Some penny cryptocurrencies may offer robust opportunities for investors as the market outlook shows more promise courtesy of the changing liquidity landscape. It is thus important that we explore some of the best penny crypto opportunities that you can get into now, before the next major bull run.
What are penny cryptocurrencies in the first place? If you have been in the traditional trading scene, then you are likely familiar with penny stocks. They are similar in that penny cryptocurrencies are priced below $1.
While there are many penny cryptocurrencies out there, not all of them can be considered good investments. Some have low prices because of severely inflated token circulating supply. Some penny stocks are more promising than others, due to various reasons such as special use cases, market appeal and the level of adoption.
Now that you have an idea of what they are, let’s take a look at some of the most promising penny cryptocurrencies that exist today.
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Tron (TRX)
TRX is the native cryptocurrency on the Tron network, a smart contract blockchain that has been around since 2017. Here are some of the key features of the network.
- It has smart contract support.
- Supports creation and deployment of Dapps
- Low transaction fees making it appealing to the masses.
- High transaction throughput
- Energy-efficient proof of stake consensus mechanism.
These characteristics make Tron attractive for various industries. They include WEB3 gaming, running decentralized social media platforms, decentralized finance and supply chain management. These segments underscore the utility which creates organic demand for the TRX cryptocurrency.
TRX was the 1oth highest cryptocurrency by marketcap at the time of writing. It had a $13.56 billion marketcap, with $86.54 billion coins in circulation. TRX was worth $0.156 at press time. As far as price predictions are concerned, a $30 billion marketcap would give TRX a $0.346 price tag, while a $50 billion marketcap means it could soar to a $0.57. This means it will take a lot of liquidity for it to lose its rank among the penny cryptocurrencies.
The Graph (GRT)
You know how Google indexes data to make it easy to find through search? The Graph does something similar but for blockchains, making it easy to receive data within the decentralized realm. Here are the main characteristics or features of the Graph:
- It runs incentive mechanisms through specific roles such as delegators, curators and indexers. They are rewarded with GRT tokens for their services.
- It runs the GraphQL, a query language designed to facilitate efficient data retrieval.
- It operates subgraphs, which are open APIs that are designed to make data more accessible.
As far as The Graph’s use cases are concerned, it supports the WEB3 ecosystem by providing data indexing services. In short, it makes WEB3 data easily accessible and has a vital role in the success of dapps. Its GRT cryptocurrency is used to facilitate payment within the ecosystem.
The Graph’s role in the blockchain ecosystem is quite vital and this plays into the GRT cryptocurrency’s value. It traded at $0.159 at press time with a $1.51 billion marketcap and 9.54 billion coins in circulation. As for its price outlook, GRT could easily be worth over $1 if its marketcap soars to $10 billion assuming that its circulating supply remains contant.
Floki Inu (FLOKI)
Floki is a memecoin that is a derivative of another popular memecoin called Shiba Inu. It has been gaining popularity so far in 2024, as well as shifting beyond the memecoin narrative. It is doing so by venturing into other hot areas that encompass its characteristics:
- It is establishing itself as a strong contender in the metaverse through metaverse gaming. It currently has a play-to-earn game called Valhalla.
- Floki has an NFT marketplace where people can buy NFTs.
- Floki offers DeFi services such as liquidity pools and the ability to earn passive income through staking.
Floki’s expanding suit of offerings creates more utility for the FLOKI token. Speaking of, it had a $0.00013 trading price at the time of observation, with a $1.31 billion marketcap. The memecoin had 9.59 trillion tokens in circulation.
As for predictions, FLOKI could easily lose a decimal point if its market cap was to rally to $10 billion. It would have a $0.00104 price tag at that marketcap and its current circulating supply. It performed quite well in the last 12 months, during which it rallied by over 675%.
Also Read : Best Tactics on How to Find Meme Coins Early: Proven Strategies
Fetch.ai (FET)
Artificial intelligence (AI) has been one of the most dominant narratives of 2024. As such, it is prudent to include a project operating within that realm. Fetch.ai combines AI and blockchain technology to create decentralized software that can be used to boost access to machine learning and AI. Here are its key features:
- The Fetch network as the digital infrastructure that backs the ecosystem.
- The project has an AI engine which uses agents to facilitate task execution at a highly efficient level.
- An Agentverse where developers can create and manage AI agents.
- AI powerered autonomous agents act as a medium through which tasks are performed.
Projects like Fetch.AI can be used for a variety of purposes. Some of them include IoT integration, providing data for DeFi applications, boosting efficiency and transparency in supply chain management and managing smart cities.
FET is a utility and governance token. It exchanged hands at $1.47 at the time of observation, which means it may not be classified among penny cryptocurrencies. However, just a few weeks ago it traded below $1. This means it has been enjoying impressive growth and could be headed for more upside, potentially above $2 if market cap goes over $6 billion.
Harmony (ONE)
Harmony is a smart contract-enabled blockchain network that aims to make it easier to create DApps. The network aims to achieve mass adoption by offering low fees, low latency and a high network throughput. These characteristics are aimed at making Harmony more attractive to developers. Let’s take a look at some key characteristics:
- It incorporates sharding to achieve higher network efficiency.
- The network facilitates cross-shard communication, further tipping the scale in favor of efficiency.
- Harmony incorporates effective proof of stake to enhance decentralization, among other benefits.
Harmony targets various industries including gaming, data sharing, supply chain management, and NFTs. All these highlight organic demand avenues for the ONE cryptocurrency. Speaking of, the coin is classified as a penny cryptocurrency as it traded at $0.012 at press time, with a $175.88 million marketcap. This makes it the coin with the lowest marektcap in this list.
ONE had 14.2 billion coins in circulation at the time of writing. The coin could be worth $0.07 if its marketcap soars to $1 billion. In other words, ONE will remain among the most promising penny cryptocurrencies until its marketcap crosses the $14.2 billion milestone.
Top penny cryptocurrencies Conclusion
The networks and coins in this list are just a few of the many top penny cryptocurrencies that have a lot of potential this year. Some may even have more potential than the ones listed here, hence it would be advisable to do your own research.
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