Top Ethereum ERC20 Tokens to Invest in 2024

ERC-20 tokens have become an integral part of the crypto space as they have recently gained immense attention and wide adoption. The ERC-20 ecosystem is growing daily, forming a strong base for multiple projects with various use cases. But what exactly are these tokens? What distinguishes them?

They are a type of digital token that is created and hosted on the Ethereum Network. ERC-20 is the technical standard that frames some guidelines and rules to create a fungible project over the network. These tokens have become the backbone of the decentralized ecosystem, like decentralized applications (dApps), decentralized finance (DeFi), play-to-earn (P2E), the metaverse, non fungible tokens (NFTs), and many more. These tokens can be stored on Ethereum wallets or ERC-20 wallets. 

Here are the top 10 ERC-20 token lists that may be the top buys for 2024.

1. Ethereum (ETH) 

Ethereum, or Ether (ETH), the native token of the Ethereum network, is the most popular ERC-20 token and the most expensive one. Being the second largest crypto in the market, ETH has just merged into the PoS layer, making it a deflationary token. 

ETH is among the tokens that have been maintaining steady growth, displaying immense strength that could withstand significant bearish activity. The rally is sustained within a rising parallel channel and, hence, is believed to maintain an elevated trend until the end of the year. 

2. Polygon Ecosystem Token  (POL)

A major upgrade of the ecosystem, Polygon 2.0, is about to occur this summer, where the MATIC tokens will be upgraded to POL. The initial process has begun as the POL upgrade is already live on the Ethereum Mainnet. The POL allows for one-on-one migration of the currently existing MATIC token with an initial supply of 10 billion. 

Source: Tradingview

The POL has just started its trading journey, which will soon be integrated with the popular token MATIC. The price continues to trade within a narrow range, holding above the lower support. While the RSI & MACD are close to displaying a bullish divergence, the POL price may also experience a healthy rebound. However, the token migration may have a huge impact on the POL price, propelling it to new highs in the coming months. 

3. Wrapped Bitcoin (WBTC) 

Wrapped Bitcoin is a tokenized version of Bitcoin that works over the Ethereum network and is compliant with the ERC-20 standards. With this, Bitcoin can be easily integrated with Ethereum’s ecosystem, like DEX, DeFi, prediction markets, etc. WBTC is 1:1 backed by BTC, automatically monitored by merchants and custodians who ensure the price is pegged to Bitcoin. 

As the WBTC is pegged to Bitcoin, the price movement is exactly what the BTC price is undergoing. It appears that the BTC price is trading under significant bearish influence but carries a huge possibility of a bullish rebound. 

4. Maker (MKR) 

Maker is the native token of Maker DAO and the Maker protocol, which is built over the Ethereum network. The protocol allows the users to issue and manage DAI stablecoin and voting rights over the project’s development. 

Source: Tradingview

After the remarkable 2021 bull run, the MKR price was stuck under extreme bearish influence. However, the token underwent a parabolic recovery to reach the crucial resistance. Even though the bears tend to extract the profits, the MKR price is believed to rebound fairly and rise high, squashing the bearish momentum soon. 

5. Chainlink (LINK)

Chainlink is called the oracle of the decentralised network as the platform connects various other blockchains through smart contracts. It allows the blockchains to securely interact with external data feeds, events, and payment methods. It also offers some critical off-chain information for the complex contracts to be dominant in the digital agreement.

After undergoing an extended consolidation phase, the LINK price has risen above a two-digit figure. Although the bears are restricting at certain levels, the price is believed to breach through the levels and set up a fine upswing in the later part of 2024. 

6. Uniswap (UNI) 

Uniswap is one of the most popular decentralized exchanges (DEX) built over the Ethereum network. It facilitates the automated trading of DeFi tokens managed by automated market makers (AMM). It creates more efficiency by solving liquidity issues with automated solutions. 

Similar to LINK, the UNI price is also trading within a very narrow range for an extended period, refraining from reaching a double-digit figure. The latest price action indicates the price being stuck within a descending triangle, but bullish forces are expected to elevate the trend, breaking the resistance very soon. 

7. Aave (AAVE) 

Aave is a decentralized, permissionless DeFi platform built over Ethereum where users can lend and borrow cryptos instantly. One can create non-custodial markets to earn interest on supplying, borrowing tokens, and building applications. 

The Aave price has been trading within a narrow range for a prolonged period as the bulls have been restricted from intensifying their action. However, the volume has been fluctuating hard, indicating the traders’ decent involvement. Therefore, a bullish rebound could be imminent in the coming days. 

8. Decentraland (MANA) 

It is a virtual reality platform powered by Ethereum which allows users to create content and applications which can be monetized. Users can purchase plots of land as NFTs using its native token MANA on the decentralised platform. These tokens are used to pay for a range of avatars, wearables, names, and more. 

After the 2021 bull run, the MANA price has been stuck within some pre-defined levels. However, excessive compression results in a strong breakout which is believed to occur in the later part of the year. With this, the MANA price may regain its strength and rise beyond a dollar. 

9. Shiba Inu (SHIB) 

Shiba Inu is a popular doge-based crypto on Ethereum, created as a tough competitor for Dogecoin, which works over the Bitcoin network. With the launch of Shibarium, the DEX for SHIB, the token has gained immense attention and wider adoption. Apart from SHIB, BONE is also part of the ecosystem that carries equal value. 

The DeFi tokens lost their glory soon after the DeFi boom in 2021. However, SHIB’s price has sustained well above the crucial support. This suggests the growing strength among the bulls, which may be utilized in the later part of the year. As the chart forecasts, the consolidation may prevail for some more time before it triggers a bullish breakout. 

10. Lido DAO (LDO) 

Lido DAO is a popular liquid staking platform for Ethereum, which allows users to stake their ETH and receive stETH. The native token LDO serves as a governance token and the holders are allowed to participate in the governance proposals and vote on key decisions. 

Source: Tradingview

Since the start, the LDO price has made huge rounds within the crypto space. The token gained more attention during the merger of the Ethereum network with the Proof-of-Stake layer. However, the buying pressure prevails, which may keep up the bullish momentum of the token until the end of 2024. 

Conclusion

Apart from the above-mentioned tokens, many other ERC-20 standard tokens have strengthened their presence in crypto. Moreover, many more projects are yet to come, which may also transform the DeFi space with strong use cases. Therefore, the upcoming bull run may greatly impact the projects being built over the Ethereum network, as the ETH price prediction is believed to thrive hard and mark new highs. 

Read more: Top Cryptos 2024