The crypto markets may have cooled recently, but that doesn’t mean there aren’t lucrative opportunities for the risk-tolerant investor. While the major coins grab headlines, smaller, more speculative cryptos can deliver exciting gains for those with the guts to ride out their famous volatility. However, investing in ultra-speculative coins requires ample research and an iron-clad risk appetite.

Remember, I only recommend punting on the most speculative coins with money you can truly afford to lose. While I find these projects intriguing, they may turn out to be absolute duds. Such is the nature of speculating early on virtual assets. Still, the prospect of a multibagger return makes it a worthwhile buy for the bravest of investors. Just be sure to have a strong stomach, as drawdowns exceeding 99% are common with coins this small. Consider yourself warned!

WOO Network (WOO-USD)

WOO Network (WOO-USD) is a deep liquidity network connecting traders, exchanges, institutions and DeFi platforms with democratized access to the best-in-class liquidity and trading execution at lower or zero cost. The WOO Token is used in the network’s CeFi and DeFi products for staking and fee discounts.

Lately, I’ve had my eye on WOO as a potential moonshot if crypto enters a new bull market. This altcoin has recently caught fire, with trading volume ramping up sharply across WOO Network’s platforms. It seems speculative interest is returning to smaller-cap coins in anticipation of a broader rally.

While I’m normally wary of coins after huge runs, I believe WOO has room to run if the crypto bulls return in force. WOO Network has made strides in expanding its ecosystem with new partnerships and products. Demand for WOO’s trading and liquidity services could surge if retail and institutional capital floods back into the crypto space.

However, WOO’s inflation rate gives me pause. At nearly 50% annually, this dilution could limit the upside if usage fails to keep pace. Plus, WOO’s market cap has already recovered near its 2021 peak. Thus, as it always is with speculative cryptos, chasing after the recent pump carries significant risk.

XCAD Network (XCAD-USD)

NFTs have gone ice cold since 2021’s mania, but I believe renewed crypto speculation could spark the next wave of hype in digital collectibles and metaverse assets. XCAD Network (XCAD-USD) provides the picks-and-shovels infrastructure for creators to monetize their work across DeFi and NFTs. Thus, it’s on my radar as a way to gain exposure to a potential Web 3 revival.

After peaking in late 2021, NFT trading volumes and prices have plunged back to earth as speculative fervor rapidly reversed. However, NFTs can catch fire again if crypto enters another euphoric bull market. Platforms like XCAD Network that empower creators to launch tokenized ecosystems could see surging user growth in this environment.

XCAD Network equips artists and content producers with DeFi tools to engage audiences while monetizing via NFTs and tokens. It’s an infrastructure play across multiple high-potential themes that makes XCAD an intriguing microcap bet on the next-generation internet. While still firmly in prove-it mode, progress on user traction and partnerships could make XCAD a breakout among speculative cryptos.

Media Licensing Token (MLT-USD)

Like NFTs, the broader metaverse and Web 3 ecosystem has stalled after crypto markets rolled over. However, renewed speculation in 2023 could lift many forgotten layer-1 and altcoin projects focused on building the next-generation internet. One microcap that caught my eye recently is Media Licensing Token (MLT-USD) and its broader ecosystem play.

MLT functions as a payment token across the MILC Network, which aims to disrupt media licensing, distribution and engagement between creators and consumers. The project seeks to facilitate more direct value exchange and access to digital media assets by utilizing blockchain infrastructure.

Admittedly, MLT remains firmly in the prove-it mode regarding real-world usage. However, if crypto markets rebound sharply, network effects can sometimes kickstart rapidly as speculation returns. MLT has been busy forming partnerships and integrations ahead of a potential uptick in adoption.

On the date of publication, Omor Ibne Ehsan did not hold (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.