Crypto investors are always on the lookout for the next profitable coin. Within the crypto community, the phenomenon of a coin soaring in price is often called ‘mooning’. And every investor is always searching for the next coin to propel their portfolio into the stratosphere. The cryptocurrency asset class is still in its infancy and thus the possibility of these coins with monstrous growth potential is relatively common. It is all a matter of finding a solid project early on.
Featured in this article are two coins that have already managed to 10X and a coin that can perhaps go on to do the same.
Fantom (FTM) is the native token of the Opera network founded in 2018 by the Fantom Foundation. Fantom was developed with the future of decentralised finance in mind and the huge inflow of users that would arrive. During the summer of 2020 when DeFi exploded in popularity the Ethereum network became heavily congested and to execute transactions participants were paying outrageous gas fees. Then in early 2021 when DeFi went mainstream the same thing happened with gas fees reaching hundreds of dollars. Investors were looking for other blockchains to use and Fantom Opera touted incredible performance leading the liquidity to migrate to the new chain. Fantom the native token exploded in value trading at $0.0168 in early January 2021 to $0.88 at the end of February 2021. Fantom reached highs of $3.40 and has undoubtedly changed the lives of its early investors.
Algorand (ALGO) is a layer 1 designed to tackle the issue of scalability. Scalability has become and will remain the largest obstacle to mainstream adoption. The throughput of the Bitcoin network and the Ethereum network have been shown time and time again to be insufficient during periods of high usage. Algorand has been one of the successful networks adopted by users, its high throughput is driven by its unique consensus mechanism: Pure Proof of Stake (PPoS). In March 2020 Algorand traded at $0.09 and it traded at $2.55 in September 2021.
Gnox is a token slated to release in Q2 of 2022. It will be launched on the Binance Smart Chain (BSC) and promises to be the first protocol to offer yield farming as a service. Gnox is a brand-new type of reflection token that will be paying out stable coins to token holders. It does this through the utilisation of its treasury which is put into action across various DeFi yield earning opportunities. In the current market conditions, a token which distributes stable coins to its investors will be very tempting to investors. Within the community, there is lots of hype around the Gnox protocol, and hype normally translates into price appreciation. This token brings yield farming to novice and institutional investors alike with its hard built focus on long term investors and growth-focused treasury stable coin reflection. It waits to be seen whether this coin will go on to 10X.
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