Top 7 Tokens To Buy In 2023

Are these tokens worth buying?

Last Updated December 28th 2022

17 Min Read

DOGE has a big event coming up in 2023.
AXIE is right in the middle of the fast-expanding Metaverse space.
DOT is ready for the upcoming Web 3.0 revolution.
SAND is launching a highly anticipated play-to-earn game.
BNB is gaining in usage as the Binance ecosystem grows.
ETH is set to become highly scalable as the transition to Eth 2.0 finalizes.
SOL stands out as one of the most scalable platform blockchains in the market.

Dogecoin (DOGE) is a meme coin. It was launched to critique the crypto market but has become one of the world’s most valuable cryptocurrencies.

Axie Infinity (AXS) is a play-to-earn gaming platform. Users can develop gaming characters and sell them as NFTs in exchange for AXS tokens.

Polkadot (DOT) is a web 3.0 platform blockchain for launching Dapps in a scalable, highly decentralized environment.

Sandbox (SAND) is a Metaverse platform where users can create games, game characters, and other NFTs and sell them for SAND tokens.

Binance coin (BNB) is the cryptocurrency that powers Binance, the world’s largest cryptocurrency exchange.

Ethereum (ETH) is the number one platform blockchain and is used for launching all kinds of decentralized applications.

Solana (SOL) is one of the most scalable platform blockchains in the market and has speeds that rival centralized systems.

These are all exciting tokens that you can invest in, in 2023. For this reason, let’s analyze each of them and see how much potential they have.

Should You Buy Dogecoin (DOGE)?

To get a better perspective of where Dogecoin could go, it is best to look at its monthly chart. This chart clearly shows how Dogecoin has performed all through 2021, where it could go in December and into 2023.

Since it hit an all-time high of $0.73 back in May, Dogecoin has been in a correction. However, it seems to have established strong support in the $0.19 to $0.18 price range.

Even in the current dip that has lasted about a week, Dogecoin has been holding steadily above this support level. If this support holds for the remaining part of the year, then there is every possibility that Dogecoin could bounce off it and possibly retest its all-time highs of $0.73 in 2023.

A couple of fundamental factors support Dogecoin’s potential to retest its all-time highs if the $0.19 - $0.18 support holds all through 2021. One of them is the upcoming Doge-1 mission.

Dogecoin has been sluggish since May after the hype around it died out with the broader market correction at the time.

The Doge-1 mission scheduled for Q1 of 2023 is likely to reignite that spark that Dogecoin had earlier in the year. That’s because the mission is planned by the same person that triggered the Dogecoin pump of 2020.

While he hasn’t talked about Dogecoin for a while now, Elon Musk still has what it takes to pump cryptocurrencies. Most meme coins he tweeted about since the Dogecoin pump have all recorded huge value growth. He is so influential that even meme coins named after him, with little else in terms of fundamentals, have done well for investors.

In essence, if Elon Musk follows through with the Doge-1 mission, and it becomes a success, there is a good chance that Dogecoin could moon again. By conservative estimates, it could retest its all-time highs. However, if recent meme coin rallies are anything to go by, Dogecoin could easily end Q1 of 2023 at over $1.

If it hits a dollar, that would be a 390.24% increase from its current price of $0.20. That’s quite a considerable rate of return in just a few months. It quite naturally makes Dogecoin a top altcoin to buy in 2023.

Even if it fails to hit a dollar, as long as the Dogecoin mission happens, Dogecoin could easily gain by over 100% in early 2023. This makes DOGE a top token to buy in 2023.

Source: TradingView

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

Should You Buy Axie Infinity (AXS)?

To get a better perspective of where Axie Infinity could go, let’s look at its price action over the last couple of months.

From a look at its monthly charts, Axie Infinity has been in a bull run for the last four months.

In this period, Axie Infinity went from $3.05 to a high of $166.09. That’s an increase of 5,345%. While it has been in a correction for the better part of November, bears are yet to cancel out the gains made in October.

That’s an indicator that bulls are firmly in control, and the current correction is more of profit-taking rather than a loss of faith in Axie. However, to get a better sense of the direction Axie Infinity could go in 2023, its price action in December will be critical.

If Axie Infinity gains upside momentum in December and pushes through its October highs of $166.09, then it could easily make new highs above $200 within the first few months of 2023.

Axie Infinity has a lot of fundamentals that could help drive it past its all-time highs within 2023. One of them is the recent hype around the Metaverse. While the Metaverse space has been growing over the last couple of years, there has been increased excitement around it after Facebook rebranded to Meta.

Axie Infinity is one of those that have benefited the most. Besides the hype, there is a logical reason why Axie Infinity has rallied more compared to other Metaverse cryptocurrencies.

One of them is its strong capitalization levels. A while back, the organization behind Axie Infinity raised $150 million from venture capitalists. This is a boost to Axie Infinity’s liquidity and signifies institutional confidence in Axie Infinity as an investment.

Based on these fundamentals, AXS trading at over $200 in 2023 is within reach. This makes it one of the best tokens to buy today.

Source: TradingView

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

Is It Wise To Buy Polkadot (DOT)?

To better understand how DOT could trade in 2023, let’s look at its price action over the last four months.

Polkadot has been in a strong bullish reversal since July. After the broader market crash in May, Polkadot hit a low of $10.47 in July.

However, this marked the bottom for DOT as a strong pullback created a bullish reversal pattern later in the month.

This was confirmed in August when a strong bull rally erased most of the losses from June and more than 60% of May’s losses.

While bears attempted to retake control in September, they failed to erase August gains. This triggered a continuation of the bullish momentum in October and returned DOT to its April highs.

DOT made new all-time highs earlier this month but has been in a correction over the past week.

However, bears have been unable to clear off more than 50% of the gains made in October. This is an indicator that despite the price correction triggered by market-wide selling pressure, many investors are bullish on DOT.

If DOT manages to end November in the $33 to $35 price range, it will reflect a bullish continuation pattern on the charts. In such a scenario, DOT could make new highs anywhere between early and mid-2023.

Besides the technical projections, the fundamentals point to a potentially bullish year 2023 for DOT. One of the most promising aspects of DOT is that adoption is on the rise. Recently several algorithmic stable coins have launched on the Polkadot blockchain. Many Dapps have also launched on Polkadot over the past year.

The growing adoption of Polkadot has a lot to do with its ability to scale. There is a huge challenge with achieving sustainable scalability in the platform blockchain space. Ethereum has grappled with this issue for years and is still a work-in-progress as it transitions to Eth 2.0, which will scale much better.

Most other blockchains that have achieved a high level of scalability have done it at the expense of decentralization. Polkadot is one of those that can scale with ease and without compromising on decentralization. It does this by taking a sharded approach to scaling called parachains. This approach takes the pressure off the main chain and makes Polkadot infinitely scalable.

Since all DOT holders have a say in how the network is governed, Polkadot will remain decentralized even as it grows to accommodate the growing demand for Web 3.0 applications.

This brings us to the next point, the Web 3.0 revolution. The Web is in a transition that has been accelerated by corporate ownership, censorship, and lack of privacy in major everyday applications. Decentralized Applications offer the answer to these problems, and they are already coming up in big numbers.

With the number of Dapps set to rise even further in 2023, platform blockchains that are ready for this revolution, such as Polkadot, are set to reap big.

Therefore, it is plausible for DOT to make new all-time highs above $60 at some point in 2023. Going by its potential, DOT ranks highly as one of the hottest tokens to buy in 2023.

Source: TradingView

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

Should You Buy The Sandbox (SAND)?

To get a better idea of where SAND could go in 2023, let’s look at its price action over the last 3 months.

The Sandbox is a relatively new cryptocurrency and entered the market in April. Nonetheless, it has been in a bull rally since that time.

Between August and September, SAND was directionless but established strong support at $0.66.

It rallied off this support in October and went on to an all-time high of $8.48 earlier this month.

However, SAND has eased up a little due to the broader market correction in the past week. Most of the gains from the month remain intact, though.

That’s an indicator that investors have faith in SAND despite the selling pressure in the market at this point.

If SAND manages to close November, trading above $5, there is a good chance that the bullish momentum that started in September could continue in December and into 2023. If this happens, then SAND could make new all-time highs above $10 by 2023.

SAND’s technical analysis projections have a fundamental basis to them. One of them is the growing hype around the Metaverse. There is a lot of excitement around the Metaverse as the next evolution of the internet. So much so that Facebook recently rebranded to Meta in a move to capitalize on this fast-expanding space.

This means Metaverse cryptocurrencies could experience an increase in demand both by developers and investors. Sandbox is already experiencing an increase in demand, and on November 29th, a new game called Sandbox Alpha will be launching on it. The hype around Alpha is indeed one of the factors that have pushed SAND’s price to new heights over the past month.

Since its parabolic price rally started, Sandbox’s profile in the media has risen alongside its market capitalization rankings. This is advantageous not just to investors but also to draw in more gamers and game developers.

Going into 2023, a lot more games and other NFTs could launch on the Sandbox, further driving up the use-value of SAND.

Sandbox’s profile has also been uplifted by the caliber of partnerships that it has so far. Some of its partnerships include Atari, one of the world’s largest game engines, and Snoop-Dogg, one of the biggest rap names, and an influential figure in the social media space.

The Sandbox also has the advantage of ease of use. Pretty much anyone with a creative idea can turn it into an NFT, or a game, on the Sandbox. You don’t need any complex skills to do it. This factor could pull in users considering that NFTs have been on an exponential growth path over the past year.

With all these factors at play, it is not hard to imagine SAND trading at over $10 in early 2023 and breaking out at highs of $20 later in the year.

Source: TradingView

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

Is It Worth Buying Binance Coin (BNB)?

To better understand how Binance Coin could trade in 2023, let’s look at its price action over the last five months.

After the crypto market crash of May, Binance coin bottomed out at $210.5 back in June. It formed a bullish reversal pattern in July and has been in the green since that time.

Binance Coin’s upside momentum accelerated earlier this month, and it came close to hitting its all-time high of $705.5 earlier in the month.

However, like the rest of the market, it has been corrected over the past few weeks. The selloff has been weak, though, and more than 50% of the month’s gains are still intact.

If BNB manages to close November above $570, there is a good chance that the bullish momentum that started in July could continue in December.

In such a situation, Binance coin could enter 2023 bullish and easily make new highs above $1000 within Q1.

The best part is that the fundamentals support the potential for Binance Coin to trade at over $1000 in 2023.

For starters, the Binance coin is deflationary and burns coins every quarter. By default, this always pushes up the price based on the laws of demand and supply. That’s because the demand remains the same while the supply shrinks.

To understand the Coin burn's impact on BNB, one needs to look at the price chart of BNB since 2017. It went from trading in pennies to highs of $700 this year. This has largely been the impact of a consistent drop in supply against ever-rising demand.

With the next BNB coin burn coming up in Q1 of 2023, the effect is likely to be the same as all the previous coin burns. The price of BNB could go up.

Besides the coin burn, the Binance coin is one of the most utilized cryptocurrencies in the market. BNB is the engine that powers the Binance exchange ecosystem, and it’s a huge ecosystem.

For context, Binance coin is used to pay fees on the Binance Exchange and the fast-growing Binance Smart Chain that now rivals Ethereum in popularity amongst Dapps developers.

With the adoption of both Binance Exchange and the Binance Smart Chain set to get even bigger in 2023, the demand for BNB will only go up.

There is also the fact that the Binance Exchange is working on improving its relations with governments. Throughout 2021, there has been a lot of hostility towards the Binance Exchange from governments. This has a lot to do with its lack of a physical headquarters.

However, this is set to change. Lately, Binance has opened itself up to fund investments in a bid to improve its relations with regulators. This is good optics for BNB since its success is tied to that of the Binance Exchange.

Besides, Binance Exchange is always innovating and coming up with new products that help safeguard its position as the number one crypto exchange.

This is a factor that also adds to the intrinsic value of BNB.

The above factors increase the likelihood of Binance coin trading at $1000 or more, within 2023.

Source: TradingView

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

Should You Buy Ethereum (ETH)?

To determine the direction Ethereum could go in 2023, it is best to look at its price chart over the last five months.

Ethereum has been in a bull trend since July when it made a bullish reversal pattern, eating into most of the losses from June.

Ethereum’s upside momentum accelerated in August, and bulls have been in control since then. ETH recently made an all-time high of $4870, but after last week’s market-wide correction, it has been in the red.

Despite the correction, bears have been unable to dent the gains that Ethereum made in October, an indicator that bulls are fully in control.

It is also holding strongly above $4000, an indicator that this could be the key support level for the month.

If Ethereum manages to close November above $4000, there is a good chance it could retest its all-time highs of $4800 within December.

If this happens, this momentum could spill over into 2023 and could see ETH trade at over $5000 within Q1 of 2023.

Ethereum’s price action so far and its potential going into 2023 have a solid basis on fundamentals.

Ethereum’s bullish reversal started in July, just as the hype around the London fork was building up. The fork happened on August 5th, and Ethereum has been strongly bullish since that time.

This has a lot to do with the fact that the London fork made Ethereum deflationary. Essentially, the more the transactions, the more Ether are burned.

So far, Ether burn has been fueled by the hype around ERC-20 meme coins such as Shiba Inu, and Baby Doge, Angry Elon among others.

The hype around meme coin is likely to get even stronger going into 2023. This is all thanks to the upcoming Doge-1 mission. As the hype around Dogecoin builds up in Q1 of 2023, it could pull many Ethereum based meme coins along with it, just like it happened in 2020. By extension, this means a higher Ethereum coin burn in 2023 and a possible price pump.

Besides the now deflationary nature of Ethereum, it was recently announced through the Ethereum Foundation blog that most of the work on the transition to Eth2.0 was complete.

The blog announced that during an Ethereum client workshop back in October, milestone 5 was achieved. This milestone entailed having a network of 10k validators spread out on 100 nodes, hit terminal_total_difficulty, move to Proof-of-Stake, and finalize the chain.

Essentially this means the shift to Eth 2.0 is almost complete and most of the work could be done in early 2023. This also means Ethereum will have resolved most of its scaling problems in early 2023.

By extension, this could drive up the adoption of Ethereum and increase its market dominance. The same will likely reflect in its price in 2023 and for many years to come.

With such big news coming up in 2023, it is realistic to expect Ethereum to hit $10k or more in 2023.

Source: TradingView

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

Should You Buy Solana (SOL)?

To determine how Solana could trade in 2023, we need to look at its price action over the last four months.

Solana has been in a parabolic bull run since August. The only time it has experienced a correction is the last 10-days. This is mainly due to the correction in the broader market.

However, even this correction has not made much of a dent to Solana. Most of its October gains are intact, and SOL is holding strongly above $190.

If Solana closes November above $180, there is a good chance that the rally it has experienced over the last four months could continue.

In such a scenario, Solana could test prices above $300 in early 2023 and possibly cross the $500 mark at some point in the year.

There are a number of fundamental factors that favour such a price move for Solana in 2023. The most important of them is its scalability. The primary reason why Solana has grown so fast is its unmatched ability to scale.

Solana can hit upwards of 50k transactions per second and at fees below $0.01 per transaction. These metrics have triggered widespread adoption of Solana, especially in DeFi and the minting of NFTs.

Going into 2023, the number of crypto projects launching on Solana will only grow. This will further put upside pressure on SOL since one needs SOL tokens to transact on the Solana blockchain.

Solana is also a deflationary cryptocurrency. This means the higher the rate of adoption, the scarcer Solana gets. With its adoption on an exponential growth trajectory, the chances are that Solana could easily rally through its all-time highs of $260 in early 2023 and set the stage for even higher gains.

Source: TradingView

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

To Recap, Best 7 Tokens To Buy In 2023:

DOGE
AXIE
DOT
SAND
BNB
ETH
SOL

Where To Buy These Tokens

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