3 Penny Cryptocurrencies To Buy

Last Updated October 23rd 2021
5 Min Read

Penny Cryptocurrencies To Buy Right Now:

  • Dogecoin (DOGE)
  • Shiba Inu (SHIB)
  • Stellar (XLM)

 

1. Dogecoin (DOGE)

Dogecoin (DOGE) is a penny cryptocurrency that has the potential to give investors significant returns in the long run.

The broader market is on a rebound, which is likely to have a positive effect on all cryptocurrencies including Dogecoin.

However, besides the broader market momentum, there are a lot of factors playing into Dogecoin’s favor at the moment.

The biggest of them all is the upcoming moon mission that is funded wholly in Dogecoin. This is a big deal because it will drive a lot of media attention towards Dogecoin in Q1 of 2022.

Earlier this year, Dogecoin rallied by a huge margin due to the hype that Elon Musk created around it with his tweets.

The upcoming event is multiple times bigger than the hype Musk created around Dogecoin in early 2021.

That’s because lunar missions usually attract lots of media attention even when they do not involve crypto. The mission in itself is named after Dogecoin, which means the Dogecoin name will be broadcast all across the globe once the mission goes live. 

Since this mission is only a few months away, it makes sense to start accumulating on Dogecoin now, before the hype builds up.

Besides this mission, there has been an upsurge in Dogecoin adoption over the past year. So far, close to twenty large companies including the Dallas Mavericks accept Dogecoin for payments.

With the hype that the Doge-1 mission will create, a lot more companies could adopt Dogecoin as a form of payment. Since it’s primarily a payments crypto, this will add to its intrinsic value long term.

Dogecoin will also get protocol upgrades in the near future. A while back, the Dogecoin developer team said that it was working on upgrades that would make transactions cheaper. They are also looking to make Dogecoin scale better.

This is a big deal and will play a huge role in driving up the value of Dogecoin long term. It makes Dogecoin a top penny cryptocurrency to buy now.

Check Out: Why We Think Dogecoin Could Be The Next Big Thing

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2. Shiba Inu (SHIB)

Hype is still a huge factor in crypto

Hype is still a big factor in crypto and makes Shiba Inu (SHIB) a top penny crypto penny to buy now.

Shiba Inu was one of the biggest gainers in the last Bull Run, and it was all driven by hype.

This hype around it is still there despite the price correction. This is evident in the fact that it is still one of the cryptos that trend at the top in search engine rankings despite its bearish price action.

Such hype shows that Shiba Inu has a strong community behind it, and that’s huge in terms of its long-term value appreciation. That’s because when crypto is visible in search engines, it easily draws in new investors who do not know much about cryptocurrencies.

In a market that has over 6000 cryptocurrencies, this visibility is important in driving investor demand, and adoption long term. It’s a good reason to bet on Shiba Inu.

Besides the hype, Shiba Inu has a lot going for it at the moment. The crypto’s adoption has shot up quite strongly in the last months, which is impressive for a crypto that is only a year old.

One of the more notable aspects of Shiba Inu adoption is shopping.io. This is a big deal because, through shopping.io, Shiba Inu can be used for shopping on some of the world’s largest e-commerce sites such as Amazon and e-Bay. This could help significantly drive up the demand for Shiba Inu going into the future.

Shiba Inu has also made a lot of progress on the technical front. Since it launched, Shiba Inu has created a DEX called Shibswap. This is a huge deal and will play a huge role in increasing the liquidity of Shiba Inu.

On top of that, the DEX has the option for staking Shiba Inu. Since staked SHIBS is locked for some time, this will positively affect the demand and supply dynamics of Shiba Inu in the long run. It’s one of the many reasons why SHIB is a top penny cryptocurrency to buy now.

Don't Miss: Is Now the Right Time to Buy Shiba Inu?

3. Stellar (XLM)

Another attractive penny cryptocurrency

Stellar (XLM) is one of the top penny cryptocurrencies that made huge moves during 2020 to May 2021 bull run.

Going forward, there are a lot of factors that support the potential for XLM to grow in value.

One of them is its positioning in the cross-border payments market. Stellar, alongside XRP, are the two cryptos that have become the dominant players in this market. Stellar has a number of factors backing it up, that give it an edge over XRP in this market.

That’s because, from the very beginning, it was backed by a foundation, and not a company. As such, it is unlikely to ever get into trouble with the SEC like XRP. Based on Howey’s test, which is the US standard on the definition of security, XLM is very far off from being a security.

The implication is that financial institutions, even US ones can integrate XLM into their systems without fears of getting into conflicts with regulators. This has already played out with regards to MoneyGram.

A while back, MoneyGram terminated its partnership with Ripple after the case with the SEC started. Interestingly, the same company is now the subject of a takeover bid by the Stellar Development Foundation.

If the takeover deal succeeds, then it would significantly boost the value of XLM as a cross-border payment cryptocurrency.

However, regardless of how the all MoneyGram deal plays out, it enhanced the positive impression about Stellar, as a low regulatory risk payments crypto.

Besides the low risk, the market that XLM is focused on is pretty huge, and adoption could have a significant effect on the value of this cryptocurrency.

The cross-border payments market is worth over a trillion dollars, and if XLM can gain widespread usage in this market, then its price could go up significantly in the future. 

Read Also: Will Stellar Make Me Rich in 10 Years?

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