At moments of panic like this, what good investors do is to ape into blue-chip coins with viable utilities because they would definitely bounce back when the coast is clear.
There are some sold-off cryptocurrencies that are worth buying at the moment, before they rebound. Here are three coins to buy.
Ether, the native token of the Ethereum blockchain, is the second-largest coin and the number one DeFi token by market cap.
Although it is off over 68% YTD and over 30.7% in the last 30 days, it is likely to rebound as the time approaches for its transition to a new validation system. There are some reasons why ether should be on your list of coins to buy.
The Ethereum network is expected to move from validating transactions on its platform using proof of work (i.e., crypto mining) to a proof of stake system (non-mining) in the coming months and hype is unprecedented. This is expected to bring in more investors which would result in a rally.
According to a CoinTelegraph report, Ethereum has recently been hit hard by institutions withdrawing from various decentralised finance (Defi) apps and platforms which accounts for the massive sell-off in Ethereum so far this year.
However, according to a recent Reddit discussion, Ethereum smart contracts are used in more than just DeFi applications. There are payment, real estate, decentralised certifications, trustless authentication, and numerous other Ethereum use cases.
Which is an indication that once the Federal Reserve stops tightening the money supply, institutional interest will continue with Ethereum. That will eventually push it higher to rebound from recent lows. This is a good time to get in.
The Solana ecosystem is one of the ‘Ethereum killers’ DeFi networks competing with Ethereum. It is the ninth-largest crypto in the market and is now known as a better practical alternative to Ethereum and is particularly useful as a platform for NFT apps and platforms.
$SOL is down just 5% in the last 30 days up over 23% in the last year which makes it a high probability to rebound significantly very soon. If Solana makes up for just 50% of its decline from its ath, it will double from here to $80 per SOL token, which is a substantial return on investments for investors that ape in now.
Solana has a faster and cheaper validation performance than Ethereum and it has made huge inroads in the non-fungible token (NFT) marketplace. Solana is also finding new applications as it launched a smartphone app last week.
Therefore, Solana stands a good chance of a rebound when fears about the recession recede. This is because investors will return to more viable ecosystems that have use cases in NFT and real life like Solana. You should add solana to the list of coins to buy.
The shiba-themed memecoin is the 11th-largest crypto according to data from coinmarketcap. Just like Solana, if Dogecoin retraces just 50%, it implies a double in the current market price to around 15 cents.
However, it should be noted that this is a highly speculative token. Dogecoin is seen as a meme token. It started as a joke among programmers and has no utility.
Nevertheless, with the continued support of influential figures like Elon Musk and Mark Cuban, the legendary meme coin is expected to rally, even if it wouldn’t attain its ATH.
In a recent interview with Yahoo Finance, Elon Musk reaffirmed his support for Doge. There are also speculations that the token would be incorporated as a payment system when Elon takes over Twitter fully.
If that comes to fruition, Dogecoin will be seen as a significant decentralised payment platform and it will make a significant comeback. Dogecoin should be on your list of coins to buy.
What to know
As much as those predictions on coins to buy were made after research and analysis, it should be noted that the crypto market is a highly volatile one and no analysis is 100% correct.
In this light, it is imperative that traders/investors do their own research before investing in coins.
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