16 Cheap and Promising Cryptocurrencies in August 2024

Imagine that you, after saving up your life’s work, decided to open a pizzeria. As the owner, your role is to answer calls and take orders. One fine Friday night, you answer the phone to take an order and on the other end of the line, a guy, after ordering two mozzarella pizzas, asks if he can pay with 10 thousand Bitcoins (!).

This case actually happened in 2010, when programmer Laszlo Hanyecz , an enthusiast of the new cryptocurrency, bought two pizzas from Domino’s pizza chain with the 10,000 bitcoins he had earned as payment for a job. It seems crazy for someone to do this today – especially considering that Bitcoin has already reached a value of $60,000 dollars (which would be more than 600 million for the pizzas).

16 Cheap and Promising Cryptocurrencies in August 2024

The thing is, at the time, Bitcoin was one of the cheapest cryptocurrencies, worth pennies. In fact, in 2010, Bitcoin didn’t go above $1 and the highest value the cryptocurrency had in the year was $0.39 cents. If Laszlo, instead of calling Domino’s, had bought a frozen pizza and saved his 10 thousand Bitcoins, he would certainly be a happier guy today.

This true story, which is very popular in the cryptocurrency world, serves as an example to explain the profitable potential of cryptocurrencies . In a period of just over 10 years, Bitcoin has seen a leap in value that has surpassed even the most valuable investments on the market. From pennies, Bitcoin is now worth more than a few grams of gold (657.23 grams of gold, to be more precise).

Bitcoin: from pennies to millions

When it emerged in 2008, in a context of searching for alternatives to the traditional financial system and in the midst of a financial crisis in the United States, Bitcoin was a prototype. An idea that the legendary Satoshi Nakamoto gave to people as a way to protect the global financial system. 

At the time, newspaper headlines included the bankruptcy of financial giants such as the centuries-old bank Lehman Brothers, stock market crashes, and a general collapse in the global financial market. Faced with so much uncertainty, the cryptocurrency Bitcoin was just another one, and after a few years, it proved to be worth the risks.

People who invested in this small technology, which no one knew exactly how it worked or what it was for, became millionaires in a matter of years. Bitcoin’s success was so great that it led to a rush to cryptocurrencies. A topic that was previously little known to people, and even among more experienced investors, cryptocurrencies have gained a prominent place in the investment scene.

There are still cheap cryptocurrencies to invest in 2024

Unlike the established giants like Bitcoin and Ethereum that dominate headlines and investor attention, there is a vast universe of cryptocurrencies with smaller market caps but equally impressive promise. These digital assets offer a unique opportunity to get in on innovative and disruptive projects in their early stages, when the price is still affordable.

But what exactly makes a cryptocurrency “cheap”? It’s not just about a low price per token. A more holistic approach also considers market cap, liquidity, technological potential, and the vision of the team behind the project. Investing in cheap cryptocurrencies isn’t just about finding the lowest price; it’s about discovering undervalued projects with a clear path to growth and innovation.

In this article, we present the top ten cheap cryptocurrencies that captured our attention in August 2024. From emerging projects that are redefining the boundaries of blockchain technology to tokens that offer unique solutions to real-world problems, each of these cryptocurrencies presents a combination of accessible value and exceptional potential.

So whether you’re a seasoned investor looking to diversify your portfolio, or a newbie curious about diving into the world of cryptocurrencies, this list is for you. It’s your turn to be the discoverer of the next cheap cryptocurrency that could explode in the coming years.

Top 16 Cheap Cryptocurrencies for Investment in August 2024

As you’ve learned from Laszlo Hanyecz, the world of cryptocurrencies is a veritable gold mine that could make you rich if you skip buying two pizzas and decide to invest your dollars in some cryptocurrency that’s about to explode. Here, we highlight 16 cheap cryptocurrencies that not only offer an affordable entry point but also have significant potential for growth and innovation.

1. Pepe Unchained – Crypto with low fees, high speed and massive staking rewards.
2. The Meme Games – New play-to-earn memecoin celebrating the 2024 Olympics.
3. WienerAI – Infinitely upgradeable sausage dog-themed token offering high APY staking benefits.
4. PlayDoge – Play-to-earn (P2E) mobile game with Doge as the main character.
5. Shiba Shootout : Wild West themed memecoin with community rewards and staking.
6. Base Dawgz: Memecoin multi-chain com recompensas share-to-earn.
7. Mega Dice Token – A CasinoFi token that offers tradable NFTs and staking APYs.
8. 99Bitcoins – Innovative L2E Token, Earn APYs with Staking and Learning Rewards.
9. Sponge V2 – Second version of the successful memecoin inspired by the iconic SpongeBob SquarePants.
10. Starknet – Distributed via airdrop, it reached an incredible value of R$10 billion
11. Polygon – Promises to offer scalability to the Ethereum network. Well-known among older investors
12. Chainlink – Connects blockchains through oracles and has one of the strongest alternative cryptocurrencies on the market today
13. Pyth Network – Pyth Network is a decentralized oracle and has a cheap and promising cryptocurrency for investments
14. Worldcoin – Co-founded by the founder of OpenAI (ChatGPT), is a high-potential AI cryptocurrency
15. SingularityNET – Decentralized, AI-Powered Crypto
16. Lukso – P2E Crypto Based Multiverse Network

Cheap cryptocurrencies present an intriguing mix of innovation, accessibility, and growth potential, making them attractive to a variety of investors in the crypto-asset market. Let’s learn a little more about each of them. After all, each one carries the unique opportunity to invest a few cents and sell for a few thousand.

Detailed Analysis of Cheap and Promising Cryptocurrencies

Based on our updated list of the best cryptocurrencies to invest in 2024, we have prepared a detailed analysis of each of these assets . With this information, you will be better prepared to make your decision and choose the cheapest cryptocurrency to invest in for your future.

1. Pepe Unchained

Pepe Unchained is a Layer 2 blockchain that offers unmatched speed and low transaction fees, designed specifically for meme coin enthusiasts. It provides 100x faster transactions than Ethereum and an instant bridge between ETH and Pepe Chain. With $PEPU, you can stake tokens to earn significant rewards and be part of a vibrant ecosystem.

Pepe Unchained’s dedicated block explorer and lower fees make it an attractive choice in the presale market. To get the most out of this project, read the whitepaper, follow Pepe Unchained on X, and join the Telegram channel.

Visit the Pre-Sale website

2. The Meme Games

The Meme Games ($MGMES) brings the excitement of the Olympic Games to its pre-sale, giving investors the chance to earn bonus tokens every time they purchase $MGMES tokens.

All you have to do is select one of the iconic meme characters, such as Doge, Pepe, and Brett, and try your luck in a 169m race. All characters have an equal chance of winning, and winning a race is random. If your character wins, you get 25% bonus tokens.

You can purchase $MGMES tokens multiple times to increase your chances of winning, as each purchase allows you to pick another meme athlete. During the presale, investors can stake their tokens to earn a dynamic APY of 4,500%. Being dynamic, it will decrease as more tokens are staked, giving early investors the biggest rewards.

Visit the Pre-Sale website

3. WienerAI

WienerAI ($WAI) is one of the biggest memecoin sensations with the potential to fly to the moon when it launches on cryptocurrency exchanges. Within hours of its pre-sale launch, this promising project has already raised over $200,000 in seed funding.

WienerAI comes with a combination of AI and memecoin fundamentals, describing itself as the “first Wiener/Dog/Artificial Intelligence ever created.” With its community-driven tokenomics and strategic roadmap, the dog-inspired token aims to lead the bustling memecoin market.

Despite being a new cryptocurrency, WienerAI has quickly gained prominence, attracting the attention of market whales. A key factor that has positioned Wiener AI for success in the market is its perfect launch timing.

With the overall market sentiment still bullish, investors continued to show a strong appetite for memecoins with “100x potential.” Since Wiener AI is a token with such promising potential, more buyers are sure to participate in its presale.

To purchase the token at a discount and stand a chance of earning exponential gains when it hits exchanges, visit the website now. In addition to purchasing Wiener AI to gain potential market gains, early adopters can also take advantage of its standard staking mechanics to earn lucrative rewards.

Visit the Pre-Sale website

4. PlayDoge

The top memecoin to invest in 2024 is PlayDoge ($PLAY). PlayDoge takes the top spot by introducing a play-to-earn mobile game that will turn the iconic Doge meme into a Tamagotchi-style virtual pet.

Bringing back 90s nostalgia, the PlayDoge mobile game will feature 8-bit 2D graphics, similar to the classic Tamagotchi style of gaming. However, PlayDoge is combining entertainment with financial incentives by launching the $PLAY token.

By caring for your PlayDoge virtual pet and competing in mini-games, you can earn $PLAY tokens as a reward. The upcoming launch of the app will showcase the best performances in the game on an online leaderboard. Top performers will also be eligible for additional $PLAY bonuses and other exclusive rewards.

PlayDoge launched at a time when investors are starting to value utility. In the past 30 days, Dogecoin – purely a memecoin – is up 15%, while high-utility memecoins like Floki Inu – which has a P2P game called Valhalla – are up over 50%.

$PLAY token holders can gain more utility by staking their tokens. Currently, $PLAY is priced at $0.00451 in the presale. The presale will consist of 40 rounds, through which PlayDoge aims to raise a maximum cap of $24.4 million.

Visit the Pre-Sale website

5. Shiba Shootout

Shiba Shootout is a Western-themed memecoin featuring Shiba Sharpshooters and an engaging storyline. The $SHIBASHOOT token, an ERC-20 asset, powers several ecosystem activities. These include referral rewards, community engagement through Campfire Stories, and gamified airdrops via Lucky Bow Sweepstakes.

With a total of 2.2 billion tokens, 35% are allocated for the presale. The remaining tokens support Saddlebags Savings and Cactus staking for long-term gains. Shiba Shootout aims to provide both short-term excitement and long-term benefits.

Visit the Pre-Sale website

6. Base Dawgz

Base Dawgz is an interesting memecoin with the potential to explode in 2024. That’s because $DAWGZ isn’t tied to a single blockchain. Instead, utilizing Wormhole and Portal Bridge technologies, $DAWGZ is available on five blockchains: Base, Solana, Ethereum, Binance, and Avalanche.

This gives the token massive exposure to the memecoin trading community and other investors. To help promote the token, Base Dawgz will reward users who connect their X accounts and post Base Dawgz-related memes and content. This is called “Be Social for Airdrop.” Additionally, there is an allocation of 15% of the total token supply for marketing purposes.

$DAWGZ is currently available in a pre-sale where early investors can secure a low price. Once the token is listed on exchanges, the price will not be the same. Check out the Base Dawgz whitepaper to learn more about the project.

Why Dawgz Base Could Be the Next Crypto to Explode

• $DAWGZ offers seamless interoperability across multiple blockchains (ETH, SOL, BSC, AVAX), providing versatile use cases for users.
• The roadmap includes strategic phases such as DEX and CEX listings, community rewards, and ongoing marketing.
• Tokenomics allocates 20% to presale, staking, and liquidity, ensuring sustainable growth.

Visit the Pre-Sale website

7. Mega Dice Token

Mega Dice Token ($DICE) is a token based on the Solana network, powering an entire gaming ecosystem. The token can be used to claim various bonuses and rewards at Mega Dice Casino and sportsbook.

This token has the potential to explode due to the following use cases it offers:

• Staking Yields – Stake $DICE on the Mega Dice smart contract across three staking pools and start collecting regular annual yields.
• Daily Rewards – Staking token holders can earn daily rewards in casino games depending on their previous performance at the casino.
• Get NFTs – Certain $DICE holders have access to limited edition NFTs. This leads to special privileges and rewards in the ecosystem.
• Early Bird Bonus – Purchase $DICE early during the presale and get free tokens as an early bird bonus.

Mega Dice Token has a fixed supply of 420 million tokens. According to the Mega Dice Token whitepaper, a portion of the profits generated will be used to buy back tokens in the ecosystem. The platform will also start burning tokens to reduce the supply.

35% of the supply is being offered through ongoing presale. Another 10% will be offered as staking rewards. The $DICE token is priced at $0.069 during the initial presale round.

Visit the Pre-Sale website

8. 99Bitcoins

In early 2010, 99Bitcoins launched as an online crypto-educational platform. Now, the popular platform is transforming into a Learn to Earn ecosystem where users are rewarded with digital assets for increasing their knowledge.

Built on the Ethereum blockchain, 99Bitcoins will soon migrate to the Bitcoin network. It will adopt the BRC-20 network standard, which allows developers to create DApps and NFTs.

At 99Bitcoins, you can complete interactive courses, seminars, and quizzes. As you progress through the curriculum, 99Bitcoins offers $99BTC tokens as rewards. Out of its 99 billion token supply, 17% will be offered as community rewards.

While the earning possibilities through the educational ecosystem are enough to generate huge growth potential, 99Bitcoins also offers high staking yields. You can earn annual yields of up to 70,000% with $99BTC staked.

14% of the token supply will be offered as staking rewards over the next two years. Finally, token holders get exclusive access to VIP groups and expert trading signals. For these reasons, 99Bitcoins could be the next cryptocurrency to explode.

The project had a great start to its presale – raising over $117,000 in just a few hours. The goal is to raise $11 million through the presale before launching on centralized and decentralized exchanges.

Visit the Pre-Sale website

9. Sponge V2

The year 2023 was marked by surprising increases in the prices of several memecoins, resulting in considerable gains for those who managed to position themselves appropriately in the market. Among the memecoins that experienced notable increases in value, both the established and the newer ones stood out and hold a special place among the best investments for 2024.

One notable example is one of the promising microcoins, Sponge V2 (SPONGEV2) , a new iteration of the memecoin Sponge ($SPONGE), which has attracted considerable interest from traders. The new iteration is introducing a unique pre-sale, where investors can acquire Sponge V2 tokens by staking them with tokens from the original version of the cryptocurrency.

The strategy of the team behind Sponge V2 is to create an engaged community, taking inspiration from the success of the original version. The latter, launched in May 2023 on Uniswap, saw a significant increase in value shortly after its launch. Despite a subsequent slowdown, Sponge has maintained a considerable value and has seen a subsequent increase in its price.

With a total supply of 150 billion tokens, Sponge V2 allocated 26.93% for pre-sale acquisition through staking , with the remainder distributed between staking rewards, liquidity on decentralized exchanges, marketing expenses, game development, and in-game rewards.

Investors are interested in Sponge V2 for a number of reasons, including the expectation of similar returns to the original version and the current memecoin-friendly environment in the market. Additionally, the connection to the popular SpongeBob SquarePants character and plans for a Play-to-Earn game are generating excitement around the cryptocurrency.

The team behind Sponge V2 plans to build on the success of the original version by leveraging proven strategies to grow the community and increase visibility on social media. Allocating resources to marketing expenses and pursuing listings on major exchanges are part of the plan to further drive the success of the new memecoin.

Visit the Pre-Sale website

10. Starknet

Starknet, an Ethereum-based layer-2 blockchain, has taken a significant step forward by launching its native cryptocurrency, STRK. The launch, conducted via an airdrop, distributed STRK for free to investors and blockchain users, marking a highly anticipated event in the market.

STRK debuted on the market among the 50 largest cryptocurrencies in terms of market capitalization, ranking 49th, according to data from CoinGecko. Although it started trading at $2.68, the asset has seen a decline since the start of trading on the day.

With a current price of $2.68, STRK has a market capitalization of $2.1 billion. However, its fully diluted market capitalization, considering all units of the asset, reaches $29 billion, although it initially reached $50 billion on the day of launch.

The airdrop distributed 728 million units of the token to Starknet users, out of a total of 10 billion tokens. This airdrop was considered the largest of the year so far, reaching around 1.3 million wallet addresses on Starknet.

Starknet aims to offer a second-layer solution based on Ethereum, aiming for greater scalability for users and projects. Its architecture allows for the collection of user transactions and sending them as a validation certificate to Ethereum, speeding up processing and avoiding congestion on the main blockchain.

11. Polygon

Polygon (MATIC) presents itself as a solution to some of the most complex challenges faced by Ethereum (ETH), and is often referred to as “Ethereum’s internet of blockchains”.

Founded in 2017, Polygon, formerly known as Matic Network, stands out as a popular cryptocurrency, consistently ranking among the top 15 in terms of market capitalization.

MATIC supports over 7,000 decentralized applications (dApps), providing a vibrant ecosystem for developers and users. Its layer-2 approach aims to improve Ethereum’s scalability by offering faster transactions and lower fees.

While Ethereum faces challenges due to its emphasis on decentralization and security over scalability, Polygon steps in to address these issues by providing much higher transaction speeds and significantly reduced costs.

MATIC is Polygon’s native token, built on the Ethereum blockchain as an ERC-20 token. It plays a crucial role in the governance and security of the Polygon network, and is also used to pay transaction fees.

With a limited supply and a proof-of-stake model, MATIC offers holders the opportunity to participate in the functioning of the network and be rewarded for doing so.

Polygon’s future looks bright, especially after major announcements like its participation in the 2022 Disney Accelerator, reflecting growing interest in technologies like augmented reality and non-fungible tokens (NFTs).

However, investing in cryptocurrencies always carries risks, including market volatility and security concerns. It is important to consider factors such as competition, internal risks, and external events when evaluating the potential of investing in Polygon.

12. Chainlink

Chainlink (LINK) stands out as a cryptocurrency platform that facilitates secure connections between non-blockchain businesses and blockchain platforms.

Founded in 2017, Chainlink acts as a middleware, connecting blockchain-based smart contracts with external data such as stock prices and sports scores.

Chainlink operates as a decentralized oracle network, enabling smart contracts to securely access external data. Oracles, operated by nodes, are selected to provide accurate information through a service-level agreement (SLA). Data is processed, verified, and aggregated by smart contracts, ensuring reliability.

The ERC-20-compatible LINK token is crucial to the operation of Chainlink. LINK holders can stake their tokens, earning rewards by contributing to the network. The Proof of Reserve mechanism protects against fraudulent activity and penalizes nodes that provide incorrect information.

Chainlink plays a vital role in connecting different networks and protocols through oracles. Its innovative technology solves the challenge of integrating blockchain and external data.

Despite the challenges of being dependent on Ethereum, Chainlink continues to thrive as an essential part of the global blockchain ecosystem.

13. Pyth Network

Pyth Network is emerging as a notable innovation in the world of decentralized finance (DeFi), promising to reshape the way we interact with financial data on the blockchain. This review highlights the key points of Pyth Network, from its mission to its operations and potential impact on the DeFi landscape.

Pyth Network arises from the need for a reliable, low-latency blockchain oracle to power DeFi applications with accurate global financial market data.

Its goal is to provide a robust infrastructure that empowers Web3 developers with real-time price feeds from a wide range of trusted sources.

The Pyth network operates through a collaboration between publishers, which are entities responsible for providing price updates for various financial assets, and a sophisticated aggregation algorithm that combines this data accurately and reliably. This approach ensures data integrity and protects against manipulation.

Pyth Network brings a number of benefits over traditional oracles. Its fast refresh rate and broad asset coverage enable more effective functionality for a variety of DeFi applications, from lending protocols to decentralized exchanges and portfolio management tools.

Pyth Network’s native token, $PYTH, plays a central role in coordinating activities within the network, including data staking, reward distribution, and governance participation. This crypto-economic framework incentivizes participation and alignment of interests among the network’s different stakeholders.

14. Worldcoin (16 Cheap and Promising Cryptocurrencies in August 2024)

After three years of development, the Worldcoin digital ID platform finally saw the light of day on July 24, 2023. Founded by Sam Altman, CEO of OpenAI, Worldcoin aims to provide users with a verified digital identity, in addition to introducing its own cryptocurrency, Worldcoin (WLD), and a crypto wallet app.

Worldcoin aims to solve the growing problem of distinguishing between the online activities of real humans and artificial intelligence. Its solution is based on “proof of personhood,” where users are verified through iris scans to create unique and secure IDs, stored on a decentralized blockchain.

The platform has already attracted the attention of millions of users, with over 16 million registered to date. Operating in dozens of cities and 20 countries, Worldcoin is quickly becoming a global presence.

The Worldcoin process is based on three interconnected pillars: the World ID, the World app, and the WLD token. The World ID is created by scanning the user’s iris, generating a unique code that is stored on the blockchain.

The World app acts as a crypto wallet and repository for the World ID, while the WLD token is the platform’s native currency.

Despite its innovative proposal, Worldcoin has not been immune to criticism. Concerns about privacy and excessive data collection have been raised by prominent figures such as Vitalik Buterin and the MIT Technology Review.

Furthermore, the platform’s aggressive promotion in developing countries has raised concerns about possible exploitation.

15. SingularityNET

SingularityNET is a revolutionary platform that combines artificial intelligence (AI) and cryptocurrency to create a decentralized marketplace for algorithms and applications. Founded with the vision of developing artificial general intelligence (AGI), SingularityNET hosts over 70 useful AI services, accessible to anyone through its native token, AGIX.

SingularityNET aims to democratize AI by allowing developers to publish their creations for global use. Hosted on blockchains like Ethereum and Cardano, it provides a collaborative environment where developers can learn and build better systems. Its native token, AGIX, is used for transactions within the platform.

The platform uses smart contracts to ensure fair transactions between developers and users. Over 70 AI services are available, from multilingual translators to speech recognition.

Users can test services before purchasing them, and smart contracts grant access based on specific guidelines set by developers.

AGIX is SingularityNET’s native utility token, used to pay for transactions within the platform, vote on governance proposals, and stake to increase liquidity. As an ERC-20 token, it can be used on multiple blockchains, including Ethereum, Cardano, Polygon, and Binance Smart Chain.

SingularityNET aspires to create a mutually beneficial environment to accelerate the growth of AI, aiming to eventually develop a comprehensive AGI system.

While the creation of a complete AGI may still be years away, the platform provides a holistic learning environment to overcome these challenges.

16. Luxury

LUKSO stands out as one of the leading Layer 1 blockchain networks, specially designed for creative and social industries moving towards the Web3 era.

Launched in May 2023, LUKSO operates at the intersection of blockchain and technology, facilitating a series of revolutionary advancements. Let’s explore its features and capabilities in more detail.

Developed by blockchain experts Marjorie Hernandez and Fabian Vogelsteller, LUKSO is a network that seeks to provide a decentralized digital experience by leveraging the capabilities of Ethereum 2.0.

Its infrastructure incorporates advanced smart contract standards, aiming to improve the usability and adoption of blockchain technology.

At the heart of LUKSO’s innovation are the LUKSO Standard Proposals (LSPs), which represent a significant advancement in user and developer experience. These smart contract standards simplify integration and enable more seamless interaction with the blockchain.

Universal Profiles (UPs) are central to LUKSO, offering modular, smart accounts that facilitate digital identity and seamless interaction across decentralized applications (dApps). Additionally, LUKSO is moving forward with NFT 2.0, seeking to transcend the limitations of existing non-fungible token (NFT) standards and improve their utility and interoperability.

The LYX token plays a crucial role in the LUKSO ecosystem, enabling transactions, smart contracts, and operations on the network. Its transparent distribution and importance to users and developers reflect LUKSO’s commitment to decentralization and community engagement.

Advantages and Disadvantages of Buying Cheap Cryptocurrencies

Despite being a land of opportunities, the cryptocurrency market, like any investment market, has its advantages and disadvantages. Even cheap cryptocurrencies that can appreciate in value are not exempt from this rule. Therefore, if you are thinking about investing in any of the cryptocurrencies listed above, or any other cryptocurrencies, whether cheap or not, it is important that you are aware of this.

Advantages of Buying Cheap Cryptocurrencies

• Volatility : Cheap cryptocurrencies offer the possibility of exponential returns. Imagine buying a cryptocurrency for pennies today and 10 years from now that same cryptocurrency is priced in the thousands? It sounds like a dream, but it’s not. That’s what happened to everyone who had Bitcoin 10 years ago.
• Accessibility : With lower token values, these cryptocurrencies are more accessible than other popular cryptocurrencies, such as Bitcoin. Therefore, you can buy a few reais of this cryptocurrency and keep it safe. Money that you won’t miss and could become a large amount in the future.
• Innovation : Many of these cryptocurrencies are at the forefront of innovation, exploring new uses and blockchain technologies. This has put investing in a whole new realm, full of new opportunities for interested parties.
• Learning : The last advantage is closely related to the previous one, that is, investing in emerging cryptocurrencies is a great way to learn about the crypto market, blockchain technology and investment trends.

Disadvantages of Buying Cheap Cryptocurrencies 

• Contingency : As we have seen throughout the article, cryptocurrencies have, by their very nature, the genes of volatility and unpredictability. However, there is no guarantee that all of them will become as valuable as Bitcoin.
• History : Unlike Bitcoin or Ethereum, many of the cheap cryptocurrencies are new and do not have a long history to analyze, making it difficult to assess more accurate predictions.
• Liquidity : Because they are so new, some of these cryptocurrencies may have limited liquidity, making it difficult to sell their tokens quickly or without impacting the market price.

Note that even when we analyze the disadvantages of cheap cryptocurrencies, we are talking about issues that may not be relevant to those who are investing little money. Of course, for those who intend to invest a large amount of money in these cryptocurrencies, these disadvantages should be considered. But in this case, there are other cryptocurrencies that are more suitable, but more expensive.

Risk Analysis in Cryptocurrency Investments

Reading our content, you may have realized that the cryptocurrency market, although full of opportunities, carries inherent risks, especially when investing in lesser-known cryptocurrencies. The story of the cryptocurrency Solana (SOL) is a fascinating example to understand these risks and how to mitigate them.

In just over three years, the cryptocurrency of the decentralized financial system Solana has seen a meteoric rise to $249.98 and a steep drop to below $10 in a short period of time. This volatility can be driven by a number of factors, including speculation, regulatory changes, and market sentiment.

For those who sold at the high, great. But the investor who decided to hold on to SOLANA, which they had bought for less than $1 at launch, when it appreciated by around 24,900%, must have trouble sleeping. That’s why we always emphasize not to bet everything on a single guess. Diversifying your portfolio with a mix of established and emerging cryptocurrencies can help mitigate risk.

Also, before investing, study the cryptocurrency, its purpose, the team behind it, its historical performance, and the regulatory environment. Participating in communities, talking to other investors, and following cryptocurrency market news are all extremely important for success.

Approach investing in cryptocurrencies as a long-term commitment. Avoid making impulsive decisions based on short-term market fluctuations. Set clear limits on how much you are willing to lose and stick to them. After all, the crypto market is dynamic, and gains and losses are part of the allure of it.

Practical Tips for Beginners

Are you new to the cryptocurrency investment market and don’t know how to get started? Well, we have some tips that can help you find your way. Remember that each case is different and what works for one investor may not work for another. However, some investors share the same principles. Let’s look at some of them.

1. Educate yourself first : Before investing, it’s like learning to ride a bike. It’s necessary to understand the basics of cryptocurrencies, how blockchains work, and the meaning of terms like “mining” and “wallets” to avoid future falls and traumas.
2. Start small : You don’t have to fill your plate the first time you go to the buffet. Start with small investments that you’re comfortable losing, just like you would try a new dish for the first time.
3. Choose reliable platforms : Use recognized exchanges and wallets. After all, we are talking about money and trust is essential. It is like choosing your bank; no one wants to put their money in a bank that could disappear the next day. We open accounts in banks with a good reputation in the market, and the same should be true for investment platforms and cryptocurrency wallets.

And remember to protect your cryptocurrencies. There are many cases of cryptocurrency wallet thefts and since it is an irreversible technology, once someone has their cryptocurrencies stolen, the chance of recovering them is zero or below zero. Therefore, whenever possible, use all the resources at your disposal, such as two-factor authentication and keep your private keys safe.

Common Mistakes to Avoid

• Investing blindly : Entering the cryptocurrency market without a solid understanding of how it works is risky. It is essential to research and understand each cryptocurrency before investing.
• Concentrate investment : Putting all your capital into a single cryptocurrency increases risk. Diversifying your portfolio with different cryptocurrencies can help mitigate this risk.
• Falling for Hypes : Investing based on hypes can lead to hasty and risky decisions. Make well-informed decisions, based on analysis and prior knowledge.
• Neglecting the importance of security : As we have already highlighted, the security of cryptocurrencies and digital wallets is crucial. Ignoring security can result in loss of assets due to hackers or fraud.
• Ignore taxes and news : It is important to always stay on top of tax laws, discussions and hot topics related to cryptocurrencies to avoid legal problems.

Selection Criteria for Cryptocurrencies

Knowing which cryptocurrency is the cheapest to invest in in 2024 is not enough to be a conscious investor. You need to understand how to make these choices and what is behind a selection like ours. After all, cryptocurrency opportunities arise almost daily, and the prepared investor must be equipped to make their choices based on objective criteria.

Price per cryptocurrency

Of course, when it comes to cheap cryptocurrencies, price is the first criterion to be taken into account. Assessing the current price per cryptocurrency is crucial to defining the entire investment strategy. Cryptocurrencies with a low unit value, such as Shiba Inu (SHIB) and Bonk (BONK), can be more accessible for investors who want to buy a large amount of tokens. With the amount spent on the purchase in the region of a few dozen reais, the risk of the investment is often lower than the risk of your money being eroded by inflation.

Growth potential

On the other hand, investors should also try to understand the growth potential of that cryptocurrency. This is the famous riddle of the Sphinx, and those who are able to decipher it tend to be very successful in their investments. But luck is also on the investor’s side. As an example, we can mention the case of pizzas. Did the person who accepted the 10,000 Bitcoins know about the growth potential? We don’t know, but what we do know is that they were very lucky. Unlike Laszlo.

Technology 

The underlying technology of a cryptocurrency is one of the most critical criteria, directly influencing its potential for appreciation and adoption. Cardano, for example, is a pioneer in the use of “proof-of-stake”, which is more energy efficient than the “proof-of-work” model used by Bitcoin. Just like TRON, another cryptocurrency mentioned by us, it uses a Delegated Proof of Stake (DPoS) consensus mechanism, which is highly energy efficient and allows for fast transactions. This technological efficiency tends to be a valuable factor in cryptocurrencies, especially in a world where sustainability is a central topic in government debates.

Development team

The team behind a cryptocurrency is essential to its success and appreciation. For example, XRP, developed by Ripple, benefits from a team with extensive experience and connections in the financial sector, which can positively influence its adoption and appreciation. Even in the face of so many challenges faced by the American justice system, the cryptocurrency continues to appreciate strongly. This is a sign that the community and investors trust the technical and legal capabilities of the team behind the cryptocurrency. This trust ends up fueling its appreciation.

Security and Stability

A team of experts is not enough to give credibility to a cryptocurrency; it must also be secure and stable. These are crucial aspects when choosing cryptocurrencies for investment, because in a market worth USD 1.33 trillion, the line of fraudsters is long. Therefore, security is a central topic in every conversation about cryptocurrencies. Examples include Bitcoin (BTC) and Ethereum (ETH). With a proven track record of resisting attacks and a robust infrastructure, they tend to be perceived as safer investments. 

Community and Support

If the development team is the strategist behind the cryptocurrency, and security is the armor, the community is the front line, the people who make the cryptocurrency advance in a competitive market like crypto-assets. The strength of the community and continued support are indicative of the resilience and growth potential of a cryptocurrency. Dogecoin (DOGE), for example, stands out for its passionate and active community, which can drive its adoption and increase its visibility.

Market History

A cryptocurrency’s market history is an important indicator of its performance and reliability over time. This criterion helps assess the stability and future growth potential of the cryptocurrency. For example, TRON has a positive market history, with consistent performance since its launch, without any sudden drops. This is a sign of the cryptocurrency’s stability and maturity, which are attractive factors for investors looking for less volatile options.

Regulation and compliance

Last but not least, the issue of regulation and compliance with legislation is also important. In a scenario where states are increasingly discussing the issue of cryptocurrencies, complying with existing regulations is crucial for the legitimacy and long-term stability of a cryptocurrency.

BTCETF, as a cryptocurrency that meets specific regulatory criteria, can offer greater security to investors, which is a positive factor for its appreciation . 

FAQs About Cheap and Promising Cryptocurrencies

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