Time sure flies. It feels like it was a few weeks back when I was jotting down my plan for building crypto portfolio worth millions during 2023. Before I realised the year is already over and I am a bit short on those millions. Ok, I am not even close to those millions I planned. In my defense it’s not entirely my fault as for most of the year 2023 the markets were outright flat and my biggest conviction plays in the NFT space died a painful death. To add insult to injury my long standing PFP from the Lazy Lions collection got hacked.
Anyways it’s time to brush off the debacles of 2023 and plan afresh for 2024.
2024 seems much more promising as all signs of bull market going parabolic are there and much needed.
In this post I will be sharing what are the projects I will be focusing on during 2024 to make sure I make the most of the coming bull run.
I would like to clarify upfront that this is my personal strategy as per my risk appetite and remember to DYOR before taking any action for yourself.
1. BTC and ETH as Pillars of the Portfolio
As always the first and most important point in my strategy has always been to keep BTC and ETH as biggest components of my portfolio. Whenever I book profits from other projects I make sure I move most of the gains into BTC and ETH. This is based on the hard lesson I have learnt over the years that new projects come and go every day in crypto space but what is destined to last is Bitcoin. Ethereum is the second most bankable asset out there after the king Bitcoin.
2. Be Early or Stay Out
This strategy I use for all new projects I will get involved with during the new year. I have seen one pattern repeat in all the previous bull runs that is the power of narratives. It happened with yield farming, Gaming, NFT, meme coin and list continues to grow. One key takeaway for me in 2023 was that all narratives have an exponential pump once it gets mass exposure after it gets shilled by popular influencers and soon all the early entrants start taking profits leading to downward spiral of the project. Anyone who enters such project late becomes exit liquidity for the OG investors. To make the max gains from such pumps I plan to see what are the common themes being shilled by the influencers on Twitter/X or YouTube and make an early move. If you see you are late to a narrative then stay out as you most probably have missed the ride already. For example one the early narratives I am hopping onto is the Dragon themed tokens banking on rise in popularity in 2024 as it will be the year of the dragon as per Chinese calendar.
Another narrative which I think will do well is memecoins. People are desperately looking for the next Dogecoin for 2024 and BONK and COQ have already done 100X. The tricky part is to find the next 1,000X memecoin before it moons and the even tougher part will be to sell it before it eventually crashes back.
3. GameFi- Play what you Enjoy
GameFi or Play2Earn will be another area all set to explode in 2024. Here what I have learnt from previous experience is that if you get involved in a game that sucks just hoping that it’s token might rise in the future then you won’t go far. The wise thing is to find games that you actually enjoy playing and will continue to play regularly even if there was no monetary incentive.
If you have read my previous posts then you know that I am a big fan of Splinterlands ecosystem and I have been playing it regularly during the bullish and bearish cycles. I have invested across all aspects of the game like playable cards, Runi, Land, SPS tokens for staking etc. There is a strong chance that long term players will see opportunity to make life changing gains in 2024.
Another game I recently started playing that I really enjoy is Sunflower land. The dopamine kicks from expanding your land makes me keep going back to play. Right now the financial incentive is pretty low but I think if it hits mass adoption in 2024 it is going to be one of the biggest blockchain based games of 2024.
Cheers,
Sam