Twitter cycles can certainly push DOGE and SHIB prices to new heights. But these are risky places to park your capital, especially as other Blockchains follow when it comes to features and utility. According to crypto expert Neil Patel, investors should take a closer look at Ethereum, Cardano and Solana as more promising cryptocurrencies to add to their portfolios. The expert explains the reasons for this.
Looking beyond SHIB and DOGE
As you follow on Kriptokoin.com, the crypto market has seen some kind of resurgence this year, after surging from $2.2 trillion at the beginning of 2022 to $800 billion at the end. The entire industry gained more than 30% in 2023 as of February 9, as investors began to warm to digital assets once again.
Two of the most speculative cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB), have risen significantly so far in 2023. And that could entice investors to go back to the bandwagon in hopes of monster returns soon. However, in my opinion, this would be the wrong move. There are three altcoins that have better potential than dog-inspired tokens.
What’s wrong with SHIB and DOGE?
At the time of this writing, DOGE and SHIB were up 27% and 61% respectively in 2023, driven by increased investor interest in the asset class. These cryptocurrencies can no doubt see their prices skyrocket. But at the end of the day, these are still nothing but meme coins with limited utility.
Dogecoin founders Billy Markus and Jackson Palmer stopped working on the project years ago. And while Dogecoin hasn’t done much in terms of network improvements over the years, the potential to be added as a payment mechanism to Twitter, now owned by DOGE supporter Elon Musk, is stirring up excitement in the community. However, this is still more speculation than anything else. All in all, DOGE is not something to invest in. Because it’s driven primarily by community hype.
SHIB, on the other hand, has some improvements in work such as the metaverse and layer-2 scaling solution. The second, called Shibarium, aims to speed up transactions and lower fees, which developers hope can drive greater use of the network. It is encouraging to see such projects. But I don’t understand why anyone would prefer Shiba Inu over more promising cryptos.
Promising cryptocurrencies
Investors should take a closer look at these three smart contract Blockchain networks rather than gambling with hard-earned savings in SHIB or DOGE.
Ethereum (ETH)
Ethereum (ETH), the second most valuable cryptocurrency in the world, was built upon Bitcoin’s lack of features to make it the first programmable network. Currently, with a market cap of around $200 billion, Ethereum is the most popular Blockchain, especially when it comes to decentralized applications (dApp) for Non-Fungible Tokes (NFT) and decentralized finance (DeFi) protocols.
Ethereum is the Blockchain with the most developers working on it. And with the recent successful completion of Merge, it is now working on an environmentally friendly Proof-of-Stake (PoS) system. The price of ETH has increased 24% in 2023 and 53,000% since its IPO in July 2015.
Cardano (ADA)
Another crypto to look into is Cardano (ADA), which has a market cap of $13.3 billion, making it the eighth most valuable digital asset. What makes it special is the progressive development process.
Researchers and computer scientists from top universities participate in upgrades and updates of the network. While this takes more time compared to other fast-moving cryptocurrencies, it ensures that everything is thought through. Cardano has already demonstrated its real-world utility with corporate uses in financial services, healthcare, and agriculture. A planned tier-2 solution known as Hydra could help the token scale better. Cardano is up 62% this year and is up almost 1,500% since its launch in 2017.
Left (LEFT)
The last on this list is Solana (LEFT). Known for its theoretical throughput of 50,000 transactions per second, Solana runs a PoS system powered by something called Proof-of-History (PoH). This feature frees up space and increases processing speeds by eliminating the need to add timestamps to data blocks. Solana Pay is one of the systems that highlights the disruptive potential of the network. It allows a merchant and consumer to transact directly with each other using Solana’s Blockchain, with instant payment and almost no fees.
And Saga, a web3-enabled smartphone, can drive greater network adoption and activity. As of this writing, SOL has doubled in 2023. And since its launch in 2020, its price has increased by 2,040%.
While it’s incredibly tempting to try to drive the momentum with DOGE and SHIB in hopes of making a quick profit, Ethereum, Cardano and Solana are the more promising blockchains with brighter futures. That should be the only thing that matters to long-term investors.
The opinions and recommendations in the article are those of the expert and are not investment advice. We recommend that you do your own research before investing.
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