Cryptocurrency has grown into a major financial phenomenon over the last few years. With several of the value of more popular tokens and coins growing to be more and more expensive, new investors are looking to newer and cheaper cryptocurrencies. Because of this need for the next big crypto, several companies and independent miners are taking a shot at becoming just that. The advantage of being a new product is being able to learn from the shortcomings of others and knowing the needs of the current market. According to experts, investing in cheap and young tokens has almost no risk but can give you a very high reward albeit. While it is very likely that you will not see any profit from these early investments any time soon, your patience can be rewarded handsomely in the future. These cryptocurrencies are great for newer traders and even better for experienced traders.
As the 14th largest cryptocurrency, Solana has cemented its place as one of the fastest developing decentralised ecosystems available. After launching in March 2020, it only took a few months for Solana to reach a market capitalisation of just over $11 Billion. The Proof-of-History algorithm that it uses gives traders the highest speeds of transaction. As compared to other cryptocurrencies, Solana offers some of the lowest transaction fees in the industry.
This is one of the cheapest cryptocurrencies to buy in 2021 but arguably the most popular. Philanthropist Elon Musk helped raise the popularity of Dogecoin, calling himself the ‘Dodgemaster’. The rise of this cryptocurrency has come as a surprise to everyone in the crypto-trading community. Made in 2013 with its inspiration being the ‘DOGE’ meme (a picture of a Shiba), Dogecoin’s popularity started as a joke and this helped it become one of the more known cryptocurrencies today. Giving life to the statement; ‘there is no such thing as bad publicity’. The price spiked from $0.007635 to an all-time high of $0.074398 in less than two weeks. All this came after the GameStop incident and Elon Musk’s tweets.
Ethereum-based cryptocurrency, Enjin, has started trading non-fungible tokens (NFTs), particularly for the online gaming market. The coin has a market cap of $1 billion and recently has been worth around $1.50. You can purchase Enjin at eight different platforms that provide similar incentives for trading with it. Enjin offers rewards and incentives based on the amount of trading done to help current and new investors.
SafeMoon is an altcoin that just launched in March 2021. The top-selling point of SafeMoon is its characteristics of being a community-driven, fair-launched DeFi token. Within a few months, they were able to reach over two million holders. With a market cap of $2.2 Billion, SafeMoon is currently trading at far under $0.001. SafeMoon has a unique feature that penalises users who sell their tokens. They apply a 10% fee to sellers, and half of that is redistributed to other holders. Having a community-driven cryptocurrency is a huge selling point but can also be SafeMoon’s downfall. It is either everyone is in, or nobody is.
Investing in cryptocurrencies that are still in their early stages may not have a lot of upsides. However, looking back at the infancy period of some of the major cryptocurrencies today, every cryptocurrency starts this way. For people who are new to cryptocurrency, these tokens are perfect due to being low risk and minimal need for research. Similarly, for more experienced traders, having more currencies improves the way your portfolio looks. Further integrating into the crypto-trading community will help establish you as a trustworthy trader. With cryptocurrency, looking out for the next big thing is arguably one of the better strategies to employ. Paying lower fees and possibly profiting in high amounts, even if it may take several years, is the best way to invest. However, it is important to remember that cryptocurrency has very high volatility rates and trading with any cryptocurrency has its risks.