The past few weeks have been volatile for the crypto market. The ongoing situation in Ukraine and inflation, have seen an increasing number of investors concerned about entering a renewed recession, and with that a new crypto winter.
While these claims may be exaggerated for the time being, it is true that cryptocurrencies haven’t been faring so well since the start of 2022. Nevertheless, occasional corrections in the market remain healthy and help prevent the formation of speculative bubbles which can have disastrous effects once they burst.
With many blue-chip cryptocurrencies having experienced double-digit declines over the past weeks, we believe this is a good time to stack up on your favorite coins, particularly so if you are long-term oriented and confident in cryptocurrencies’ long-term potential against the short-term high volatility.
Following are two top crypto picks which may be providing good value at current levels, and one cryptocurrency which you’ve never heard of is about to start its presale!
Algorand (ALGO)
MIT professor and cryptography specialist Silvio Micali launched the project Algorand (ALGO) back in 2019. Little did he know how successful this project would become, now ranking in the top 30 largest cryptocurrencies, boasting a market cap nearing $4.5 billion.
Algorand is a Layer 1 (L1) project that is EVM (Ethereum Virtual Machine) compatible, which offers a solution to the scalability and latency issues faced by the Ethereum (ETH) network.
In essence, Algorand seeks to enable users to conduct fast and cost-efficient transactions, something that has become increasingly challenging to do on Ethereum due to a sharp increase in users over recent years, which in turn contributed to congesting the network.
Interestingly, despite being a top-of-the-line project, Algorand rarely received as much spotlight as some of its more flashy peers Solana (SOL), Terra (LUNA), or Avalanche (AVAX). Yet, this hasn’t prevented Algorand from gaining momentum over the past year.
Notably, Algorand resorts to the Proof-of-Stake (PoS) consensus mechanism, making it significantly faster and less energy-intensive than Proof-of-Work-based networks such as Ethereum or Bitcoin (BTC).
As such, Algorand has been dubbed an “Ethereum killer”, a sobriquet given to these projects which address blockchains’ widespread scalability issues and have the potential to replace Ethereum as the mainstream network in coming years. Other well-known Ethereum killers include BNB Chain (BNB), Cardano (ADA), Solana, Terra, Avalanche, and Fantom (FTM), amongst others.
Earlier this year, the Algorand team revealed the development of the “London Bridge”, which would make the Ethereum and Algorand blockchains interoperable and create significant additional synergies for both projects.
Shiba Inu (SHIB)
Since it was introduced in the middle of 2020, Shiba Inu (SHIB) has become one of the most popular cryptocurrencies on the market.
This popularity was notably aided by the regular tweets of Tesla’s CEO Elon Musk, who repeatedly praised the cryptocurrency along with its distant brother Dogecoin (DOGE), notably due to its lean functioning and low energy consumption.
This important institutional attention led major exchanges such as Coinbase, Binance, or FTX to list SHIB on their respective platforms, accelerating the cryptocurrency’s rise to prominence.
Now, the Shiba Foundation has been striving recently in order to move away from the stereotypical meme coin image associated with its project, and move closer to the status of a “serious project”.
As such, the Foundation announced several upgrades aimed at improving the overall utility of the Shiba ecosystem. Notably, Shiba Inu will deploy a native decentralised exchange (DEX) called Shiba Swap, along with a promising metaverse development initiative called “SHIB: The Metaverse”, accessible on SHIB.io and which will start pre-selling its limited land parcels imminently.
These initiatives further expand the Shiba ecosystem, making it all the more credible as a serious and durable project, and attractive to the eyes of new investors.
CashFi (CFI)
It is safe to bet that you never heard about this project, and that’s normal. Indeed, CashFi (CFI) is currently finalising its development and is expected to initiate a presale for its native ERC-20, CFI, shortly.
Currently, only the project’s whitepaper has been released. The document details a project with ambitious prospects which could make for an interesting presale if the CashFi team manages to put its plans into action.
In the whitepaper’s terms, CashFi aims to develop a next-generation decentralised platform that would combine on-chain interoperability with off-chain collaboration through a multichain ecosystem including a range of Web3-based solutions for users.
Concretely, CashFi aims at building an all-in-one ecosystem that will allow users to trade with stable liquidity and access a variety of services such as staking, synthetic assets trading, cross-chain NFT minting, and so on…
CashFi will issue CFI, its native Ethereum-based token, in order to improve user experience across its ecosystem. Those who own CFI tokens will be able to participate in the project’s governance and have a say in how the project evolves.
CFI’s initial presale price has yet to be announced but is expected to be released in the coming days by the development team. The following weeks will be a make or break for the CashFi team!
