In bear markets, it’s best to create a broad basket of meme tokens from the DeFi and metaverse sectors. In this article, we looked at the features, tokenomics, underlying technology, daily transactions, volumes and teams behind hundreds of different altcoin projects.
Analyst Jay Speakmen picks these 7 altcoin projects for bear market opportunities
Ethereum (ETH)
Ethereum is the most valuable altcoin project on the market. In terms of volume, it is the second largest cryptocurrency after Bitcoin. Ethereum not only has the largest platform for smart contracts in the crypto world. It is also where some of the most important metaverse, DeFi, and Web3 projects are created. As such, ETH has some of the most advanced uses. This is a direct reason for the 1.5 million price increase in November 2021 from the ICO price. Ethereum has had some issues last year due to high gas fees and too many transactions. So far, no smart contract platform has come close to the transaction size. However, Ethereum developers and founder Vitalik Buterin are taking steps to address this issue.
Specifically, work is underway for an Ethereum 2.0 network that will make everything work better and constrain the supply of Ethereum. Therefore, as the market continues to improve, Ethereum is re-emerging as an altcoin leader. Some crypto experts even think that Ethereum will replace Bitcoin by 2030. You may think that this is exaggerated. However, ETH already has a much more advanced ecosystem than BTC. It also has uses that Bitcoin can’t match.
Shiba Inu (SHIB)
The Shiba Inu is an unavoidable name on this list as it is gaining 48,000,000% by 2021. As a meme token, SHIB managed to stay in the top 20 even in the bear market. Also, SHIB is now just a meme token. It is increasingly becoming a DeFi system with a much larger ecosystem. Also, the founders recently announced that Shibarium, a layer-2 blockchain, and SHIB Eternity, a card game, are coming soon.
Here are more details on what will change with these two things:
- Once the Shibarium ecosystem is up and running, both the Shiba Inu and Shiboshi NFT collection will be given to it.
- In the collectible card game, each Shiboshi has their own special way to use it.
- Those who play the card game will receive prizes.
- But the Shiba Inu isn’t just working on it.
- There is even a legit staking program for LEASH and BONE that allows token holders to earn extra rewards and a passive income.
Shiba Swap is another feature. It is a decentralized exchange and artist incubation center where developers and digital artists can promote their projects. While SHIB is still a long way from its ATH for 2021, the chances of surpassing that number and reaching new highs in 2022 are great.
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Solana has been holding an Ethereum permanent position in the market since 2017. SOL has a very fast smart contract platform that enables transactions to take place quickly and with low fees. Thus, he became famous as the “Ethereum Killer” as soon as he was revealed. Although this altcoin performed very well at first, investors did not pay much attention at first. However, things changed in 2021, when the token nearly exploded and became one of the most popular cryptocurrencies on the market. Solana has done a great job at making ETH network technologies even better, such as DeFi applications, metaverse and NFT projects, P2E crypto gaming, and decentralized exchanges.
The PoH (proof of background) consensus system is another feature of SOL that sets it apart from other projects. The mechanism stamps transactions with timestamps. This greatly reduces the amount of information validators receive. Thus making the process much faster than PoS (proof of stake) models. Solana can now handle over 60,000 TPS (transactions per second). This capacity is one of the main reasons why the peak price is 130,000% higher than the initial price. Also, the bear market didn’t have much of an impact on how the Solana network grew. However, the network was affected by some general outages.
The Solana team are always adding new programs and protocols to the network and ecosystem to solve outage issues. Once the market starts to recover, Solana is very likely to surpass the ATH price and reach new highs. This makes it one of the best altcoins to buy in the current 2022 bear market.
XRP
When Ripple came out in 2012, many experts thought XRP was the biggest threat to Bitcoin in the market. XRP quickly caught the attention of financial institutions around the world as it could replace SWIFT and change the way cross-border payments work. Ripple peaked around 2018, with a 68,000% price increase. But after that, things started to go wrong.
The SEC sued Ripple Labs and its founders in the US Federal Court of Justice, which brought the price of XRP down in just a few days. As a result of this, the price of XRP is currently 90% lower than the ATH level. All in all, “this unfortunate event” makes XRP one of the lowest value altcoins on the market for many.
Since the lawsuit is nearing its end, it is also at the top of the list of altcoins that can be bought for trading on a whim among investors. If Ripple wins, its price will skyrocket again, according to most analysts. On the other hand, if it loses the case, we could see another low for this interesting cryptocurrency. Still, many professional traders think that Ripple has a bright future and that the price of each XRP token will increase by at least 500% by the end of 2023.
Sandbox
Sandbox is one of the most interesting metaverse projects. Players can use the Sandbox ecosystem to explore and interact with each other. They can also make and change their characters in the metaverse and then use them in P2E games. People who complete certain tasks and win competitions earn SAND, the main currency in the game. Players can then purchase lands in the ecosystem with SAND. In particular, you can build your own house in the Sandbox world. It is then possible to sell these digital structures as NFTs on the open market.
Some investors aren’t sure how profitable the sales are. So you should know that a Sandbox player sold 100 virtual lands for an incredible $4.2 million. In mid-2020, SAND price was trading at $0.05. In November 2021, it reached $8.45, up 16,000%. cryptocoin.comAs you follow, SAND is currently trading at $3. This means that there is a good opportunity in 2022 to make potentially huge profits.
Filecoin (FIL)
According to their website, Filecoin was designed to store humanity’s most important information. In other words, it is seen as the next Google. With so many businesses now managed online, it’s no surprise that storage is now considered a critical component of enterprise efficiency, growth and profitability. Amazon Web Services became the only major player in the storage market. But Filecoin wants to change that drastically. Filecoin works as a decentralized storage platform where token holders can use unused storage. Also, people who rent storage space can earn FIL, the local network’s cryptocurrency.
Filecoin wants to use Blockchain technology to make its storage services better and more affordable. This kind of idea could be very profitable, especially if Web 3.0 technology starts to rely more on Blockchain networks. As a result, it could make Filecoin the main cloud storage platform. Filecoin is on the list of the best altcoins to buy by any investor. Because the need for storage space is likely to continue to increase over the next few years.
Binance Coin (BNB)
Due to its large market cap, Binance Coin has been at the top of the cryptocurrency market for years. Binance Coin is the native token of the Binance exchange, one of the largest places to buy and sell cryptocurrencies in the world. BNB is determined to stay on top in the future thanks to its unique uses and the hype around Binance. BNB price has been stable for the past few months due to the development of BNB Chain. But despite this, it is still one of the best altcoins for bear market according to many investors.
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