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Why You Should Consider Investing in These Three Cryptocurrencies

Why You Should Consider Investing in These Three Cryptocurrencies

Key points

  • Given the unique attributes of Dogecoin, Toncoin, and Shiba Inu, each offers distinct investment opportunities.
  • However, due to the high volatility of the cryptocurrency market, investors are advised to diversify their portfolios and conduct thorough research before making any decision.

Cryptocurrency investors are constantly on the lookout for the next big opportunity. While Bitcoin and Ethereum often dominate the headlines, other digital assets have garnered significant attention and support. Among these are Dogecoin, Toncoin, and Shiba Inu. Each of these cryptocurrencies has unique attributes and backing that make them intriguing options for investors.

I will share the reasons why one might consider adding these three coins to their portfolio in the current market environment. Not financial advice, of course.

Dogecoin: The Power of Community and Celebrity Endorsement

Dogecoin, originally created as a joke, has evolved into a serious player in the cryptocurrency market. Launched in December 2013 by Billy Markus and Jackson Palmer, Dogecoin was inspired by the popular “Doge” meme featuring a Shiba Inu dog. Despite its humorous beginnings, Dogecoin has built a robust community and has seen substantial growth over the years.

One of the most compelling reasons to consider investing in Dogecoin is its strong community support. The Dogecoin community is known for its charitable efforts and positive spirit. For instance, in 2014, the community raised $50,000 to help send the Jamaican bobsled team to the Winter Olympics. This sense of community and goodwill has helped Dogecoin maintain a loyal following.

Another significant factor contributing to Dogecoin’s appeal is the endorsement of high-profile individuals, most notably Elon Musk. The CEO of Tesla and SpaceX has frequently tweeted about Dogecoin, often causing its price to surge. Musk’s influence cannot be understated; his tweets have the power to move markets, and his support for Dogecoin has brought it into the mainstream spotlight.

In May 2021, Musk referred to Dogecoin as “the people’s crypto,” further solidifying its status as a legitimate investment option.

From a financial perspective, Dogecoin has shown impressive growth. As of 6 June 2024, Dogecoin’s market capitalization stands at approximately $15.8 billion, making it one of the top 10 cryptocurrencies by market cap. While its price is highly volatile, the potential for significant returns is evident. For example, in early 2021, Dogecoin’s price surged by over 12,000%, reaching an all-time high of $0.73 in May of that year.

I am waiting for Elon Musk’s plan for $DOGE. And I know he will do something to it.

Toncoin: The Telegram Connection and Growing Ecosystem

Toncoin, the native cryptocurrency of the TON (Telegram Open Network) blockchain, is another digital asset worth considering. Originally developed by the team behind the popular messaging app Telegram, TON aims to provide a fast, secure, and scalable blockchain platform. Although Telegram officially withdrew from the project in 2020 due to regulatory issues, the TON community has continued to develop and expand the network.

One of the primary reasons to invest in Toncoin is its strong user base. Telegram boasts over 700 million monthly active users as of 2023, and the integration of TON into the messaging app has the potential to drive significant adoption. The seamless integration of cryptocurrency transactions within a widely used messaging platform could revolutionize the way people send and receive money, making Toncoin a valuable asset.

The TON ecosystem is rapidly growing, with numerous projects being built on the platform. One notable example is Hamster Kombat, a decentralized game that leverages the TON blockchain for in-game transactions and rewards. The success of such projects highlights the versatility and potential of the TON network.

Many new projects are building on TON. For example, in just three months, 239 million users subscribed to the Hamster Kombat app.

Pavel Durov, the founder of Telegram, pointed out that four to five million new users join the game daily, making it the fastest-growing digital service in the world. “It took Hamster only 73 days to reach 100 million monthly users. Each day, 4-5 million new users join Hamster Kombat, making it the fastest-growing digital service in the world.”

From a technical standpoint, TON offers several advantages over other blockchain platforms. It utilizes a unique consensus mechanism called “Byzantine Fault Tolerant” (BFT) proof-of-stake, which enhances security and scalability. Additionally, TON’s multi-chain architecture allows for parallel transaction processing, significantly increasing throughput. These technical innovations position TON as a formidable competitor in the blockchain space.

Financially, Toncoin has shown promising growth. As of the point of writing, Toncoin’s market capitalization is around $38.5 billion, reflecting its increasing adoption and potential for future growth. While it may not yet be as well-known as some other cryptocurrencies, its strong fundamentals and growing ecosystem make it a compelling investment option.

Shiba Inu: The Power of Community and Strategic Partnerships

Shiba Inu, often referred to as the “Dogecoin killer,” is another cryptocurrency that has captured the attention of investors. Launched in August 2020 by an anonymous developer known as “Ryoshi,” Shiba Inu was created as an experiment in decentralized community building. Despite its relatively short history, Shiba Inu has quickly gained a massive following and has become one of the most talked-about cryptocurrencies.

One of the key reasons to consider investing in Shiba Inu is its strong and passionate community. The Shiba Inu community, known as the “Shib Army,” is highly active on social media and has played a crucial role in promoting the coin. This grassroots support has helped Shiba Inu achieve significant milestones, such as being listed on major cryptocurrency exchanges like Binance and Coinbase.

Another factor contributing to Shiba Inu’s appeal is its strategic partnerships and endorsements. Notably, Ethereum co-founder Vitalik Buterin has been associated with Shiba Inu. In May 2021, Buterin donated 50 trillion SHIB tokens (worth approximately $1 billion at the time) to the India COVID-Crypto Relief Fund, bringing significant attention to the project.

Additionally, Shiba Inu has formed partnerships with various companies and platforms, further enhancing its credibility and adoption.

From a financial perspective, Shiba Inu has demonstrated remarkable growth. Its market capitalization is approximately $9.3 billion, making it one of the top 20 cryptocurrencies by market cap. The coin’s price has the potential for high returns. For instance, in 2021, Shiba Inu’s price surged by over 1,000% in just one month, reaching an all-time high.

Furthermore, Shiba Inu’s ecosystem is expanding with the development of various projects and initiatives. One notable example is ShibaSwap, a decentralized exchange (DEX) that allows users to trade, stake, and earn rewards with SHIB tokens. The success of ShibaSwap and other projects within the Shiba Inu ecosystem highlights the coin’s potential for long-term growth and utility.

More recently, I see Shytoshi Kusama making his first public appearance in Kyoto to meet the Shiba Inu community. This means they are working hard on the ground. I hope to see more price action soon.

Conclusion: A Diversified Approach to Cryptocurrency Investment

In conclusion, Dogecoin, Toncoin, and Shiba Inu each offer unique attributes and potential benefits for investors. Dogecoin’s strong community support and celebrity endorsements, Toncoin’s integration with Telegram and growing ecosystem, and Shiba Inu’s passionate community and strategic partnerships make them compelling options in the current market.

However, it is essential to approach cryptocurrency investment with caution. The market is highly volatile, and prices can fluctuate dramatically. Diversifying one’s portfolio and conducting thorough research are crucial steps to mitigate risks and maximize potential returns.

Ultimately, the decision to invest in Dogecoin, Toncoin, or Shiba Inu should be based on a careful assessment of one’s risk tolerance, investment goals, and market conditions. By staying informed and making strategic decisions, investors can navigate the dynamic world of cryptocurrency and potentially reap significant rewards.

 

Source: https://www.financemagnates.com/cryptocurrency/why-you-should-consider-investing-in-these-three-cryptocurrencies/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace

Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace

The crypto winter is killing off companies that took on big risks when markets were booming. So is this the shakeout all financial markets go through?

Hedge fund Three Arrows Capital (3AC) looks like the biggest casualty of the crypto price collapse so far after filing for bankruptcy in the U.S., but according to blockchain business advisor Anndy Lian, the worst may be yet to come.

“It will have a snowball effect,” said Lian, who is a fund manager for blockchain investments at Passion Venture Capital Pte. in Singapore and advises Mongolia’s government on the industry.“[The impact] will not just be on 3AC, it will be on 3AC’s involvement as an investor or as a fund manager, then it will snowball down,” Lian said in an interview with Forkast.

That snowball has already hit crypto lending platform Voyager Digital Ltd., which filed for Chapter 11 bankruptcy on Wednesday in New York. Yet as more companies get swamped, some in the industry are calling it a necessary shakeout after the excesses of last year’s record-setting crypto price surge.

Voyager Digital had earlier halted or limited customer withdrawals, a move adopted by other lenders such as BlockFi. Crypto exchange Celsius was one of the first lending and staking platforms to halt withdrawals in early June, citing the common refrain “extreme market conditions.”

The collapse of Terra, which some argue helped trigger the bankruptcies now being filed, saw its Luna token fall from the ranks of a top 10 cryptocurrency with a market capitalization of almost US$30 billion to effectively zero in a matter of days.

Broken arrow

Any firm with significant exposure to the Terra project was hit hard by the collapse, including 3AC, which had a US$200 million investment in Luna Foundation Guard, the organization behind the Terra stablecoin, effectively wiped out when the project went south.

As 3AC sank into funding trouble, Voyager got hit after disclosing it had loaned over US$650 million in the USDC stablecoin and Bitcoin to 3AC, which it might not be getting back. BlockFi was among the lenders that foreclosed on roughly US$400 million in loans to 3AC.

Chapter 11 generally allows for a company to come up with a plan to pay off creditors and rebuild the business.

In the crypto boom times, many of these companies with lending and staking platforms were venturing into ever more risky areas for profits, Igneus Terrenus, head of communications at crypto exchange Bybit, said in an interview with Forkast.

“It’s almost a repeat or like a rhyming [with] what happened with the subprime mortgage crisis (which led to the Global Financial Crisis of 2008),” he said. “These firms just have to go further and deeper into more risky area because there is so much appetite.”

One of the world’s largest investment banks, Goldman Sachs is said to be looking to raise US$2 billion to buy distressed assets from Celsius, though Goldman hasn’t commented on the speculation.

Smaller pond

Companies native to the crypto industry are also looking for opportunities, with Bahamas-based crypto exchange FTX providing a US$400 million loan to BlockFi that includes an option to buy the troubled crypto lender.

Buying these firms out is a “smart move” Terrenus said, not only as a business opportunity, but in the case of FTX it creates a positive impression of a “savior” within the industry and grants confidence back to those firms and the market in general.

While the so-called contagion spreads in the crypto industry, it hasn’t reached broader traditional markets — this time around.

In its recent Financial Stability Report, the Bank of England highlighted how vulnerabilities in the crypto market, such as over-leveraging and breakdown of confidence in stablecoins, have contributed to the crypto crash.

The BoE recommended increased regulation of the industry to minimize the risk to broader markets as crypto adoption grows and become further entwined within traditional finance.

“It happens to everybody,” he said. “The fact that it’s happening to crypto now I don’t think should come as a surprise to people. The really important thing is what the crypto industry does now that it’s happened.”

Some of these firms will have to look at strengthening their balance sheets and internal controls, Sullivan added.

Many of these firms that are in trouble at the moment are not true DeFi (decentralized finance), but traditional centralized businesses just focused on cryptocurrency, he said.

Total value locked in these protocols has decreased in the past few months, but there have not been the collapses as has been seen in more centralized firms.

“Decentralized protocols actually performed exactly how they intended to and avoided the perils that the likes of BlockFi, Celsius and Voyager are experiencing,” Sullivan said.

Original Source: https://forkast.news/three-arrows-voyager-failure-crypto-fall-from-grace/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Bitcoin (BTC) is worth more than the world’s three largest banks combined

Bitcoin (BTC) is worth more than the world’s three largest banks combined

Thank you @TokenPost for the mention. I do believe that Bitcoin and selected cryptocurrencies that have real utility will continue to flourish in this space.

This post is originally posted here. You can also read it on Google News.

Bitcoin (BTC) is worth more than the world’s three largest banks combined

Bitcoin recently set a new all-time high when it traded above $61,000. With the surge in its price, the world’s largest crypto by market capitalization is now worth more than the combined value of the top two payment platforms Mastercard and Visa. BTC is now even more valuable than the combined market cap of the world’s three largest banks JPMorgan Chase, Bank of America, and the Industrial and Commercial Bank of China (ICBC).

BTC set a new all-time when it traded at $61,700 last week, according to Cointelegraph. The crypto’s sky-high price also pushed its market capitalization to a new record of around $1.15 trillion.

With this valuation, Bitcoin is now worth more than the combined capitalizations of two of the world’s largest payment platforms Visa and Mastercard. The combined value of the two payment networks is $871 billion, which is only around 76 percent of BTC’s valuation at its peak.

“Bitcoin’s market cap ($1 trillion) is more than #VISA ($379 billion) and #Mastercard ($492 billion) combined,” investor Anndy Lian tweeted on March 16, 2021. “This is the power of #cryptocurrencies.”

During the time of the tweet, Visa’s market cap is $492.27 billion. Meanwhile, Mastercard’s market valuation is $379.22 billion.

At its all-time highs of $61,700, Bitcoin’s market cap was roughly $1.15 trillion. The combined market cap of JPMorgan Chase, Bank of America, and the Industrial and Commercial Bank of China is $1.08 trillion.

Bitcoin’s market cap is even bigger than the combined capitalization of the three largest banks in the world. The world’s largest crypto is more valuable than JPMorgan Chase, Bank of America, and the Industrial and Commercial Bank of China (ICBC) combined.

According to data from Companiesmarketcap.com, JPMorgan Chase is worth $473.25 billion, Bank of America’s market cap is $327.40 billion, and the Industrial and Commercial Bank of China’s cap is $291.22 billion. This means that the world’s top three banks’ combined market capitalization is $1.09 trillion, around 95 percent of BTC’s market cap of $1.15 trillion.

TokenPost | info@tokenpost.com

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j