If you’re looking for cryptos to buy, it might be a good time since most crypto investors are fearful right now. The past few weeks have been boring for the crypto market. It has especially been disastrous for smaller altcoins, with many plunging 50% or more during this period. However, I believe now could be an opportune time to buy the dip on select altcoins ahead of a potential surge later this year.
Sharp volatility is commonplace in altcoin markets, particularly for more speculative plays with lower market capitalizations. We shouldn’t be alarmed by recent declines. I believe the altcoin season is yet to kick off.
With the recent Bitcoin (BTC-USD) halving still fresh, it may take a few more months for its supply crunch to drive increased momentum. But once Bitcoin trends higher again, we could see many altcoins deliver multibagger gains. If you have a very high risk tolerance and you’re targeting very high gains, here are seven cryptos that may interest you:
OpenFabric (OFN-USD)
Openfabric (OFN-USD) is an artificial intelligence (AI) project. Most AI projects in the crypto space have been bleeding a lot. AI cryptos delivered some of the greatest gains in the current cycle, but they have been bleeding for the past few weeks. However, I believe that these AI projects can bounce back significantly from their lows once the market sentiment turns around.
Openfabric is one such AI project, but the decline here hasn’t been as pronounced as many of the other AI cryptos despite its low market capitalization of around $31 million. This is mostly because the project has a solid inflow of partnerships that are being announced, and I see a solid future here if AI crypto projects truly take off in the current cycle.
Openfabric AI is a decentralized layer 1 AI protocol for building and connecting AI applications, so its success hinges on how crypto AI projects in general perform going forward. This could be a very big ecosystem if AI cryptos perform well. In my view, OFN seems oversold.
Mintlayer (ML-USD)
Layer 2 cryptos usually aren’t something people are looking for when they’re searching for cryptos to buy. However, Mintlayer (ML-USD) might be worth looking into. It is a layer 2 solution that allows users to build a decentralized finance ecosystem using the Bitcoin blockchain. There’s nothing complex about this if you’ve already heard of layer 2 solutions.
What layer 2 solutions do is bundle up multiple transactions into one transaction and send it through. This ends up decreasing everyone’s transaction costs. The recent Bitcoin halving caused fees to spike significantly to $128 on average. However, these fees have come down again to $7, but an increase in Bitcoin’s price could drive these fees significantly higher as more people use Bitcoin and make transactions.
That’s why I am bullish on layer 2 projects like Mintlayer. Most layer 2 projects are currently working on Ethereum (ETH-USD) and Ethereum-based layer 2 projects have become a little saturated. Thus, I believe Mintlayer is a better investment in the layer 2 space right now. It also has exposure to dapps and real-world assets.
LinqAI (LNQ-USD)
LinqAI (LNQ-USD) is another AI crypto project and one that is quite new. It has been around a month since it has been on CoinMarketCap. It is not on many exchanges right now. The only two major exchanges it is on are Uniswap and MEXC.
The biggest product here is the “Marketr” tool. It lets people generate marketing campaigns using AI. I have not used it so I cannot comment on it, but in a space where most AI crypto projects do not have a working product, I believe LinqAI is doing pretty good.
The market cap here is just $15 million after a hefty decline in the past month, so it definitely has the legs to deliver 50x gains from here. However, you should be very careful about the dilution here. This project’s circulating supply is only 13.51% of the maximum supply. Based on how fast the project is declining, this is something to keep an eye on.
Vanar Chain (VANRY-USD)
If you’re looking for layer 1 cryptos to buy, Vanar Chain (VANRY-USD) is a layer 1 blockchain project that mainly focuses on gaming, AI, and the metaverse. Metaverse and gaming crypto projects have been lagging, but AI projects are still seeing a lot of interest, and Vanar Chain could see more traffic in the coming months if the alt season comes.
The market cap is a bit higher at $209 million. There is nothing too special about this project except that it is optimized for the entertainment industry and used by the general public, whereas most new layer 1 ecosystems are appealing more to developers. It has mixed reality support and has VanarBridge to bridge to other crypto chains.
Regardless, there’s nothing high-tech going on here, but I can certainly see this crypto project delivering significant gains if the crypto entertainment space takes off this time around. NFTs, the metaverse, and play-to-earn cryptos are still languishing. But if sentiment improves, VANRY seems well-positioned to capitalize.
Banano (BAN-USD)
Banano (BAN-USD) is a project I’ve had my eye on for years, and it is one of my favorite meme projects despite its small size. It is very decentralized and is a project based on Nano (XNO-USD), so there’s nothing shady going on here. The con is, of course, that the decentralization also means that there is no marketing going on here, much like Nano.
Regardless, this being a meme coin does not mean that there are no use cases. It benefits from Nano’s fast and feeless peer-to-peer architecture and you can also “fold” Banano. This means you can lend your computing power to the medical industry and get rewarded Banano in return.
I believe this crypto could see a resurgence in the coming months since it is essentially a cloud project as well with that folding use case, something that a smart developer team could market well. Sadly there’s no marketing team here, but if Nano goes higher (I believe it will) during this altcoin season, Banano would most likely follow along with much higher gains.
Blue Kirby (KIRBY-USD)
Speaking of meme-coins, another meme coin I stumbled upon a few months back is Blue Kirby (KIRBY-USD). Back then the crypto was being sold off from highs and most of the token’s distribution was concentrated in a few wallets. However, things have improved substantially since then with the token distribution being much more decentralized and the team being reorganized. It is one of the riskiest cryptos to buy.
It has been trading essentially flat since its selloff and is a micro-cap crypto. However, I believe the upside potential could be significant from here even if it sees a small infusion of money. It is a meme crypto, so I definitely warn caution. But if you are looking for 50-100x gains, Blue Kirby can definitely do the trick if the stars align.
It is on the Fantom Network (FTM-USD) and is one of the more popular meme coins on that network. Fantom itself is a $2 billion project. For speculative investors, KIRBY seems worth tracking as a potential moonshot.
Oraichain (ORAI-USD)
Oraichain (ORAI-USD) is a blockchain-based AI platform that enhances smart contracts with AI services. It provides multidimensional trustworthy proofs of AI and enables secure integration with Web 3.0. It’s another one of the top cryptos to buy at the moment.
It allows users to create different data requests, and smart contracts can also request data securely from AI APIs through Oraichain. ORAI has also seen a huge decline in the past month and a half. Orai’s price is half of what it was at this year’s peak, and we could see even lower prices if AI cryptos in general keep declining.
The project claims to have “essential and innovative products and services including AI price feeds, fully on-chain VRF, Data Hub, AI Marketplace with 100+ AI APIs, AI-based NFT generation and NFT copyright protection, Royalty Protocol, AI-powered Yield Aggregator Platform, and Cosmwasm IDE.”
ORAI has a market cap of just $125 million and the crypto has performed well during bullish times. Moreover, the circulating supply of 64% also means the dilution here isn’t as big of a deal. Thus, I believe it could go up substantially once the market turns a corner since it does have quite a lot of features for a relatively small crypto project. Still one of the riskier cryptos to buy right now.
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.
