Market Overview for October
The beginning of October has not seen the bullish momentum that many traders were hoping for. Despite this, meme coin enthusiasts, often called ‘degens’, are actively seeking the next candidate that could reach a $1 million market cap. The excitement surrounding meme coins usually peaks during this time, but current geopolitical tensions, particularly fears of impending conflict between Israel and Iran, have somewhat dampened the mood. Historically, however, October has been a prime month for major cryptocurrencies, and if these geopolitical concerns do not escalate, this month could transform into what traders are calling “uptober.” This shift is anticipated due to easing global monetary policy and improved liquidity conditions led by the Federal Reserve.
Meme Coin Season Awaits
The much-anticipated meme coin season has yet to kick off, but traders remain optimistic, diligently searching for new low-cap coins that might surge into the spotlight. Some potential candidates have emerged, which could quickly rise to a $1 million market cap and beyond.
Next Meme Coin Contenders
Tusk the Walrus (TUSK)
One promising contender is Tusk the Walrus (TUSK), a meme coin on the Sui blockchain. Currently trading at approximately $0.0000730, TUSK has a market cap of about $730,000. Since its launch in mid-August, TUSK temporarily exceeded a $1.5 million market cap. Although it has faced challenges in recent weeks, its community has continued to grow, with over 1,300 followers on X and more than 500 subscribers on Telegram. The underlying Sui blockchain has recently seen rapid price appreciation and a record total value locked (TVL) exceeding $1 billion. This flourishing environment makes TUSK a strong candidate to become one of the next meme coins to achieve a $1 million market cap.
Baby Moo Deng (BABYDENG)
Another potential meme coin is Baby Moo Deng (BABYDENG), which operates on the Solana network. After reaching a market cap of $5 million last week, BABYDENG has seen a pullback with its current market cap hovering just under $1 million. Marketed as the baby version of the popular Moo Deng meme coin, which recently experienced significant growth, BABYDENG could be an attractive buy during this dip. Moo Deng’s market cap sits around $180 million but has the potential to soar to $1 billion when the next meme season kicks in, which would likely boost Baby Moo Deng’s value substantially.
Nova AI (NOVAI)
The native token of an AI trading bot on the Base chain, Nova AI (NOVAI), has shown impressive growth, skyrocketing 500% within a single day. With a current market cap of approximately $326,000, NOVAI is generating momentum that suggests it could soon approach the $1 million mark. The token is still in its early stages, with only around 270 followers on X and largely positive sentiment from traders. However, caution is advised as many newly launched tokens carry the risk of being scams or experiencing pump-and-dump schemes. Thus, traders should exercise careful judgment when engaging in decentralized exchanges.
Crypto All-stars (STARS)
Lastly, the new staking protocol Crypto All-stars (STARS) has already surpassed the $1 million mark and is close to reaching $2 million in funds raised through its presale. This project has captured attention due to its innovative “MemeVault,” which allows holders of major meme coins to stake their assets for attractive STARS yields, provided they also stake their STARS holdings. Given the inherent appeal for this niche market cornered by meme coins, the growth potential for STARS appears significant, attracting many investors eager for strong returns. Analyst Crypto Chester has indicated that STARS could even achieve a 100x return, creating a buzz around its future prospects.
Conclusion
As October unfolds, traders should keep a watchful eye on the evolving landscape of meme coins. While uncertainties abound, notably stemming from geopolitical issues and market fluctuations, opportunities remain for dedicated investors to capitalize on promising new developments in the crypto space.