Top 7 Best Penny Cryptocurrencies

Bitcoin continues to be the main driver of the cryptocurrency market, and its price is difficult to predict because it depends on many factors. Thanks to Bitcoin the digital coin market has gained widespread popularity among traders. Its value comes from the fact that it was the first decentralized cryptocurrency. But there are other factors as well. Bitcoin was able to achieve a high level of acceptance despite the negativity of cryptocurrency opponents and the fears of investors. It has become the basis for creation of other cryptocurrencies. It is no coincidence that all coins except for Bitcoin are called altcoins.

The value of other digital coins changes for specific reasons that are not difficult to determine, especially when it comes to cheap coins.

What is a Penny Crypto coin?

Cheap coins, or penny coins, are altcoins whose market price is less than one U.S. dollar. Most of the existing digital coins on the market today fall into the category of cheap cryptocurrencies.

Despite the fact that they are regularly mentioned when discussing new technologies and prospects for the cryptocurrency market, it is very rarely said about the reasons for the low value of these coins. Everyone is used to the fact that Bitcoin is the main cryptocurrency, while Ethereum is the main representative of the second echelon, followed by all others.

There are different ways to classify penny coins. Let’s look at one of the most simple and understandable approaches.

There are a total of three categories of digital coins:

• new;
• stagnant;
• collapsed.

Most popular cryptocurrencies on the market fall into one of these categories.

New cryptocurrencies

Before a cryptocurrency is released, there is a hype surrounding the corresponding ICO. The entire arsenal of marketing tools is used for this, but it all comes down to one simple action which is to show potential investors the benefits of the future cryptocurrency. The price of a new digital coin largely depends on the ICO, and the success of the ICO relies on the practical benefit of the cryptocurrency in question.

Most often, new coins cost a few cents, which allows them to be classified as cheap cryptocurrencies. After a useful coin is released to the exchange, the price is bound to start rising.

The value of a new coin can remain low for a long time after issuance, even if the project looks very promising. Usually, this happens because people simply do not notice the undervalued cryptocurrency or do not see the potential of solutions to some problem suggested by the development team. The most common scenario is that when a new, promising coin attracts the attention of a certain number of users, the situation begins to unfold like a snowball, and the price of the cryptocurrency is quickly increasing.

Stagnant cryptocurrencies

This is a common type of cheap cryptocurrencies that traders often encounter. It usually includes coins that have existed and traded on the market long enough, but their price seems to be frozen at one mark. This can be caused by various reasons. For example, corporate intervention, loss of interest in the coin by traders and investors, or stock market manipulation.

Stagnant cryptocurrencies are quite difficult to analyze. Low volatility can be both a good and a bad sign. On the one hand, price stability is perceived by investors as a sign that the cryptocurrency has some value, even if it is manifested in minor price swings.

On the other hand, stagnation can mean a decrease in interest from developers who have no plans to develop and expand the project. This leads to a loss of interest in the coin from the cryptocurrency community, which, in turn, ends with the death of the cryptocurrency.

When dealing with stagnant coins, it is necessary to keep track of news related to the project. This will avoid problems in the long run.

Falling cryptocurrencies

At first glance, the name falling cryptocurrencies speaks for itself. If a coin is falling in value, it means it is dying, but in fact, this is not quite true.

Today, it is almost impossible to say that if a cryptocurrency falls  it is over. After a decline, there is a stabilization phase, which can be followed by the growth.

List of Best Penny Coin to invest in 2022

In 2022, experts predict unprecedented growth of the entire cryptocurrency market with record rates and total capitalization volume, and the appearance of new serious players which are able to completely change the usual course of action. 

Let’s get acquainted with the best penny cryptocurrencies to invest in in the near future.

Dogecoin 

Dogecoin is a meme-based crypto with a robust community which has already turned the world upside down in 2021 and will continue to do that in 2022. It is a controversial project that is showing success for the long-term perspective.

DOGE perspectives are the following:

• Elon Musk. Tweets, highbrow news;
• A strong community;
• A brand of cryptocurrency for newcomers. Strong association with cryptocurrencies. Popularity and prominence of the coin even among the non-investors.

CHZ

This cryptocurrency is about sports. If you want to manage the development of your favorite sports team? CHZ is all about that.

CHZ perspectives are the following:

• Partnerships with new sports clubs and organizations. The list already includes famous soccer clubs such as Roma, Barça, etc.;
• Development of the fan-token trend in 2022.

XRP

This is a cryptocurrency for banks. It sounds strange, but the project has long been kept afloat by a working product. It is subject to criticism throughout its existence for centralizing the system. This cryptocurrency contradicts the ideas of crypto money, but it is in the top 10.

XRP perspectives are the following:

• Winning in the courts against the regulators;
• Expanding partnerships among the banks;
• This technology is used in the real world by the banks.

FTX (exchange token)

This is a FTX exchange native token of the one of the most promising crypto exchanges for professional investors, as well as the investors from the United States. The US investors on FTX are guaranteed the maximum protection and they are actively working with regulators.

FTX is closely tied to Alameda Research. In fact, it is their product.

Of recent positive news are the following:

• $2 billion venture capital fund has been launched;
• Together with Bitstamp the project opens up the stock market to investors;

In short, the team is serious about 2022.

FTX perspectives are the following:

• Growing popularity of the platform among investors and traders;
• Increase in the number of users (especially in the US region);
• Success of the fund and its further expansion.

CRO

This is the CryptoCom platform token. The project is actively promoted offline, especially at sporting events.

CRO perspectives are the following:

• Aggressive marketing;
• Partnerships;
• Growth of cryptocurrency users;

The token is not available on Binance. Let’s see how much this can impact the project`s growing in 2022.

Shiba Inu 

On October 28, 2021 Shiba Inu token renewed its historical high at $0.000086, its price increased by 1000% in a month and by a million% in a year. At the end of 2021, the coin for some time even outperformed Dogecoin, which is the progenitor of “meme” cryptocurrencies. As of today, Shiba Inu is in the top 15 cryptocurrencies.

Prospects for altcoin do exist, due to the available ecosystem, scalability and popularity with users, which is growing. We should also expect token growth due to the popularity of new projects with investors, including institutional investors.

If Shiba Inu does not maintain the excitement around itself, very soon, as it often happens, the token is waiting for a serious decline, the rapid growth of the rate is short-lived, so the altcoin can expect a large-scale correction in the near future.

Marketmove

MarketMove is one of the leading cryptocurrencies with the greatest potential in 2022 for an AI-based contract auditing project. This cryptocurrency is expected to have different characteristics from the decentralized exchange rules in 2022 in order to occupy the attention of investors. MarketMove’s initial offering was one trillion USD and it is known to be hyper-deflationary. It is noted that this cryptocurrency is worth holding for long-term crypto investors in their digital wallets.

Why should you invest in Penny Crypto?

Currently, there is a shift in demand away from Bitcoin and toward smaller digital currencies. More often than not, investors increase the share of altcoins in their portfolios after reliable signals that the cryptocurrency market is growing.

The cyclical nature of the cryptocurrency market makes it difficult to invest in penny coins. Extensive research needs to be done before investing in anything. It is not enough to just look through the list of cheap coins. You need to gather as much information about the cryptocurrency as possible to understand when it will stop getting cheaper.

FAQ

Where to buy penny cryptocurrency?

Virtual money is the future. The Covid-19 pandemic demonstrated this. As we know, the Bitcoin exchange rate increased by 700% during the quarantine year. Buying cryptocurrency is a great opportunity to make money, although this investment is quite risky.

When investing in cryptocurrency it is important to choose a reliable exchange, not to overpay on fees and to take into account a dozen factors that can lead to loss of money. Doing it yourself is very difficult, especially if you are planning to invest in virtual money for the first time. In order not to take risks, you should check the exchange on these parameters:

• Publicity. The ability to find out who the owner of the exchange is one of the indicators of openness of the company. This can also include the presence of accounts in social networks. If the company interacts with its users, it is a good sign.
• License. If the exchange is registered, then it operates in accordance with the law and can be trusted.
• Life of the site. The presence of a blog, where regularly published thematic materials and news, informing about the product, shows that the company is set up for long-term work.
• Support service. The speed of response is important, as well as the real help to users of the site. Sometimes this is a key factor to avoid falling into the trap of malefactors.
• Experience. A company that has been providing services for more than one year is likely to work of higher quality. Over the years, sufficient experience is accumulated, including the fight against scammers.
• Partners. Cooperation with large well-known companies also confirms the decency of the exchange. For example, when connecting a payment system, the exchange is checked from the legal side.
• Compliance with anti-money laundering requirements. Although it is ambiguous, verification of identity in order to prevent money laundering is the best way to prove the seriousness of the exchange.
• Ease of withdrawal. When registering on a new site, you should not deposit a large sum of money at once. First, it is better to test the work and study the features.

All exchange services build their work on the following principle:

• On the site you select the asset, you are eager to buy, and choose the payment method.
• You should specify the amount of the cryptocurrency to be bought. It is better to indicate round values, so as not to make a mistake when sending money to the exchange service.
• You should specify the address of the wallet to receive the cryptocurrency.
• The request is confirmed.
• Money is transferred to the account offered by the exchange service.
• Often you are required to click the button “paid”. This point is mandatory, otherwise the exchange service will not understand who has transferred the money and will not send the cryptocurrency.
• Once the money reaches the exchange’s account, it will transfer the cryptocurrency to the specified wallet. On average, the procedure takes 10-15 minutes, rarely it is up to an hour.

It is important that you can not make a mistake in specifying the exchange address of the cryptocurrency you buy as the money will be lost and you won’t be able to get it back. 

The P2P marketplace acts as a guarantor of the transaction. The seller is guaranteed to receive the money before his digital currency reaches the stranger’s account. However, there is one point: there is no guarantee that the user who buys your digital currency will not use a stolen bank card to transfer funds. To minimize the risks, it is recommended to make deals with users who have a good reputation. P2P sites usually have a user rating that determines the success rate. 

How to invest in new penny cryptocurrency?

When looking for cryptocurrencies to trade and invest in, people may be guided by different considerations. Some of them are interested in buying promising coins at their initial stage, others are simply limited in funds, so assets worth up to one US dollar are a great launching pad for them. Regardless of motivation, it’s clear that more and more people today are turning their attention to little-known and still-booming cryptocurrencies.

Those who want to find the best penny coins should keep in mind that the cryptocurrency market is very volatile. The price can change at any moment and for no apparent reason. All a cryptocurrency trader can do is to take measures to control risks and protect himself from unpleasant surprises.

Investing in the cheapest cryptocurrencies is very risky. If the coin does not grow at all and even vice versa, the project can go bankrupt. Young promising cryptocurrencies can actually turn out to be a common scam. But on the other hand, it is much easier to grow from $0.0000001 to $0.00001 than from $1,000 to $10,000. Dogecoin and Shiba Inu crypto penny coins are prime examples of this. But be careful, a cheap token can really turn out to be worthless.

Where to trade penny cryptocurrency?

Exchange services offer the fastest and easiest way to proceed with penny coin trade. Such sites allow you to withdraw money using a variety of methods, including bank cards. As a rule, such services operate according to a similar algorithm.  

The company Godex.io offers to exchange penny coins and other cryptocurrencies on favorable terms. The service is one of the most reliable in the international crypto market. Every month thousands of users cooperate with Godex. The latest software and servers provide maximum security of the user’s assets. All users` data is protected. 

The service offers favorable terms, good rates and low commissions. Thanks to the qualified technical support any questions are solved before they become problems. Transactions usually take a few minutes to complete. All transactions are fast, and in total the exchange service supports more than 200 digital currencies. 

Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.