Selecting the right crypto in the current booming market can be confusing. With so many floating around, how can one ensure that the selection is right? The answer is easy. There are different indications to look at. But what are these indications? Let’s have a look at the 5 most important ones.
1. Reputation is Everything
The image that the crypto and its team portray is important. Have a look at how the crypto has performed over the past couple of years (or if new, how committed the team is). If there were any hiccups, how the developers responded to them is an excellent way to gauge the crypto. Market sentiment is another good indicator.
2. Always Prioritize Security
There can be nothing more important than the security of the crypto. Primarily you should look for any code audit performed by authentic and reputable firms. Though going through a code audit report can be tedious and at times too complex, it can be worth your time. At the same time, join a few public forums and seek out what other more tech-oriented people are saying about the audit.
3. Practicality Over Promises
Of course, investing in a crypto is worth it if it can gain market traction. A good practical use case helps that. Head over to the crypto’s site and explore what they claim to be solving. The problem being solved should be significant enough to warrant user attraction. Solutions to minor problems, no matter how good, may not give traction to the crypto.
4. Opinion of Market leaders
This cannot be stressed more. Market leaders have a unique insight on not only the crypto market but can also give clues to the future of the cryptos. Things like their take on the industry or sector, price prediction, etc. But you have to be careful here. The line between a market leader and a paid influencer can be vague. Avoid this by digging into the history of the market leader to seek confirmation if need be.
5. Products and Services
While practicality is about solving any current problem, let’s not forget that how these are addressed is as important. The project team can use a lot of jargon to sound like they are the next big thing. But if they are not able to state clearly their goals and how they intend to achieve these, maybe the crypto is not the best thing to invest in.
Cheap Cryptos You Can Expect To Grow Explosively in 2023
Does all of this seem to be too much of a hassle for you? Well, you are in luck as we have compiled a list of 7 cryptos that are cheap, but have all the potential of explosive growth this year:
Uwerx (WERX): Catering to a multi-billion dollar industry, The upcoming Uwerx platform is expected to revolutionize the freelance industry with its innovative services.
XRP (XRP): With high chances of winning the SEC court battle, XRP (XRP) is ripe for the picking by investors.
Decentraland (MANA): Even as metaverse popularity wanes, Decentraland (MANA) is still publishing updates and events, giving content creators the global stage they deserve.
Filecoin (FIL): The decentralized data storage network just launched its Virtual Machine, bringing Layer-1 solutions like smart contracts on its mainnet. This puts Filecoin (FIL) from open data storage to an open data economy network.
Cardano (ADA): When a blockchain hires a new COO from PwC and a CLO from the Swiss regulatory authority FINMA, that is a clear indication of some explosive growth ahead.
Shiba Inu (SHIB): The meme token has come a long way and with its Shibarium Layer-2 ecosystem beta version launched, the token will find extensive use and demand in the future.
SingularityNET (AGIX): With AI services ChatGPT4 making waves, democratizing AI services means SingularityNET (AGIX) can bring the power of decentralization to AI.
Which of the Seven Cryptos is Most Likely to Grow
While each token has its own potential, we strongly suspect that the star of the show will be Uwerx. Dual audits even before launch, an active presale with a special discounted price, and a planned liquidity lock combined with practical freelance services mean Uwerx has all the elements of our list. The project team has even announced plans to make users the owners and do away with planned taxes to help support the project.
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