Stacks, SingularityNET, Render Token may not be household names, but they’ve all grown more than 250% this year. Dominic Basulto, crypto expert at consulting giant Motley Fool, takes a close look at these 3 altcoin projects.
Three altcoin projects that should be on your radar
As you follow on Kriptokoin.com, it hasn’t been a good year for Dogecoin or Shiba Inu. Both meme coins are down nearly 5% for the year at a time when market leader Bitcoin is up more than 80%. Worse still, Dogecoin and Shiba Inu are not even attracting the attention of short-term crypto speculators focusing on Bitcoin Ordinals, the new Non Fungible Tokens (NFTs) for the Bitcoin Blockchain.
But the good news is that there are still a lot of interesting cryptocurrencies out there. Moreover, many of them have superior long-term growth prospects than dog-themed meme coins. In addition, they contain more benefits. Here’s a closer look at three altcoin projects that should be on your radar right now.
First up is Stacks (STX)
Stacks (STX) is a Layer-2 Blockchain that sits on top of the main Bitcoin Blockchain. What this means in practice is that Stacks gives Bitcoin a benefit that goes far beyond payments. The purpose of Stacks is to enable the use of smart contracts on Bitcoin. This opens the door to a whole new set of use cases, including NFTs, decentralized finance (DeFi), and new decentralized applications.
Not many people had heard of Stacks until this year. But then the investor frenzy around Bitcoin NFTs emerged. Thus, Stacks suddenly captured the imagination of investors. Given the close relationship between Bitcoin and Stacks, it’s not surprising that Stacks is on the rise this year. Stacks showed an increase of 250% in 2023. Altcoin is currently among the top 40 cryptocurrencies by market cap. With Stacks you are basically taking a highly leveraged bet on the future of Bitcoin. This is great news if Bitcoin is on a massive uptrend this year (as it is right now). But it’s a potential cause for concern if Bitcoin starts to drop.
In second place is artificial intelligence: SingularityNET (AGIX)
Given the huge interest in ChatGPT over the past six months, there has been an explosion in demand for cryptocurrencies powered by artificial intelligence (AI). The crypto that attracted the most attention from investors was SingularityNET (AGIX), which increased 400% this year. We were familiar with SingularityNET from her previous work with Sophia. Sophia is probably the world’s most famous AI powered robot. But now SingularityNET has joined the conversation about ChatGPT. If you’re looking for a game directly on ChatGPT, keep in mind that SingularityNET isn’t it. ChatGPT focuses on a form of artificial intelligence known as generative artificial intelligence, while SingularityNET focuses on artificial general intelligence (AGI), the highest possible level of artificial intelligence.
The token’s name is a nod to “The Singularity”, the much talked about and anticipated moment when computers will become smarter than humans. SingularityNET’s goal is to bring this level of artificial intelligence to the masses. Thus, making a giant leap forward for humanity. The SingularityNET ecosystem currently includes an AI-powered project to explore longevity and human longevity. Frankly, the notion of strong artificial intelligence living in Blockchain is a huge idea and has almost unlimited market potential. However, it will probably take some time to develop.
The last altcoin project on the watchlist: Render Token (RNDR)
Finally, there is the Render Token (RNDR), a decentralized global platform on the Ethereum Blockchain. The purpose of Render is to distribute GPU-based rendering over a large peer-to-peer (P2P) network. In simple terms, this means that large amounts of computing power, such as creating immersive 3D environments or hyper-realistic special effects, can be done even if you don’t have full computing power. All you have to do is connect to Render Network and pay with Render Token.
This is a great idea. What’s more, it’s embraced by Hollywood creators, video game developers, and Web3 innovators. With Apple recently releasing its $3,499 mixed reality headset, it’s easy to see how the computing power of Render can be used to power the creation of new ultra-realistic virtual reality (VR) and augmented reality (AR) worlds. It’s no surprise, then, that Render Token is up more than 400% this year. In addition, the altcoin is currently among the top 50 cryptos by total market capitalization.
Crypto market means high risk, high reward!
However, keep in mind that high reward potential also comes with an enormous amount of risk. Stacks is a highly leveraged bet on the future of Bitcoin. SingularityNET is an even bigger bet on the future of artificial intelligence. Render Token is a big bet on the future of mixed reality. These are all good and beautiful. But remember how fast tech trends can come and go. Just think about the hype around the metaverse in 2021 and how little of it has come to fruition.
If you are considering investing in any of these unique cryptocurrencies, be sure to do your due diligence and understand exactly what these cryptos offer in terms of utility and long-term growth potential. Once you get down to business, you’ll understand why a growing number of investors are abandoning meme coins in favor of these three cryptocurrencies, which are up more than 250% this year.
The opinions and recommendations in the article belong to the experts and are not investment advice. We recommend that you do your own research before investing.
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