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These three altcoins may be primed to surge.
Key points
- Cryptos have struggled this year due to high inflation, rising interest rates, and economic uncertainty.
- STEPN is a “move-to-earn” lifestyle app that allows you to earn tokens by exercising.
- JOE and LDO allow investors to earn rewards by farming and staking their cryptocurrencies.
No moment is dull on the blockchain. With more than 18,000 cryptocurrencies around the globe, how do you know which crypto to invest in? Of these, about 40% are now considered either worthless or inactive. While the number of new cryptos on the market continues to grow, many don’t survive due to low trader interest and in some cases fraud.
Bitcoin is the top crypto, with a market capitalization of about $600 billion as of this writing. Cryptos across the board have taken a beating the past week, with Bitcoin dropping below $30,000 for the first time since July 2021. It is down more than 50% from its peak price of $68,990.90 in November 2021.
Altcoins, which are cryptos other than Bitcoin, have also taken a nosedive. Crypto markets have largely tracked the stock market, which has been trading in the red due to high inflation and economic uncertainty around the world. Even with the volatility in the markets, here are three altcoins I’m watching.
1. STEPN (GMT)
STEPN (GMT) was founded less than a year ago, but it has become one of the most popular. STEPN is different from other cryptocurrencies in one big way. Users can earn this crypto by exercising. One of STEPN’s goal is to promote a healthy lifestyle through a new concept called “move-to-earn.” Move-to-earn apps allow users to make passive income by simply working out.
STEPN’s creators call it a “Web 3 lifestyle app with social-fi and game-fi elements.” STEPN encourages its users to socialize with one another while living a healthier lifestyle by gamifying movement and fitness. Users can monetize their daily exercise and earn rewards by walking, jogging, or running outside.
Users have to purchase an NFT sneaker in the STEPN marketplace to start earning crypto. Anyone can download the app, but currently only 2,000 activation codes are issued per day. With a long waiting list and the popularity of the “move-to-earn” model, STEPN has great long-term value.
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2. Trader Joe (JOE)
JOE is the native token of Trader Joe, a decentralized exchange (DEX) using the Avalanche (AVAX) blockchain. JOE’s creators hope to provide a one-stop shop decentralized finance (DeFi) experience for everyone. Decentralized exchanges allow for investors to trade anonymously and with no third-party intermediary, so transactions are non-custodial.
This trading platform allows users to “Trade, Stake, Farm, Pool, and Lend.” Investors can earn rewards with their JOE tokens on the platform by yield farming. They can lend, borrow, or stake coins to earn interest as well as speculate from the price swings. Investors can also provide liquidity to earn reward tokens. Staking — locking up your tokens to help support the blockchain network and confirm transactions — is a common practice in crypto. Rewards compound continuously, so the longer you stake your tokens, the more you can earn. The DEX has grown rapidly, attracting over $4 billion in total value locked (TVL) since its launch in June 2021.
3. Lido (LDO)
Lido is a liquid staking solution for Etherum (ETH). Lido lets its users stake tokens from many networks. Investors can stake their ETH — without locking up their assets or having to maintain infrastructure — while being able to earn tokens. Investors also earn a token called stETH on top of the staking rewards.
stETH balances can be used like regular ETH to earn yields and lending rewards. Investors are able to receive their staking rewards in real-time. stETH is pegged 1:1 to their initial ETH stake and their yield can compound continuously across the DeFi platform. According to Lido’s website, the platform’s total staking assets are over $9 billion and over $400 million total rewards have been paid out.
With thousands of cryptocurrencies in the market, uncovering hidden gems can be time consuming. These three cryptocurrencies have the potential to reward investors. Like all cryptos, however, you should do your due diligence and only invest funds you are willing to lose.
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