If you are considering trying out cryptocurrencies you may opt for buying one or several most popular cryptocurrencies. The reasoning is clear: popular cryptos are easy to buy and sell and there are always people eager to buy them if you decide to sell them. More than that, you will have more opportunities to use these coins.
On the other hand, most of the top coins have already gained a high price. Most probably these coins will continue to grow slowly and there are not many chances you will see a quick 3 or 4-fold growth within a short time period. However, it isn't impossible for cheap little-known tokens that are yet to gain recognition on the market. Another lucrative type of cheap tokens is tokens that can be bought in the pre-sale phase, usually at a low price.
There are tons of cheap coins on the crypto market. The real problem is how to find the right one. This article offers the characteristics of prospective cheap tokens, it highlights pros and cons of cheap cryptocurrencies, provides a list of cheap cryptocurrencies available on the market in the mid-2024, and answers some crucial questions on the topic. Please note that the article doesn’t present investment advice.
Contents
How to Identify the Best Crypto?
Finding a worthy cryptocurrency, especially a cheap one, is a tough task. It requires doing a thorough research, figuring out if the project is not a scam coin made only for a rug-pull and if it has any real prospects.
Use several sources to get unbiased information about the projects you are interested in. The sources may include such platforms as social media, forums, data aggregators, crypto exchanges, blogs, and crypto and financial media.
The signs of a prospective cryptocurrency include the following:
- The quality website without grammar mistakes and bugs, presenting enough info about the project and the dev team (ideally real fully doxxed people).
- The project has a meaningful roadmap while the project's social media are reporting about the new achievements and developments.
- The crypto has a use case that can potentially increase the demand for this coin. It can have some strong technological edge over competitors either.
- The project should have some liquidity. If you won't be able to sell what you have bought, there will be no use in such an investment.
- No promises of extraordinary returns in the short term.
- The strong community can be an additional price driver and, in general, the factor that will make your investing journey smoother.
These signs will probably ease the mission of choosing a worthy investment.
Pros of Cheap Crypto
Cheap crypto has characteristics turning them into a lucrative investment. Let's take a look at them!
Pros
- The value of some of the cheap coins have a potential of gaining hundreds of percent in a short period. However, predicting which one of them will skyrocket is not easy and only a few gain a high value.
- Because of the price, you can buy a lot of cheap tokens, become an early investor and enjoy the higher returns if the project takes off.
- Thanks to the low price, you can diversify your portfolio by buying several different cheap tokens.
- You have a chance of becoming one of the "whales" of a cheap cryptocurrency before it goes mainstream. However, note that investing much money in a single asset is considered risky.
- Investing in cheap cryptocurrencies you help the projects behind them to flourish.
Cons of Cheap Crypto
Despite all the pros, cheap crypto coins have some really significant reservations to consider:
- Finding a good investment among little-known cheap tokens is so hard that it is akin gambling.
- Not many of the cheap coins are a good investment. Some may end up being an outright scam, others won't stand the competition and lose value, etc.
- Cheap coins are usually subjected to manipulation from pump-and-dump groups. The price of such tokens will go up and down and at some point, the value will fade away as the manipulators will sell all the tokens out.
- Investing in cheap coins is a risk of never getting your investment back.
- Most cheap coins are not available on popular exchanges which makes it harder to buy and sell them. Also, it may be harder to find trustworthy info about these projects.
Best Cheap Crypto to Buy Now
Here you can see the list of some of the hottest cheap crypto tokens of the mid-2024.
Dogeverse (DOGEVE)
Dogeverse is one of the myriad doge-themed memecoins. In the spring of 2024, shortly after the launch, this multi-chain token was performing pretty well.
The Dogeverse token supports 6 blockchains (Ethereum, Binance Smart Chain, Polygon, Avalanche, Solana, and Base). The main aim of the project is to provide users with a low-fee handy cross-chain transaction operator. The coin is available on Uniswap v2 DEX.
5th Scape (5SCAPE)
The 5th Scape token is used in the VR play-to-earn platform of the same name. In exchange for 5SCAPE tokens users can get exclusive content, in-game items, and features.
Other content offered on 5th Scape in exchange for tokens include educational materials, movies, animations, and games. As of May 2024, the token is traded on Pancakeswap for around $0.00015 per unit.
Sponge V2 (Sponge v2)
Sponge V2 is the second version of the Sponge meme token. This token is used in staking and on the play-to-earn platform with a racing game.
As of May 2024, the Sponge v2 price on Pancakeswap is roughly $0.00015.
Poodl Inu (POODL)
Poodl Inu is yet another meme token inspired by the success of Dogecoin (which is a cheap crypto too!). Unlike other dog cryptocurrencies, this one sports a poodle on its logo. That's more or less the only notable characteristic of this coin.
Apart from serving as an speculative asset, Poodl Inu provides some passive income options (staking and others). As of May 2024, the POODL price exceeds $0.0002.
Basic Attention Token (BAT)
Basic Attention Token is a token driving the Brave browser ecosystem. This browser is blocking regular ads by default, however, users can enable ads and get paid in BAT for watching those ads. The idea is that people shouldn't give away their attention for free. The browser and the token have existed for quite a while.
The creator of the token and the browser is Brendan Eich, who previously worked for Mozilla and invented JavaScript in 1995. It won't be an exaggeration to state that BAT is a stable project that isn't going to fade anytime soon. As of May 2024, the token is among top200 cryptocurrencies in terms of market cap.
Gala (GALA)
Gala is a successful cryptocurrency with a top100 market cap rank. It is an Ethereum-based token used on the play-to-earn platform called Gala Games.
The platform is characterized by involvement of high-profile gaming industry professionals who decided to dip their toes in the blockchain-based solutions. The token is used for purchasing in-game items and paying gas fees on the Gala Games platform. As of May 2024, the GALA price is $0.04.
XRP (XRP)
XRP, or the Ripple coin, can probably be called a headliner of this list. In contrast to most tokens mentioned in this article, XRP is one of the best-known cryptocurrencies and has one of the largest market cap ranks in the industry. However, despite this, XRP is still pretty cheap. As of May 2024, it's price is around $0.5.
The coin is mostly used as an asset for cross-border payment operations by banks and financial institutions. Ripple, a company behind XRP, is a long-standing professional team of experts. In the case of XRP, the low price is paired with top-notch quality, high transaction speed, and decent reputation.
Conclusion
Investing in cheap coins is a straightforward way for portfolio diversification. This method has pros and cons. The main problem is finding a really good project to invest in. Many cheap coins are rather useless and don't seem to have prospects. However, if you pay attention to the token's liquidity, the project's development, dedication of the dev team, and other factors, you will teach yourself to pick up the worthy tokens.