Penny crypto, like their counterparts in stocks, attracts plenty of risk-tolerant investors. This is because whenever such coins spike, they tend to stage impressive rallies, thus bringing about large profits. However, these coins carry with them substantial risk, and extensive due diligence is required before committing your funds to them. To that end, any opinions expressed in this article should not be taken as investment advice. That being said, let’s dive into 8 of the best penny altcoins you can invest in.
Lucky Block (LBLOCK)
Launched in 2022, this is a relatively new cryptocurrency, which is trading at $0.003245 at the time of writing. Its all-time high (ATH) was $0.009, which means any current buyers will be buying the dip. The project’s aim is to build a decentralized lottery system on the Binance Smart Chain. Building it on a blockchain ensures a transparent and fair settlement of bets. This coin is made available to everyone, and with increased adoption, it will be able to dole out even larger payouts.
Going by the word of its developers, 10% of each jackpot will be rewarded to the project’s investors. Another 10% will be used to grow and market the project, while another 10% will be sent to charity.
Basic Attention Token (BAT)
This decentralized finance (DeFi) token is hosted on the Ethereum blockchain. It was built as a project to address the growing concerns of lack of data privacy on the internet. The increased use of trackers and other unnecessary cookies causes slow load times and an uncomfortable user experience. BAT developers aim to redefine how advertisers track user data and display ads.
The coin has a market cap of $1.2 billion and is going for $0.8 at the time of writing. Its ATH is almost $1.8, and analysts predict that this coin could hit upwards of $3 by 2025.
Shiba Inu (SHIB)
This is a meme coin that was launched in 2020, following the hype around the Shiba Inu Japanese dog breed. At the beginning of 2021, the coin was priced at $0.000000000078. In November, the same coin surged to $0.0000312, posting a 40,000,000% gain in less than 12 months. This can be attributed in part to Tesla and SpaceX CEO and billionaire Elon Musk, who took to Twitter to throw his support behind dog-themed coins.
Following the hype SHIB receives, it is likely to stage further rallies in the near future. Notably, the coin can be found on the most popular exchanges.
Safemoon (SFM)
This is a DeFi token that serves three functions with each trade – reflection, burn, and liquidity provision. Further, its developer team aims to launch an NFT marketplace, numerous charity projects, educational crypto programs, and a coin launchpad for creating new tokens. What’s more, holders of this token can earn passive crypto of up to 80% by providing liquidity. The coin also runs a regular burn, which reduces its supply and makes it deflationary by design.
Safemoon came into fruition in March of 2021 at $0.0000000010. At the time of writing, it is trading at $0.0000005739.
Dent (DENT)
This is a mobile operator project aimed at decentralizing the provision of data plans, airtime, and a roam-free calling experience. Traditionally, mobile phone users relied on their service providers for all their mobile services. With Dent, your data will no longer be tied to your region or home country. It will provide international plans that have no roaming fees, as well as international data plans.
All this will be facilitated by the DENT token, which is trading at $0.0031 at the time of writing. The project has partnered with several enterprise investors, such as Samsung Blockchain and Telecom Infra.
Holo (HOT)
This is a P2P platform for hosting dApps built using Holochain, which is itself a framework for creating dApps without using blockchain technology. Holo is intended to act as a bridge between the mainstream internet as we know it and Holochain dApps. It utilizes hosts that are incentivized to provide storage and processing power for its dApps.
This could entail the host running special software in the background that allocates extra processing power to the dApps, or they could operate a fully dedicated node to Holochain.
VeChain (VET)
This smart contract platform was created to handle data across multiple industries. It is especially useful in industries that require trustless data sharing across many participants, as is common in most supply chains. To that end, this platform could have applications in medicine, food and beverage industries, and energy provision. As a matter of fact, it was utilized by the UN to track sustainable development goals (SDGs) in San Marino.
At press time, it is trading at $0.06742, and with its utility being what it is, this coin is definitely undervalued.
Ravencoin (RVN)
This is a token that was developed to serve the purpose of NFTs – proving and transferring digital ownership. As a fork from Bitcoin, it is a fan favorite among miners and has applications in finance as well as the digital art world.
Anything in the real world with monetary value can be tokenized on Ravenchain, allowing it to be tradable over a blockchain. The platform intends to introduce integrated messaging and voting protocols in the future.
Conclusion
There are upwards of 18,000 cryptocurrencies in existence today. Unfortunately, not all of these tokens are worth investing in. However, some penny crypto is still in its infancy, but is poised to gain value as they gather mass adoption. Several such tokens have staged impressive rallies in the past, turning their investors into millionaires virtually overnight.
