11 Best Penny Cryptocurrency To Buy For 2023

Investors usually find penny cryptocurrencies enticing and for a good reason. They are nominally cheap, meaning that even with a small starting capital, it is possible to accumulate a sizeable holding of penny crypto.

But in a market full of scams, finding suitable penny cryptocurrencies to buy can be a considerable challenge. The good news is that we are here to help.

This guide will teach you about the best penny cryptocurrency to buy in 2023. We will also give you an idea of how to buy these promising penny cryptocurrencies.

The 11 Best Penny Cryptocurrency To Buy In 2023

To help you get started, here is a list of the best penny cryptocurrencies to invest in 2023.

 

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

An In-Depth Look At The Best Penny Cryptocurrency To Buy In 2023

Thanks to top cryptocurrency exchanges like eToro, it is fairly easy to invest in cryptocurrencies today. The challenge comes in finding the best cryptocurrencies to buy.

It is for this reason that we have compiled a list of the best penny cryptocurrencies to buy in 2023.

Ready? Let’s get started.

1. Dogecoin – Top Meme Coin With Strong Potential For Adoption In Payments

Dogecoin was created in 2013 as a joint project between Billy Markus and Jackson Palmer. The two came up with the idea of Dogecoin as a way to satirize the burgeoning cryptocurrency market. 

However, due to a combination of factors - including its low price, wide availability, and cute Shiba Inu mascot - Dogecoin quickly gained traction and became one of the largest cryptocurrencies by market capitalization. 

Today, Dogecoin is used by people all over the world as a way to send tips or donations online. And while it may have started as a joke, there's no doubt that Dogecoin is now a force to be reckoned with in the world of cryptocurrency.

One thing that has given Dogecoin a significant value boost in recent years is Elon Musk. Musk loves DOGE, and his tweets in 2020 saw it rally by over 12,000% by May 2021.

Like the rest of the market, Dogecoin has taken a hit in 2022 and is down by over 80%. However, there is a good chance that Dogecoin could rebound ahead of the other meme coins. That’s because Elon Musk recently bought Twitter and could integrate Dogecoin as a payment method. If this happens, then Doge is highly undervalued and could be the best penny cryptocurrency to buy in 2023.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

2. Polygon – One Of The Fastest-Growing Ethereum Layer-2 Solutions

Next on the list of best penny cryptocurrencies to buy in 2023 is Polygon. Polygon is an Ethereum layer-2 solution that is known for its scalability. It has been designed to help with the scalability issues that have plagued Ethereum since its inception. Polygon uses a technique called "side chains" to help scale Ethereum. 

Side chains are separate blockchain networks that are connected to the leading Ethereum network. This allows for improved scalability because transactions can take place on the side chains without bogging down the main network. In addition, Polygon provides several other benefits, including increased security and improved performance. As a result, it is not surprising that Polygon has become one of the most popular layer-2 solutions in the Ethereum ecosystem.

With Ethereum now running as a Proof-of-Stake network, Polygon’s adoption will only get better over time. This makes MATIC a high-potential cryptocurrency to buy in 2023 in anticipation of the next bull run.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

3. Cardano – Large Cap Meme Cryptocurrency That Is Taking On Ethereum

Cardano is a blockchain platform that offers a variety of features designed to improve upon the limitations of existing platforms such as Ethereum. One key area where Cardano shines is in its Proof-of-Stake algorithm, which is widely considered to be one of the best in the market. This algorithm helps ensure that all users have a stake in the network's success and are incentivized to act in its best interests. 

As a result, Cardano boasts a high degree of security and decentralization. In addition, the platform offers improved scalability and interoperability, making it an appealing option for developers looking to build next-generation decentralized applications. With its strong fundamentals, Cardano is positioned as a major competitor in the blockchain space for years to come.

Cardano introduced smart contracts in 2021 and this is a key factor that makes it one of the most undervalued altcoins to buy in 2023. That’s because this could aid in adoption long term since smart contracts are one of the most important use cases for blockchain technology. 

Smart contracts allow for the execution of transactions without the need for a third party, which can save time and money. They also help to reduce counterparty risk. Cardano's smart contracts are still in the early stages, but they have the potential to be very successful. The team behind Cardano is very experienced and has a strong track record of getting things done.

Given that Cardano has lost over 70% of its 2021 valuation in 2022, the odds are that it is massively undervalued at current prices. This and its strong fundamentals make it one of the best penny cryptocurrencies to buy in 2023.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

4. Chiliz – Penny Cryptocurrencies That Is Tokenizing Sports And Entertainment

Chiliz is a cryptocurrency that is revolutionizing how sports teams interact with their fans. By using blockchain technology, Chiliz enables sports teams to create their tokens, which fans can use to purchase tickets, merchandise, and other team-related items. 

Fans can also use these tokens to vote on team decisions, such as which players to sign or trade. As a result, Chiliz is giving fans a greater say in how their favorite teams are run. In addition, using blockchain means that transactions are secure and transparent. This could potentially reduce fraud and corruption in the sports industry. Overall, Chiliz is providing a new and innovative way for sports teams to connect with their fans.

In the 2022 cryptocurrency bear market, Chiliz has taken a hit. Nonetheless, adoption continues to grow. This mismatch between the price and fundamentals makes Chiliz one of the best penny cryptocurrencies to buy in 2023.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

5. XRP – Top Penny Cryptocurrency Disrupting The Cross-Border Payments Market

XRP is a top penny cryptocurrency that is disrupting the cross-border payments market. With its unique features, XRP has the potential to revolutionize the way money is sent and received around the world. For example, XRP can be used to send payments instantly and without any fees. 

Additionally, XRP is much more scalable than other cryptocurrencies, meaning it can handle many transactions without slowing down. As a result, XRP is quickly gaining popularity as a viable alternative to traditional payment methods such as wire transfers.

Despite its strong capabilities, XRP has been weighed down by the ongoing case between Ripple and the SEC. The good news is that if Ripple wins the case, XRP could rally and smash through its 2017 all-time highs of 2023.

This potential makes XRP massively undervalued penny cryptocurrencies in the market today.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

6. Basic Attention Token – Penny Cryptocurrency That Is Changing The Web

Next on the list of the best penny cryptos to invest in 2023 is Basic Attention Token. This cryptocurrency makes it to this list for its strong use case that could help drive long-term growth.

The Basic Attention Token is a cryptocurrency that powers the Brave Browser, a web browser with a mission to "change the online ad ecosystem to respect user privacy better while growing ad revenue for content creators." Brave Browser is built on the idea that online advertising should be more efficient and transparent and that users should be compensated for their attention.

The Basic Attention Token is used to purchase advertising space on websites, as well as to tip content creators. The Brave Browser is currently available for desktop and mobile, and it has been downloaded over 10 million times. Brave Browser is changing how search engines interact with user data by providing a more private and efficient way for advertisers to reach their target audience.

In addition, the Brave Browser compensates users for their attention, creating a win-win situation for advertisers and consumers. As more people adopt the Brave Browser, it is poised to upend the online advertising landscape and give users more control over their data.

With the adoption of Brave on the rise, the intrinsic value of BAT increases. This makes it an undervalued cryptocurrency to buy and hold today. It is without one of the best altcoins to buy and hold long-term.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

7. Shiba Inu – Meme Cryptocurrency That Is Working On Improving Its Fundamentals

Shiba Inu is without a doubt one of the best low-cap cryptocurrencies today. Shiba Inu, the self-declared "Dogecoin Killer," made headlines in 2021 after a 48,000,000% price rally. The Shiba Inu token was created as a parody of Dogecoin and initially had little value. However, cryptocurrency began to gain popularity in early 2021, and its price began to rise rapidly. 

By May 2021, the price of Shiba Inu had grown to over $0.000035. The rapid price increase attracted the attention of investors and speculators, and the price of Shiba Inu continued to rise. By November 2021, the price of Shiba Inu had reached an all-time high of $0.00008, giving it a market capitalization of over $50 billion. While the price of Shiba Inu has since pulled back from its all-time high, SHIB remains one of the most popular cryptocurrencies in the market today.

That’s because Shiba Inu is working on improvements that could increase the token’s value over time. One of these improvements is a layer-2 solution called Shibarium. Shibarium is a Layer-2 scaling solution developed by Shiba Inu. 

It utilizes an off-chain platform to provide fast and scalable transactions without sacrificing security or decentralization. In addition, Shibarium provides users with a built-in exchange that allows them to buy and sell different assets quickly and easily. Overall, Shibarium is an incredibly powerful tool that can help to solve many of the scalability issues plaguing the cryptocurrency industry today.

Shiba Inu has also built a Metaverse that is giving the cryptocurrency a footing in the fast-growing P2E gaming market. The Shiba Inu Metaverse is a virtual world that uses the Ether token. The Metaverse is designed to be used for gaming and other virtual activities, and it has already attracted several users. 

This has given Shiba Inu a foothold in the fast-growing P2E gaming market, which is expected to be worth billions of dollars in the next few years. The Metaverse is just one example of how Shiba Inu is innovating in the cryptocurrency space, and the token will likely continue to grow in popularity in the months and years to come.

With all these developments and the fact that the 2022 bear market has negatively impacted SHIB, it is not hard to see why SHIB is one of the best penny cryptocurrencies to buy in 2023.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

8. Vechain – Penny Cryptocurrency That Is Using Blockchain To Transform Logistics

In a global economy, supply chains are often complex and far-reaching, involving many different players. As a result, they can be difficult to manage and track. Vechain is a cryptocurrency that is working to change that. By using blockchain technology, Vechain provides a secure and transparent way to track the movement of goods throughout the supply chain. 

This information can be accessed by all parties involved, making it easier to manage inventory and ensure that products are delivered on time. In addition, Vechain's traceability features can help to reduce fraud and counterfeiting. As a result, Vechain has the potential to transform global supply chains, making them more efficient and more secure.

Vechain has already secured deals, especially in the fashion industry. As it inks more partnerships, Vechain could emerge as one of the best cryptocurrencies to buy and hold long-term. Besides, now that it has tanked due to the 2022 cryptocurrency bear market, it easily stands out among the best penny cryptocurrency to buy in 2023.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

9. Zilliqa – An Efficient Cryptocurrency For Developing Smart Contracts

Zilliqa is designed to handle a high volume of transactions. The Zilliqa team has been working on the platform since 2017 and, as of 2022, the Zilliqa blockchain can handle 2,828 transactions per second. This makes it one of the fastest blockchains in the world. In addition to its high transaction throughput, Zilliqa is also scalable. 

This means that the Zilliqa blockchain can grow to support even more transactions as needed. As businesses and organizations begin to adopt blockchain technology, they will need platforms that can handle large numbers of transactions quickly and efficiently. Zilliqa is well-positioned to become a leading platform in the enterprise blockchain space.

Besides its strong use case, Zilliqa has taken a significant hit in the 2022 bear market. However, this has not in any way affected the growth and adoption of Zilliqa. This means that at these depressed prices, there is a mismatch between price and fundamentals. The result is that from a long-term investment perspective, Zilliqa is one of the top altcoins to buy in 2023.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

10. Stellar – Penny Cryptocurrency That Is Aiming To Bank The Unbanked

The Stellar Lumens network is a decentralized payment platform that uses blockchain technology to facilitate quick and cheap transactions. The native currency of the Stellar network is called Lumens (XLM). XLM can be used to send and receive payments or traded on exchanges for other currencies. 

The Stellar network is designed to be highly scalable, so it can support many transactions without compromising speed or security. In addition, Stellar Lumens offers several features that make it an attractive choice for financial institutions and individuals. For example, the platform includes a built-in exchange that lets users quickly convert different currencies. In addition, Stellar Lumens supports smart contracts, allowing developers to create innovative applications that run on the platform. As a result, the Stellar network has the potential to revolutionize the way we make and receive payments.

When it comes to cryptocurrency, there are a lot of different factors to consider. One of the most important is regulatory risk. This is the risk that a government or other authority will take action that could negatively impact the value of the currency. For example, XRP has been affected by the case against Ripple by the SEC. Stellar is a cryptocurrency with a low regulatory risk because it is not associated with any company. 

This means there is no central authority that could be targeted by regulators. Instead, Stellar is run by a non-profit foundation, which makes it much less likely to be subject to government intervention. As a result, investors looking for a currency with low regulatory risk investors may consider XLM over other payment cryptos in a bull market. For this reason, Stellar is an undervalued penny cryptocurrency to buy in 2023.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

11. Reef Finance – A Fast-Growing DeFi Cryptocurrency

Decentralized finance is one of the hottest trends in the crypto world. By allowing users to borrow, lend, and trade cryptocurrencies without intermediaries, DeFi protocols have unlocked a new level of financial freedom. However, most DeFi platforms are built on Ethereum, which is notorious for its slow transaction speeds and high fees. Reef Chain offers a solution: a fast, scalable blockchain that is fully compatible with Ethereum's Virtual Machine (EVM).

 With Reef Chain, users can enjoy all the benefits of DeFi without sacrificing speed or affordability. In addition, Reef Chain is a "proof-of-stake" blockchain, which means that it uses far less energy than traditional "proof-of-work" blockchains like Bitcoin. As the DeFi revolution continues to gain steam, Reef Chain is poised to play a leading role.

Besides being in a market with strong odds of growth, Reef Finance has a lot going on that could play into its value going into the future. In recent years, scaling has been one of the most talked-about topics in the cryptocurrency community. As the blockchain industry continues to grow, so does the need for faster and more efficient transaction processing. Currently, many popular blockchain platforms need help to keep up with demand, leading to high fees and delays.

The good news is that new technologies are being developed all the time that can help to address these issues. One such technology is Reef Chain, which allows for tech growth by burning transaction fees. Reef Chain is designed to be scalable from the ground up, allowing it to handle a large number of transactions without any slowdown. In addition, its unique consensus algorithm means that transaction fees can be dynamically adjusted according to network conditions. 

As a result, Reef Chain has the potential to revolutionize the way we scale blockchain technologies. All this, coupled with its current low prices and market cap, makes Reef Chain one of the best penny cryptocurrencies to buy in 2023.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Penny Cryptocurrencies – A Definition

Penny cryptocurrencies are digital assets that trade for a few cents or less than $1. While they tend to be riskier than more expensive cryptocurrencies like Bitcoin, their low price makes them attractive to new investors and those looking for a low-risk entry into crypto. With a little due diligence, there is money to be made from the cheapest cryptocurrencies in the market today.

Is Investing In Penny Cryptocurrencies Worth It?

As mentioned above, penny cryptocurrencies are risky but rewarding as well. Once you understand how to research and buy penny cryptocurrencies, you can make a good ROI out of a small initial investment. Besides the ROI, below are some other reasons why you should consider investing in penny cryptocurrencies in 2023.

Low minimum capital requirement

For many people, the most significant barrier to investing in cryptocurrency is the high price of Bitcoin and other major coins. However, many penny cryptocurrencies can be bought for less than a dollar. These coins often have the same features as their more expensive counterparts, but they come with a much lower price tag. As a result, buying penny cryptocurrencies can open up crypto to people who may have previously been priced out. With top exchanges like eToro, you can buy penny cryptocurrencies with a balance as low as $10.

They make it easy to diversify.

In addition, buying penny cryptocurrencies can also be a great way to build up a diversified portfolio. By investing in a variety of different coins, you can minimize your risk and maximize your returns. So, if you’re looking for a way to get started in cryptocurrency investing, learning how to invest in penny cryptocurrencies is a great place to start.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

How To Buy The Best Penny Cryptocurrency In 2023

While there are many good brokers, eToro is the best broker to buy penny cryptocurrencies. eToro is a popular online broker that offers access to a wide range of assets, including cryptocurrencies. One of the reasons for its popularity is the low trading costs. For example, when you buy or sell a cryptocurrency on eToro, you will only pay a 1% fee. This is significantly lower than the fees charged by many traditional brokers. In addition to the low fees, eToro also offers a wide selection of assets. You can trade a variety of cryptocurrencies on the platform, as well as numerous other assets such as stocks, commodities, and forex. As a result, eToro is an ideal choice for those who want to trade a variety of assets at low costs.

eToro also helps you with custody so that you don’t have to worry about the safety of your penny crypto investments. This is done through the highly secure eToro Money Wallet. The wallet has DDoS Protection to ensure the security of your funds. In addition, it uses advanced signature mechanisms to prevent fraud and protect your privacy.

You will also be happy to learn that eToro is regulated. eToro is regulated internationally by top-tier regulators such as the Securities and Exchange Commission (SEC) and the Financial Conduct Authority (FCA). This assures users that eToro adheres to strict financial regulations and safeguards user information and assets. 

In addition, eToro segregates client funds from company operational funds, meaning that client money is never used for company expenses. eToro is also a member of the Investor Compensation Fund (ICF), which protects clients up to €20,000 if eToro becomes insolvent. Overall, the multiple layers of regulation and protection make eToro a safe and secure platform for online trading.

eToro helps cryptocurrency investors diversify their holdings. Thanks to the eToro Smart Portfolios, you can easily allocate your funds to the assets that will perform the best. And with eToro's focus on safety and security, you can rest assured your investment is in good hands.

Last but not least, the benefits of choosing eToro are the variety of accepted payment methods. In addition to traditional methods like credit/debit cards and wire transfers, eToro also accepts e-wallets like PayPal and Neteller. This makes it easy and convenient for investors to fund their accounts and start trading. What's more, eToro offers some of the most competitive fees in the industry, making it an attractive option for both novice and experienced investors.

Conclusion

This guide has an in-depth look at the best 11 best cryptocurrencies to buy in 2023. It has also touched on eToro as the best platform to buy penny cryptocurrencies.

While all the above penny cryptocurrencies have a lot of potential for growth in 2023, Dogecoin will outperform them. The Elon Musk factor, especially now that he has bought Twitter, could play a role in creating FOMO around Dogecoin in 2023.

eToro – Best Platform To Buy Penny Cryptocurrencies

Open an account with eToro, deposit some funds with USD, and finally – buy cryptocurrencies for just $10.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

FAQs

What is meant by penny cryptocurrency?

A penny cryptocurrency is any crypto trading below $1.

What’s the best place to buy penny cryptocurrencies?

While there are many exchanges where one can buy penny cryptocurrencies, eToro is the best. eToro allows for small deposits, as low as $50, and trades from as low as $10.

Which is the best penny cryptocurrency?

Any of the above penny cryptocurrencies can do well, but DOGE has more potential. The results could be increadible if Musk integrates it into a Twitter super App.

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