts mention prices between $500 and $1k. From its current price, that would be a 2.5x to a 5x. 

So, any $SOL price action below $200 looks like a good entry point. It’s a solid top 10 coin, measured by market cap. Its current position is 6th, close on $BNB’s heels, which currently takes 5th spot.

So, did you panic today when you woke up and saw the current crypto market condition? Don’t, instead, zoom out. We’re still in a bull run. Pullbacks like this are common. Make the best out of it and consider it a great buying opportunity.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.

We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.

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