Consider investing in these top affordable cryptocurrencies in May 2022.
Experts believe investing in cryptocurrencies ensures present and future financial security. It allows you to grow your wealth and, at the same time, generate inflation-beating returns. You also benefit from the power of compounding.
The crypto market has grown leaps and bounds since the emergence of Bitcoin, the first cryptocurrency. Millions of investors strive to keep track of blockchain-driven cryptocurrencies that might explode in the future to gain maximum profits in between the periods of volatility in the market. If you are one of those investors looking for some cheap crypto coins with potential, this article is for you.
Keep reading to learn more about the top 5 cheap cryptocurrencies to invest in May 2022.
1. Dogecoin (DOGE)
The continuous support from celebrities and billionaire investors has made DOGE one of the profitable yet cheap crypto coins to invest in. Dogecoin is the oldest and one of the most successful meme coins today. While Dogecoin had little to no use case for years, it is increasingly getting adopted as a payment cryptocurrency.
Dogecoin has recently gained adoption as a payment cryptocurrency for Tesla, the Dallas Mavericks, and other companies. With Elon Musk aggressively pushing Dogecoin, the chances are that even more corporations are likely to adopt Dogecoin as a means of payment.
Notably, Dogecoin uses a proof-of-work consensus mechanism, which requires miners to solve complex math problems with expensive, high-powered computers to earn the right to validate transactions. As a result, Dogecoin’s advantage over Bitcoin is its low cost and quicker transaction times.
These factors make DOGE a promising, must-have cheap cryptocurrency in May 2022.
2. Shiba Inu (SHIB)
Shiba Inu (SHIB) was launched in August 2020 with the mission of overtaking Dogecoin and was promptly dubbed the “Doge Killer.” Last year, Shiba Inu briefly flipped Dogecoin’s market cap to become the alpha pup.
Shiba Inu is built on top of Ethereum, which means it can take advantage of smart contracts to create much more advanced applications, like DEXs and NFTs. The token released their ShibaSwap DEX back over the summer, and they have recently released “Shiboshis,” a collection of 10,000 NFTs.
The Shiba ecosystem also boasts of a decentralized exchange (DEX). The ShibaSwap DEX adds new ways to use Shiba tokens, providing more value to its users. It was launched to incentivize new users to buy Shiba tokens and stake them in liquidity pools, helping the adoption of the DEX. Therefore, investing in this cheap crypto coin in May 2022 could bring you high returns down the line.
3. Apecoin (APE)
ApeCoin is one of the most popular yet cheap crypto coins in the market today. New cryptocurrencies that draw hype tend to outperform the market. ApeCoin is the governance token for the Ape DAO, which runs the trendy Bored Ape Yacht Club line of NFTs.
ApeCoin is one of the best-performing crypto coins to invest in May 2022, and it seems to be gaining momentum. The hype is now being driven by rumors that the Bored Ape Yacht Club will be launching a Metaverse, and ApeCoin will be used as the currency of transaction in it.
APE is an ERC-20 token that developers utilize to empower and incentivize decentralized community building at the forefront of Web 3.0. It also solves one of the crucial issues that DAOs face today by enhancing community participation.
Another key factor that pushes ApeCoin to explode in 2022 is its plans to integrate into play-to-earn games developed by the Ubisoft-backed Animoca Brands. In addition, the crypto would also be integrated into an upcoming game developed by nWay, a subsidiary of Animoca. If these integrations become successful, Bored Ape will create a unique brand name in the market.
ApeCoin is listed on all top cryptocurrency exchanges, which gives it liquidity. Confirming the Metaverse rumors could see ApeCoin emerge as the best performing new cryptocurrency in 2022.
4. Tron (TRX)
Founded by Justin Sun, Tron (TRX) has always been one of the most popular cryptocurrencies. While it initially had a particular focus on the Asian markets, it has since exploded to become a global phenomenon due to the continuous marketing efforts of Sun (for better or for worse).
Towards the end of 2021, Justin Sun decided to leave the protocol and dissolve his company – Tron Foundation. Since then, the protocol's governance has been overseen by its community via a DAO (decentralized autonomous organization).
However, the main reason why TRX is one of the top 5 cheap crypto coins to invest in May 2022, is because of the efficiency of the underlying Tron network in stablecoin settlements. Unlike Ethereum ERC20, Tron’s TRC20 is fast and cheap. As such, users prefer to spend their USDT and USDC using the TRC20 network to play fewer transaction fees. This has increased Tron's utility by a significant amount.
5. Sandbox (SAND)
The Sandbox (SAND) is a blockchain-based virtual gaming ecosystem. The network enables anyone to create, trade, and monetize digital property called “LAND.” The project combines the popularity of NFTs (non-fungible tokens) with a programmable landscape to create a more immersive gaming experience for users.
The Sandbox provides players with multiple ways to build value and transfer it into other titles or out of the gaming ecosystem. The developers utilized NFT technology to ensure players could keep track of their creations. NFTs are blockchain-based tokens that can represent in-game assets. They are blockchain verifiable and transferable.
The Sandbox is a community-driven project. Users who hold SAND tokens can put forth proposals regarding upgrades and more—the more NFTs and SAND tokens you have, the more weight your vote holds. Community governance mechanisms such as this are now more popular than ever. Notably, these systems help improve transparency and ensure that a project community remains in control over the platform’s future.
Despite all these features, SAND is still priced quite low. If you are looking for a timely investment to make in May 2022, choose a cheap crypto coin like SAND, which also has several promising factors going for it.
Cryptocurrencies have become a popular way to make good returns for investors and traders globally. The digital currencies mentioned above are some of the top cheap crypto coins to invest in May 2022 to bring in solid returns.
That said, cryptocurrencies are volatile, so investors are advised to perform due research before investing in digital assets.