Looking for the best affordable cryptocurrencies with the potential for massive long-term growth? Here it is.
Cryptocurrencies are growing at a rapid pace and there is no denying that some of the industry's leading assets are already massive. Moreover, many affordable, and exciting crypto projects are gaining momentum in 2022 which provide profitable investment opportunities for investors. But the crypto market could be a bit overwhelming when you’re first getting started. To help you get your bearings, here are the best 5 dirt-cheap penny cryptocurrencies to buy in May 2022.
1. Ripple (XRP)
XRP’s low price has opened up an affordable investment opportunity with higher returns for investors.
Ripple XRP tops the list of the best 5 dirt-cheap penny cryptocurrencies to buy in May 2022. XRP was designed for payments and has the capacity to settle transactions faster, more reliably, and at a lower cost than any standard global payment infrastructure. Therefore, by reducing the role of third parties in financial transactions, Ripple has significantly aided the development of DeFi infrastructures.
RippleNet provides faster, cheaper, and more convenient cross-border transactions for banks. The ultimate goal of Ripple is to create a seamless payment solution and a remittance system to replace the traditional SWIFT system for international money and security transfers.
Thanks to this feature, XRP has gained the backing of many multinational banks and financial institutions, such as JP Morgan, Santander, and Bank of America.
Users of XRP are optimistic about the price of this leading altcoin as Ripple has secured a big win in its lawsuit against the SEC lately. In addition, the use of XRP across multinational banks and financial institutions for ultra-quick currency transfers at a lower fee strengthens its position as one of the best dirt-cheap penny cryptocurrencies to buy now.
2. Dogecoin (DOGE)
Dogecoin is one of the top-performing digital currencies in the list of the best dirt-cheap penny cryptocurrencies to buy in May.
Dogecoin originated as a joke but quickly became quite real for those who have profited from it and positioned itself as a profitable yet cheap penny cryptocurrency in the market. The Dogecoin bull cycle burst out during the first half of 2021, fuelled by the powerful combination of social media hype and tweets from high-profile celebrities like Elon Musk. Apart from mere hype, Dogecoin employs a brilliant feature called the Scrypt algorithm, which is a major point of divergence from Bitcoin’s SHA256 and facilitates much faster block creation.
Billionaire Mark Cuban commented that Dogecoin was at its strongest when being used as a medium of exchange. Cuban backed his statement by accepting DOGE as a payment method for Dallas Mavericks merchandise, boosting DOGE’s sales dramatically. Dogecoin’s utility was also reinforced by Elon Musk later as he said that Tesla would accept DOGE as a method of payment for the car maker’s merchandise.
3. Polkadot (DOT)
Polkadot is another penny cryptocurrency that can be bought at dirt-cheap rates now for profitable returns in the near future.
Polkadot is a cryptocurrency that provides interconnectivity and interoperability between blockchains. It is a unique multi chain network that processes many transactions on several chains in parallel. This enhances the scalability and reliability of the network.
Polkadot received a major boost when Deutsche Telekom, Europe's biggest telecom company, bought many DOT tokens as an investment. Furthermore, a blazing speed, rapidly growing developer community working on the project, a growing ecosystem, increasing real-world adoption by corporations, and an affordable price has positioned DOT as one of the best dirt-cheap penny cryptocurrencies to buy in May.
4. Shiba Inu (SHIB)
Another penny cryptocurrency you can buy for dirt-cheap in May 2022 for solid returns down the line is SHIB.
Shiba Inu is an ERC20 token that combines all the key traits of Ethereum, Bitcoin, and Dogecoin. SHIB has been on a massive rally lately as a crypto whale bought more than 200 billion SHIB tokens. Moreover, there are other whales loading up on SHIB tokens as well.
A key factor why SHIB is one of the best cheap cryptocurrency to buy in May is its focus on burning tokens, which is attracting renewed interest from investors. Also, ShibaSwap, Shiba Inu’s decentralized exchange (DEX), has given a tangible use case for the coin.
Furthermore, Shiba Inu has a couple of high-profile additions to its ecosystem in the pipeline. For example, Shibarium, which is a much-anticipated layer-2 solution that will slash gas fees, and Shiberse, a metaverse that could position Shiba Inu to compete against top crypto metaverses.
5. ApeCoin (APE)
ApeCoin is one of the topmost trending penny cryptos to buy in May.
Rounding off the list of the best 5 dirt-cheap penny cryptos to buy in May is ApeCoin, an ERC-20 governance and utility token within the APE Ecosystem. ApeCoin is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club (BAYC).
BAYC plans to establish an ApeCoin-based Metaverse, has significantly fueled the current wave of interest in ApeCoin. Another reason for the explosive growth of APE in 2022 is the cryptos integration into play-to-earn games produced by the Ubisoft-backed Animoca Brands. Furthermore, nWay, an Animoca subsidiary, will use the cryptocurrency in a future game that’s under development. ApeCoin has positioned itself as one of the best penny cryptocurrency, and garnered massive attention from investors worldwide within a very short time period.
The financial world is indeed unpredictable. Every investment has its fair share of ups and downs and cryptocurrencies are no exception. The crypto space has become quite exciting and lucrative with affordable meme coins, cryptos, and NFTs, producing millionaires in a matter of months. For those looking for an inexpensive investment option, these are the best 5 dirt-cheap cryptos to buy in May 2022 for good returns.