The current meme token craze in the crypto market shows no signs of stopping. It seems like every investor is looking for wildly cheap meme coins that could explode in value. Things got so out of control that cryptocurrency exchange Coinbase recently issued a warning about the dangers of investing in meme tokens. But according to Dominic Basulto, analyst at US-based consulting giant The Motley Fool, the good news is that you don’t need to invest in meme tokens to get huge returns. According to the analyst, you still have a chance to get a substantial return on cryptos with large market caps priced below $1. In line with this statement, the analyst identified three altcoins that he expects to rise in a recent analysis he shared. Here are the details…
Analyst: Drop meme coins! Get ADA
First up is Cardano (ADA). Priced at $0.37, Cardano is currently trading 88 percent below its all-time high of $3.10. However, it is still among the top 10 cryptocurrencies by market capitalization, according to Cryptokoin.com data. The analyst points out that Cardano entered the market in 2017. “This is why you don’t invest in a meme token that could disappear tomorrow,” he says. In addition, the analyst uses the following statements:
Cardano is up nearly 50 percent this year and could go even higher based on its recent strong growth. One particular area of growth has been NFTs, where Cardano has suddenly emerged as one of the top three blockchains. Cardano was ranked as the best Blockchain based on overall development activity in 2022, which is a potential sign of good things to come.
Most importantly, Cardano is finally turning things around in decentralized finance (DeFi), one of the most important sectors in the blockchain world. Therefore, according to the analyst, DeFi is the only catalyst that can take Cardano much higher. Locked aggregate value (TVL), an important metric used to assess the strength of DeFi, is currently at a 10-month high. Cardano’s TVL increased by a staggering 172 percent in the first quarter of 2023.
Other altcoin on the list: MATIC
Next up is Polygon (MATIC), another top 10 crypto by market cap. Polygon is currently trading at $0.88 but has rallied as high as $2.92. It is generally considered one of the best layer 2 scaling solutions for the Ethereum (ETH) Blockchain. Currently, Ethereum cannot process transactions fast or cheaply enough for users, so it relies on layer 2 solutions like Polygon. Polygon continues to benefit from the growth in Ethereum and will do so in the foreseeable future.
Vitalik Buterin, founder of Ethereum, said that even after The Merge, blockchain continues to need layer 2 solutions like Polygon. The only problem is that the layer-2 space has been crowded lately and this puts a cap on Polygon’s final price performance. During the year, Polygon rose only 14 percent. However, it continues to impress with its client list, which now includes both Nike and Starbucks.
Among the recommended coins on SingularityNET
Finally, trading at just $0.27, SingularityNET is one of the highest-yielding AI cryptos you can buy, according to Basulto. SingularityNET grew by a dizzying 492 percent during the year. Many new AI cryptos seem to pop up in 2023, but SingularityNET has been doing this for years. The team behind this cryptocurrency pioneered the concept of combining AI with Blockchain technology and is best known for its work with Sophia, probably the world’s most famous AI robot.
You may need to be patient for SingularityNET to rise further. While ChatGPT specializes in a type of artificial intelligence known as generative AI, SingularityNET is working towards a much larger goal: artificial general intelligence, or AGI. This type of AI often appears in Hollywood science fiction movies. You know, movies where computers are smarter than humans.
All in all, in terms of risk/reward balance, Cardano is probably the best crypto you can buy for under $1. “If you take into account Cardano’s recent growth in DeFi, it is conceivable that it could finally return to its all-time high of $3.10 in September 2021. If it does, you’re close to getting a 10x return on your investment,” he says.
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