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Throughout 2022, we’ve seen the cryptocurrency arena take some serious hits, instilling a sense of doubt among investors and calling into question the future of the industry in 2023. So if you’re interested in trading or investing in cryptocurrency, these are the coins you should keep. one eye in 2023.
1. Ethereum (ETH)
The native Ethereum blockchain is the most widely used for the development of DApps, NFTs, and other DeFi services. The basic unit of currency on the Ethereum blockchain is Ether, commonly known as Ethereum. You will also see it listed as ETH.
Although the price of Ethereum took a huge hit in the May 2022 crypto crash, it is still worth a hefty $1,250 at the time of writing. Of course, this price is subject to daily fluctuations.
Ethereum originally used the proof-of-work mechanism, which required miners to confirm the blockchain. But now, Ethereum has switched to proof-of-stake via the long-awaited Ethereum Merge, a more energy-efficient consensus mechanism.
Although the Ethereum Merge is bad news for miners, it has significantly reduced power consumption from the network, making Ethereum a much greener asset.
2. Cardano (ADA)
The Cardano blockchain was launched in 2017, two years after its development began. This proof-of-stake network uses Cardano (ADA) as its native currency. Like some of the other blockchains mentioned here, Cardano enables the development of DApps, crypto assets, and even NFTs.
Like Ethereum, Cardano uses smart contracts to execute trades quickly and automatically. The blockchain has also gained popularity thanks to its ability to offer faster transactions than Ethereum 1.0. However, Ethereum may improve its transaction times when its Fusion 2.0 is complete in 2023.
Although ADA is a very popular cryptocurrency, it has always been relatively low in value, peaking at $3 in September 2021 after the Alonzo fork was announced. At the time of writing, Cardano is worth $0.31, but its price is constantly fluctuating. It’s certainly a low-cost investment if you’re working on a budget, but this is the case with many cryptocurrencies.
Cardano could be considered a potential Ethereum killer, although it is a long way from achieving that title. Time will tell if this blockchain and its native crypto challenge the popularity of Ethereum.
3. Moles (DOT)
The Polkadot protocol was designed to link separate blockchains so that data and assets can be transferred in the Web3 space. Polkadot’s native cryptocurrency is also known as Polkadot or simply DOT. The network also focuses on scalability, allowing it to expand as users grow.
Polkadot performed incredibly well in 2021, but suffered in the midst of the May 2022 crypto crash and hasn’t regained its peak price since. Each DOT coin currently has a value of around $5.30.
You can also earn rewards through your Polkadot through DOT slot auctions. This means spending your DOT on projects you want to do well. Each project bids to lease a Polkadot parachute slot, and you’ll earn DOT rewards if the project you backed wins the auction.
4. Uniswap (UNI)
You may have heard of Uniswap as it is a well-known decentralized exchange (DEX) available on the Ethereum blockchain. Uniswap’s native cryptocurrency is also called Uniswap (UNI). The Uniswap exchange is one of the most popular DeFi services, allowing users to trade assets in a peer-to-peer environment and providing liquidity in exchange for rewards.
Uniswap also allows users to play their role in the decision-making process through governance. By having UNI, people can vote on how the platform progresses.
As the DeFi industry grows, Uniswap is likely to maintain a strong position as a popular DEX. So if you are interested in DeFi, Uniswap and its native UNI token could prove useful.
5. Solana (SUN)
The Solana blockchain is currently growing at an incredibly fast rate, with over 250,000 weekly users. This network supports smart contracts and enables the development of DApps for the growing field of DeFi. It also focuses on scalability to expand as demand on the network increases. Solana currently supports hundreds of projects, including Rarible, Orca, and Magic Eden.
Like many other cryptocurrencies, Solana’s price was affected by the May 2022 crypto crash and the FTX bankruptcy fiasco. But this is not a reflection of the potential of the blockchain. Many have called Solana an “Ethereum Killer”, predicting that it may surpass the Ethereum blockchain in popularity.
You can also bet on Solana as it uses the proof of stake mechanism. Several platforms offer Solana staking, including Binance, Coinbase, and Exodus. Solana’s participation rewards vary depending on the platform and length of the participation window you select.
6. Dogecoin (DOGE)
Dogecoin actually started out as nothing more than a joke, poking fun at the shortcomings of the cryptocurrency industry. But since its launch in 2014, Dogecoin has become a popular asset with strong investor backing.
Dogecoin also received notoriety through its adoption by Elon Musk’s Tesla. Musk has always spoken highly of Dogecoin, which has played a role in increasing investment. Each DOGE is currently worth just $0.096, making it a low-cost investment if you don’t want to go broke.
This proof-of-work cryptocurrency can also be mined. This can be done using a GPU rig or ASIC miner. In exchange for mining Dogecoin, you will receive mining rewards in the form of DOGE. The current reward for mining a block is 10,000 DOGE, which equates to around $960 as of this writing. So if you are interested in earning an additional income stream, Dogecoin mining may work for you.
7. Shiba Inu (SHIB)
Shiba Inu is another cryptocurrency based on the “doge” meme and is the native currency of the ShibaSwap decentralized exchange. Built on the Ethereum blockchain, Shiba Inu is an ERC-20 token available on various exchanges. Like Dogecoin, it is another example of a meme coin that has gained huge popularity in the market.
Because Shiba Inu exists on the Ethereum blockchain, it uses the proof-of-stake consensus mechanism. This means that Shiba Inu can be bet on for rewards. ShibaSwap allows SHIB to participate, so check out this DEX if you are interested in this venture.
However, it is worth noting that each SHIB token is worth a minuscule amount. This is not a reflection of his popularity, but it is unknown if the Shiba Inu will top the dollar in the next few years.
8. BNB Currency (BNB)
Binance is the most popular cryptocurrency exchange in the world. But the Binance company has also created several blockchains and a cryptocurrency known as BNB Coin. BNB Coin was once known as Binance Coin, but the name was changed to better associate the coin with the BNB (Build and Build) blockchain ecosystem and to emphasize that Binance does not literally own these blockchains.
This consists of two blockchains, the BNB Beacon Chain and the BNB Smart Chain. The former chain is used for staking and governance, while the latter is used for DApp development.
BNB Coin is the main currency of the Binance exchange and is used to pay gas fees on the BNB Smart Chain. Those who hold BNB Coin can also participate in the governance of the BNB Beacon Chain and stake their BNB on various platforms.
9. Dash2Trade (D2T)
The Dash2Trade project is still in its infancy, with its ICO still active. So far, Dash2Trade has raised nearly $9 million and is seen by investors as a promising project in the cryptocurrency arena. The Dash2Trade project is focused on making crypto trading simple for users and providing additional analytical tools to help them in their trading ventures.
Dash2Trade’s native currency, D2T, is an ERC-20 token currently available via pre-sale. People can use their D2T holdings to sign up for the Dash2Trade platform, and it will be interesting to see what happens to this promising token in 2023.
ApeCoin is another cryptocurrency that is expected to do well in 2023. This relatively new cryptocurrency was only launched in March 2022. It serves as the native currency of Ape DAO and is associated with Bored Ape Yacht Club and Mutant Ape Yacht Club, two very popular NFTs. popular. projects with high value assets.
Because Ape DAO is based on the Ethereum blockchain, ApeCoin is an ERC-20 token. In addition, Ape DAO has also launched its own community-run NFT marketplace and connects to the metaverse. Therefore, the prevalence of ApeCoin may grow throughout 2023.
2023 is expected to be kinder to cryptocurrencies
There is no denying that 2022 was a difficult year for the crypto market. Therefore, we can only hope that 2023 will bring further growth and adoption of crypto assets, benefiting both platforms and investors.
The information on this website does not constitute financial, investment or business advice and should not be relied upon as such. MakeUseOf does not advise on any trading or investment matters and does not advise the buying or selling of any particular cryptocurrency. Always perform your own due diligence and consult a licensed financial adviser for investment advice.