3 Must-Buy Cryptos if You Have $500 or Less to Spend

  • If you only have $500 to generate big-time returns, the following three must-buy cryptos might be for you.
  • r/Cryptocurrency Moons (XMOON-USD): This token can stay relevant despite its small size due to Reddit’s cryptocurrency subreddit.
  • Filecoin (FIL-USD): A data storage project, this token’s use cases cover a wide variety of industries.
  • Loopring (LRC-USD): Decentralized exchanges are only going to get more popular as their centralized counterparts collapse.
Must-Buy Cryptos - 3 Must-Buy Cryptos if You Have $500 or Less to Spend

Source: Shutterstock

Those looking for must-buy cryptos to own at a cost of $500 or less are often after higher-risk, higher-reward cryptos. Indeed, $500 is a small amount of money to invest to garner significant returns. Thus, it’s clear that most major cryptos aren’t going to be the target of such enterprising investors. Indeed, those with more money to invest are probably better off sticking with larger cryptos.

Almost everyone investing in crypto knows about Bitcoin (BTC-USD) and Ethereum (ETH-USD), but many don’t invest in these tokens simply because they’re in search of more upside. Of course, more upside means more volatility, which can go both ways. Since historical performance is no indication of future performance, no one can guarantee that many of these altcoins will continue to new all-time highs. Thus, for those aware of the risks, these three under-the-radar cryptos that could be worth small positions for big potential returns long-term.

XMOON-USD r/Cryptocurrency Moons $0.09758
FIL-USD Filecoin
LRC-USD Loopring $0.249

r/Cryptocurrency Moons (XMOON-USD)

Phone showing Reddit logo on screen in front of blurred background with reddit logo. Reddit IPO.
Source: Ink Drop / Shutterstock

r/Cryptocurrency Moons (XMOON-USD) is the native community token of the cryptocurrency subreddit. Reddit is among the largest social media platforms worldwide, with plans for an initial public offering (or IPO), and currently has 52 million daily active users. The cryptocurrency subreddit has 5.9 million members.

The xMoon project lacks any utility value, as it is only used as an asset to reward subreddit contributors. However, the project’s market capitalization is quite small when compared to the r/Cryptocurrency subreddit’s potential and influence. I believe when the next crypto bull market forms, and this subreddit surges in activity, many major exchanges could list xMOON and boost its value.

The project also recently launched its mainnet. As a result, xMOON is much more decentralized than before, further encouraging exchanges to list this more speculative token.

Filecoin (FIL-USD)

Filecoin (FIL) logo on a copper-colored coin that sits on top of a circuit board
Source: knipsdesign/shutterstock.com

Filecoin (FIL-USD) is a blockchain-based network for decentralized data storage, where data is stored on servers owned by users and managed by a set of decentralized agents. Filecoin’s native token, FIL, provides a financial incentive for the storage of data on the network. The ICO for Filecoin was one of the most successful token sales ever, generating $257 million in funding.

Given that the network targets data storage, the token’s use cases cover a wide range of industries. That makes this project an interesting crypto investment opportunity.

Year-to-date, FIL is down by 87%, but I expect the hype surrounding this crypto to pick up as the demand for cloud storage continues to increase dramatically over time. Blockchain storage has yet to become popular, but if it does ever go mainstream, Filecoin will certainly see more significant price appreciation.

Of course, that’s a risky bet. There’s no guarantee that blockchain-based cloud storage will become popular, even though it is less costly than major cloud storage platforms. But with $500 or less, FIL is definitely among the must-buy cryptos providing multibagger potential right now.

Loopring (LRC-USD)

A concept image showing the Loopring (LRC) logo on top of a grey and black world map representing price predictions.
Source: Shutterstock

Last on this list of must-buy cryptos is Loopring (LRC-USD), an open-source, decentralized protocol used by decentralized exchanges and trading outfits. The protocol aims to increase liquidity in the crypto market by creating a decentralized network that allows users to trade any blockchain token through any other blockchain-based exchange. Loopring’s open-source code allows third-party developers to build decentralized exchanges that can plug into the protocol, creating a decentralized network across multiple blockchains. After a successful ICO in 2017 that raised $45 million, Loopring has been gaining attention from crypto investors.

Loopring’s token, LRC, is currently trading at nearly 25 cents per token. Although its price has dropped significantly since hitting an all-time high of $3.83 in November last year, many investors see potential in Loopring as decentralized exchanges become more popular. That’s because centralized exchanges, such as FTX (which has collapsed), have done a fantastic job of losing investor money. For those looking to keep their crypto stored on the blockchain, Loopring’s technology is certainly enticing as a long-term investment prospect.

On Low-Capitalization and Low-Volume Cryptocurrencies: InvestorPlace does not regularly publish commentary about cryptocurrencies that have a market capitalization less than $100 million or trade with volume less than $100,000 each day. That’s because these “penny cryptos” are frequently the playground for scam artists and market manipulators. When we do publish commentary on a low-volume crypto that may be affected by our commentary, we ask that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More: How to Avoid Popular Cryptocurrency Scams 

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.

Article printed from InvestorPlace Media, https://investorplace.com/2022/12/3-must-buy-cryptos-if-you-have-500-or-less-to-spend/.

©2023 InvestorPlace Media, LLC