After the crypto market experienced a massive downturn at the start of the week, coins are trading at discount prices right now. Opportunistic investors are looking for cheap cryptocurrency to invest in for huge bargain.
This review discusses some cheap coins with the potential for a high return on investment (ROI).
1. Cardano (ADA)
Kicking off four list of the cheap cryptocurrencies to invest in is ADA – the Cardano blockchain’s native token. ADA has been on many investors’ watchlists thanks to developments in the Cardano blockchain.
Last September, Cardano implemented the Alonzo hard fork, launching smart contracts on its system. Thanks to the hard fork, Cardano can now support decentralised application (dApp) development. Now that Cardano now supports smart contracts, this is undoubtedly a benefit for the platform.
Several decentralised finance (DeFi) protocols have already launched on Cardano, including SundaeSwap; the blockchain’s first decentralised exchange, which allows users to perform swaps and add liquidity.
Although the launch wasn’t 100% smooth, the fact that Cardano supports DeFi protocols will be a huge win for its developers.
Heading into 2022, we expect additional development to come from the Cardano team. These developments should make the platform more palatable for developers, making ADA an even more attractive prospect right now. ADA is a large-cap coin, so it should be one of the first beneficiaries when the market flips bullish again.
2. Polygon (MATIC)
Another cheap cryptocurrency to invest in is MATIC – the platform token for Polygon. Crypto enthusiasts need no introduction to Polygon – the secondary scaling solution that allows developers to enjoy access to the Ethereum blockchain without having to pay the latter’s high fees or deal with its transaction latency.
Polygon has been quietly building its profile among app developers for months now, and it appears to have paid off. With the blockchain market currently in its most vibrant state, many believe that this could be the year of Polygon.
To kick 2022 off, Polygon was the platform of choice after the Associated Press, one of the world’s top media and news outlets, launched a non-fungible token (NFT) marketplace. The marketplace launch should bring more NFT activity to Polygon, which was already seeing impressive numbers across the board.
Polygon’s developers have also been working to improve MATIC’s token economics. Last week, they launched the Ethereum Improvement Proposal (EIP) 1559 on Polygon, implementing a token burning mechanism for the asset. This means that, like Ethereum, MATIC’s supply is expected to become deflationary this year.
Improved token economics is always a good sign for an asset. When you also consider that Ryan Watt, YouTube’s Head of Gaming, will join Polygon Studios, you should be excited about updates coming to the platform and what they mean for MATIC.
3. Fantom (FTM)
FTM comes next on our list of cheap cryptocurrency to invest in. The token powers the Fantom blockchain, which has recently been quietly building up its profile.
Like many other upstart blockchains, Fantom operates on an open-source, decentralised, and permissionless platform. The service enables dApp creation, meaning that it can have applications in fields like DeFi and more.
Recently, the Fantom blockchain scored a major milestone after it surpassed the Binance Smart Chain to become the third-largest DeFi blockchain. Currently, the total volume locked in Fantom-based DeFi protocols was up by 46.6% in the past week, surpassing the Binance Smart Chain.
Although many doubt Fantom’s ability to challenge Ethereum and Solana, this blockchain has done quite well for itself. More growth is expected in 2022, and that can only spell an increase for FTM.
As the war of the blockchains is expected to continue into the year, the Fantom blockchain should get a more sizable chunk of the market. This means that FTM will also see jumps in its price.
4. Decentraland (MANA)
If you’ve been active in the blockchain space for the past few months, you’d know about Decentraland for sure. This play-to-earn game has taken the world by storm, becoming arguably the crypto industry’s best iteration of the metaverse trend.
Decentraland has a virtual world where players own and cultivate plots of land. They can also explore the virtual world, interact with friends and play games. The platform seamlessly blends NFTs and crypto, with the MANA token powering the entire ecosystem.
As you would expect, the growth prospects for MANA are tied to those of Decentraland. The market’s slow start to the year might have affected user numbers for many blockchain games, but Decentraland remains the crypto industry’s darling right now.
Samsung and the Australian Open already have signed on to be a part of the Decentraland universe. As the year goes by, we expect more platforms and events to want a piece of this virtual world.
MANA is also getting attention from investors. Recently, eToro launched MetaverseLife – a smart portfolio that tracks coins and stocks in the metaverse space.
As you’d expect, MANA was included in this. MANA is still very much under $3 and among the best cheap cryptocurrency to invest in right now.
5. The Sandbox (SAND)
The Sandbox is another platform that has captured the attention of developers and investors over the past few months. Like Decentraland, this platform operates at the intersection of NFTs, blockchain technology, and the metaverse.
This user-generated platform allows users to build virtual worlds using NFTs on the Ethereum blockchain. Players can build their avatars and access different environments, games, and hubs. As expected, all of it is powered by SAND tokens.
Like MANA, SAND is also part of eToro’s MetaverseLife smart portfolio. This shows that more investors are interested in it.
As for growth prospects, The Sandbox launched a metaverse accelerator program just this week, committing $50 million towards open metaverse and startup development.
The funds will be invested in developers looking to build within The Sandbox’s metaverse, just like many blockchain platforms are now investing in projects looking to build on them.
All of these spell growth for The Sandbox – and, by extension, SAND tokens as well.
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