3 Cryptos to Buy to Retire a Millionaire

  • These three cryptos are likely to deliver oversized gains in the long run.
  • Loopring (LRC-USD): Loopring is set to benefit from the constant development and upgrades on the Ethereum (ETH-USD) blockchain.
  • Uniswap (UNI-USD): Uniswap could be the go-to exchange for swapping ERC20 tokens.
  • Dogecoin (DOGE-USD): Elon Musk integrating Dogecoin to Twitter is a significant upside catalyst.
Cryptos - 3 Cryptos to Buy to Retire a Millionaire

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With sentiment in the overall crypto market remaining bearish, plenty of investors are selling cryptos. As a result, the current market capitalization of the cryptocurrency market sits at around a third of what it used to be at the same time last year. However, while long-term concerns remain, such as interest rate hikes and rampant inflation, market downturns are always an ideal time to load up on cheap assets.

Of course, this applies to cryptos differently than the stock market. Cryptocurrencies are extremely volatile and speculative investments, and investors stand to lose a lot of money for those who invest in a worthless project, even in the long run. On the other hand, investing in projects with active development activity and strong growth prospects can set investors up for multibagger gains when the market bounces back. Thus, we’ll look at three such cryptos with tons of potential going forward.

LRC-USD Loopring $0.27
UNI-USD Uniswap $5.98
DOGE-USD Dogecoin $0.09

Loopring (LRC)

Loopring LRC token symbol of the DeFi system shining in the rays of light.
Source: Vladimir Kazakov / Shutterstock.com

Loopring (LRC-USD) is an Ethereum (ETH-USD) based cryptocurrency project that was launched in 2017. The primary goal of this project is to connect centralized and decentralized exchanges, creating a hybrid product.

However, the most bullish catalyst for Loopring is its linkage with Ethereum. The project focuses on ZK-rollups, which are off-chain protocols that help make transactions on the Ethereum blockchain cheaper. This means many lower-cost transactions, such as minting non-fungible tokens (or NFTs), are cheaper when using Loopring.

During the past crypto rally, the Ethereum network becomes very congested, and fees soared. As a result, buying Loopring in a market downturn is a clever idea. I believe Loopring will surge more than other tokens in the next crypto rally due to its small market cap.

In addition, most Web 3.0 development is already happening on Ethereum. Once its parent project gains momentum, Loopring will be a significant beneficiary of the development. It will grow with Ethereum, albeit with more volatility, and at a faster pace, due to its small size.

Uniswap (UNI)

Uniswap crypto on a phone screen and uniswap coins over a pink background. UNI-USD. UNI.
Source: Tun_Thanakorn / Shutterstock

Uniswap (UNI-USD) is a decentralized trading protocol that is also on the Ethereum network. This platform allows users to exchange ERC20 tokens automatically. ERC20 tokens use the Ethereum blockchain and represent around 10% of the entire cryptocurrency market cap, withUniswap’s UNI token included in the group.

After declining for the first six months of this year, UNI seems to be bottoming out and diverging. Thus, I believe this is one of cryptos to buy for investors looking for high-risk, high-reward assets.

The cryptocurrency community seeks more and more decentralization, and Ethereum-based tokens only keep growing. As a result, Uniswap will be more widely used in the future, especially in the next crypto bull market. Moreover, Uniswap acquired the NFT aggregator and marketplace Genie earlier this year, which means the platform will also benefit from the next NFT rally.

Furthermore, I would like to bring Uniswap’s volume to attention. Although it has recently been on the decline due to the broader price action in the crypto market, it stands at $12.2 billion so far this month (as of Nov. 9) on the Ethereum blockchain alone. The project’s total value locked, a measure of how many dollars sit on its platform, also comes in at an impressive $3.7 billion figure on five different chains, which will undoubtedly surge in the next crypto rally and drive up the value of UNI.

Dogecoin (DOGE)

One Golden Dogecoin Coin on keyboard, Meme coins
Source: Zarko Prusac / Shutterstock.com

Dogecoin (DOGE-USD) is a risky but potentially fruitful market idea to consider after Elon Musk’s recent Twitter acquisition. Elon Musk has been quite vocal about this cryptocurrency in the past. However, with little long-term effect, Dogecoin has declined along with the broader crypto market. That said, this token did spike materially after Musk bought Twitter, as some investors believe it will integrate DOGE with the social media platform.

I definitely see that happening in the future, given how vocal Elon Musk has been about Dogecoin. Moreover, the fact that Musk has gone through with the Twitter acquisition showed many that he isn’t all bark and no bite. Still, Dogecoin’s current valuation of 8.5 cents is a little steep, and I recommend buying it once the hype cools down and takes the asset preferably below 6 cents.

Of course, I only recommend these projects if you are targeting oversized gains with a small amount of money. If you don’t want to sacrifice stability, Bitcoin (BTC-USD) and Ethereum will remain the best picks.

On the date of publication, Omor Ibne Ehsan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Omor Ibne Ehsan is a writer at InvestorPlace. He is also an active contributor to a variety of finance and crypto-related websites. He has a strong background in economics and finance and is a self taught investor. You can follow him on LinkedIn.


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