In the past, when the crypto market was booming, investors were eager to invest in any potentially promising projects . Nowadays, investors are looking for the next Shiba Inu (SHIB-USD) that can provide remarkable returns in a matter of weeks.
This token was created as a joke. However, its value skyrocketed after a series of tweets by Elon Musk resulted in Shiba Inu vaulting up the ranks of the largest cryptocurrencies by market value, making it one of the most valuable tokens on the market. If you invested $100 in SHIB at the start of 2021, that same amount would be worth $277,711 a year later. That’s an incredible return on investment.
However, the once-booming Shiba Inu cryptocurrency declined significantly over the past year. Shiba Inu was no exception, as the broader cryptocurrency market experienced a rapid decrease in value.
But after a period of uncertainty, the crypto world is returning to form. As more and more people show an interest in digital currencies, the cryptocurrency market could be setting up for yet another serious surge in 2023. Thus, this may be an excellent time for investors to capitalize on this momentum.
Here are three potential prospects for investors looking for the next Shiba Inu to consider.
Bitcoin (BTC-USD) has been a game-changer in the world of investing with its introduction of blockchain technology.
It is no surprise that Bitcoin has become one of the most popular investments in recent years, promising quick gains and the potential for high returns. But, with its volatile price swings and unpredictable nature, it can be challenging to know when to invest in Bitcoin.
Bitcoin is the original and most valuable cryptocurrency, holding around 40% of the value of the overall crypto market. Even during market downturns, BTC has always manifested growth potential and achieved new heights.
Bitcoin is the most recognizable form of cryptocurrency and has come to represent the cryptocurrency market as a whole. It has several prominent backers, including Ark Invest’s (NYSEARCA:ARKK) Cathie Wood, who believes Bitcoin could reach $1.5 million in just seven years.
Ark Invest believes Bitcoin could play a significant role in the global remittance market, and be seen as “digital gold” and adopted by various economies. It may also potentially replace traditional currencies in some emerging markets.
At the same time, other prominent investors, such as Warren Buffett, do not see value in bitcoin. He does not view cryptocurrencies as value-producing assets, and has cautioned against these assets for some time.
That said, digital currencies have become an integral part of the mainstream investing community. With the rise of digital currencies, it has become easier to transfer money across borders without worrying about exchange rates or other financial obstacles.
The advantages of using digital currencies include low transaction fees, quick transaction times, and high-security measures. As a result, more businesses are beginning to accept digital currencies as payment. Bitcoin remains the most prominent cryptocurrency in the market. Hence, it stands to gain the most from this broader trend.
Ethereum (ETH-USD) is the second-biggest cryptocurrency in the market, behind Bitcoin. It has been gaining traction since its launch in 2015, as it pioneered smart contract technology.
Smart contracts are self-executing contracts written in code and stored on a blockchain. This technology has enabled developers to create decentralized applications (dApps) powered by Ethereum’s blockchain.
These dApps have various use cases, from financial services to gaming. Ethereum is an open-source platform, meaning anyone can join the network and build new applications or services on top of it.
As such, Ethereum has become one of the most popular platforms for developers and users.
Ethereum is one of the most popular blockchain networks in the world. And it is undergoing a series of upgrades to make it more scalable and sustainable.
This upgrade process will significantly impact Ethereum’s future, as its scalability and sustainability will allow for greater adoption, faster transaction speeds, and improved security.
Moreover, these upgrades are expected to attract new developers who can build innovative applications on the platform. As a result of these changes, Ethereum is poised to become even more potent in the coming years.
Due to the Shiba Inu crypto craze, many investors have quickly jumped on any available cash-grab opportunities. But Ethereum offers something different – it has many practical applications and use cases beyond pure speculation.
Cardano (ADA-USD) is an open-source blockchain platform that enables users to build and deploy decentralized applications and cryptocurrency projects. It is similar to Ethereum in that it is a programmable blockchain, allowing developers to create custom tokens, smart contracts, and DApps.
Cardano also has its cryptocurrency, ADA, which can be used for transactions on the network. With its innovative consensus algorithm, Ouroboros, Cardano provides a secure and efficient platform for developers to build their projects.
With its advanced features, such as smart contracts, sidechains, and multi-asset support, Cardano offers businesses and individuals a secure platform to build their applications. The mission of Cardano’s parent company, IOHK, is to create the most advanced financial infrastructure for the global adoption of cryptocurrencies and decentralized applications.
Cardano stands apart from the crowd due to its focus on thorough testing. Cardano developers have historically employed a slow-and-steady methodology of development that allows it to be a more reliable choice in the long run.
Another thing that sets Cardano apart is a host of strategic partnerships. Besides major financial institutions and companies, Cardano is revolutionizing Africa with its blockchain technology. To achieve this, the development team has created the ‘Africa strategy,’ a plan to expand Cardano’s presence in African countries and further integrate it into African economies in the long-run.
On the publication date, Faizan Farooque did not hold (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.