Business

3 under-the-radar cryptocurrencies with more potential than Shiba Inu


Iit’s only been two summers since shiba inus launched, and the meme coin still hopes to latch onto some use cases beyond its clever connection to Elon Musk’s pet dog. The microscopic price is a bell for speculators, and it just got listed on a well-known but declining trading platform.

What if Musk switches to a different breed for his next pet? Will he still toy with his metaverse ambitions? I prefer a tangible purchase thesis a bit more. I think investors can get that with Earth (CRYPTO: LUNA), avalanche (CRYPTO: AVAX)and Decentralized (CRYPTO: MANA). Let’s take a closer look at why these three are already mastering areas where ApeCoin wants to be in a few years.

Image source: Getty Images.

Earth

Terra isn’t exactly sneaking up on crypto investors. It’s a rising star in decentralized finance (DeFi) applications, and investors have seen its value more than quintuple in the past year. A brief overview of Terra, helping to explain why it’s become a hot digital currency. Terra is the native token of TerraUSD (CRYPTO:UST) stablecoins platform. TerraUSD is a stablecoin that aims to be pegged to the US dollar as much as possible. There are other Terra-powered stablecoins linked to other monetary denominations. The project enables cross-border exchanges of value and instant exchanges.

Terra is hot. There are currently nearly $27 billion worth of Terra in pledged assets – or total value locked (TVL) – in DeFi applications, making it the second most popular crypto in DeFi chains. The icing on the cake for Terra is that its $29 billion market cap as of Friday night is barely above its TVL.

The appeal of DeFi here is that investors can generate high returns on TerraUSD through the Anchor savings and lending protocol that Terra introduced last year. Big payouts aren’t sustainable in the long run, but Terra is too popular to ignore right now.

avalanche

There is a need for speed in the world of crypto transactions, and Avalanche’s calling card is its lightning-fast end. Finality is when a crypto exchange is fully completed. Avalanche uses three interconnected blockchains to excel at creating more efficient smart contracts, and each of these blockchains is centered around a dedicated task like scalability or security.

Avalanche has $10.7 billion in TVL, making it the fourth most popular DeFi channel on the planet. It is a popular tool with other denominations. There are 198 different protocols relying on cryptography to improve efficiency with its Layer-1 network. It’s rocking the market, like – well – an avalanche.

Decentralized

Investing in cryptocurrencies is risky, and unlike stocks, it’s not like you have earnings multiples or analyst estimates to get a good read on the value of a particular digital currency. . Decentraland is a name that stock market investors can appreciate because it is linked to a popular online community named after it.

When Decentralized launched, it presented itself as the original virtual world owned by its users. You can join the community for free, but you’ll need Decentraland’s MANA tokens to enhance your experience with digital enhancement and other assets. There is also a second, less popular digital currency which is essentially an NFT that controls virtual plots of land in the game.

There were over 300,000 monthly active users within the Decentralized community a few months ago. The crypto has cooled off since its peak in October, but it’s an intriguing option for investors who have hands-on experience with the platform and can see whether its relevance rises or falls.

10 Actions We Like Better Than Shiba Inu
When our award-winning team of analysts have stock advice, it can pay to listen. After all, the newsletter they’ve been putting out for over a decade, Motley Fool Equity Advisortripled the market.*

They just revealed what they think are the ten best stocks investors can buy right now…and Shiba Inu wasn’t one of them! That’s right – they think these 10 stocks are even better buys.

View all 10 stocks

* Portfolio Advisor Returns as of April 7, 2022

Rick Munarriz owns Avalanche. The Motley Fool owns and recommends Avalanche and Terra. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


nasdaq

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button