Penny cryptocurrencies, also known as micro-cap cryptocurrencies, are digital currencies that have a very low market capitalization, typically less than one dollar.
Some investors are drawn to penny cryptocurrencies due to their low cost and potential for high returns with a desire to own large number of tokens.
Read on to discover the 3 best penny crypto to buy for maximum upside gains in 2023. These cryptos are fundamentally stronger than other penny cryptos.
Top 3 Penny Crypto to Buy in 2023
- Doge coin – Favourite of Elon Musk
- The Graph – Powering DeFi and Web3 ecosystem
- Love Hate inu – The new entrant
Table of Contents
1. DogeCoin
Initially started as a joke, Dogecoin was the first ‘memecoin‘ and now is one of the most well-known penny cryptocurrency today. Elon musk is also a fan of Dogecoin and has openly supported about it many times, often causing its price to surge . He has cited Dogecoin his “favourite cryptocurrency” and has joked about it being “the future currency of Earth”.
Nevertheless, Dogecoin has given massive returns to its initial investors making all time high of $0.74. Currently, it’s trading at $0.0796 with market cap of $11billion. The penny crypto has great upside potential due to the ongoing craze of memecoins, recently seen by 21000% surge in price of pepecoin. Let’s have a look at the chart of Doge for current trend analysis:
In a 12-hour time frame, the price has broken the support trendline, and the price is decreasing downward.
Currently, the price is moving inside the horizontal support zone. if it breakdown the support zone with a retest, then it can go further downward.
On the other hand, A bounce is also expected from here.
2. The Graph
The Graph is one of the most exiciting AI based penny cryptocurrency. The graph is a decentralized platform that allows users to query data from various blockchains in real time. By providing a unified API, Graph makes it possible to access data from multiple blockchains without complex code.
It is currently trading at $0.14 with a market cap of $1.2billion. The penny crypto can give great returns as it’s one of the best crypto in the AI space. Let’s take at look at the chart for current trend analysis:
3. Love Hate Inu
Here Comes the wildcard entry, it features the face of shiba inu dog with two different expressions, love and hate.
Love Hate Inu is a unique Utility Meme Coin that rewards users for voting, launching its 8 stage presale on March 9, 2023 with a goal of raising $10M in less than 3 months. Love Hate Inu is revolutionizing the online survey industry by creating the first voting platform on the blockchain that ensures verifiable and permanent results using distributed ledger technology and also integrates its own Stake-To-Earn and Vote-To-Earn features to motivate participation.
The penny crypto is in initial stages, so there’s potential that money can be made here. The users who vote on the winning side of the poll on the platform get rewards in LHINU tokens, while the users who vote on the losing side lose their staked cryptos.
Conclusion
Penny cryptocurrencies seem a great way to make quick bucks but at the same time they are very risky too. Many penny cryptos are junk, so investors have to do their research before investing.
FAQs
What are Penny Cryptos?
Cryptocurrencies that trade at a low price, usually below $1, are called penny cryptos. They are often seen as risky investments, as they can generate high profits with a small investment, but also expose investors to high volatility, fraud, and regulation risks.
Should I invest in penny crypto?
Your risk tolerance, financial objectives, and research abilities will determine whether you should invest in penny cryptos. Penny cryptos can appeal to investors who want to spread their risk, discover new and innovative projects, or benefit from market movements and opportunities. However, penny cryptos can also pose a danger to investors who do not conduct proper research, chase hype and FOMO, or invest beyond their means.
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