Bitcoin and Ethereum are the world’s largest cryptocurrencies, attracting retail and institutional investors. Outside of these top two, there are other coins, including undervalued cryptocurrencies. Due to a lack of proper funding and publicity, undervalued cryptocurrencies still trade at lower prices.
It is not out of place to see coin prices rise by over 50% within a month for some of these cryptocurrencies, especially during a bull market. This article goes over some of these top undervalued cryptocurrencies chosen by experts.
Check out this related post on Litecoin lending
Most Undervalued cryptocurrencies in 2022
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ApeCoin (APE)
ApeCoin (APE) is a decentralized governance (DAO) token released for two NFT collections, the largest on the Ethereum platform is the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC) ecosystem.
Apecoin is a token created and controlled by the community. It is designed to function as a decentralized protocol token for community initiatives aimed at shaping the culture of a large metaverse project.
The APE Foundation is ApeCoin’s governing body, composed of APE token holders in the ApeCoin DAO. This organization’s mission is to manage the ApeCoin DAO solutions and be responsible for project management and other tasks to ensure community ideas are supported.
The APE Foundation pays expenses as directed by the ApeCoin DAO and provides ApeCoin holders with the infrastructure to participate in its management through an ecosystem fund managed by a multi-sig wallet.
ApeCoin has the support of investors all over the world, especially holders of the most valuable NFT collection. Given its current status, one might expect the coin to grow in value as the ecosystem matures.
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Decentraland (MANA)
Decentraland is a blockchain-powered virtual world where users can build and develop virtual businesses to serve other players. Decentraland offers a Metaverse environment and has gained increased significance after Mark Zuckerberg’s company rebranded from Facebook to Meta in the past year.
Decentraland’s $MANA tokens will likely see more growth if the emergence of Metaverse environments catches up over the next few months or years. Decentraland holds the record for one of the earliest blockchain games and will look to profit from the play-to-earn and Metaverse gaming explosion.
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Dogecoin (DOGE)
Dogecoin is a cryptocurrency that began as a joke in 2013 and quickly gained popularity among investors. In 2021, the digital currency made headlines after skyrocketing in price and reaching a 14,000 percent gain, which was impressive even for the volatile cryptocurrency market.
Although the price of Dogecoin has dropped by over 90% since its all-time high, billionaire Tesla CEO Elon Musk has largely favored the cryptocurrency. It has also soared in popularity and will likely stage a comeback if the cryptocurrency market recovers.
- Theta (THETA)
Theta, a decentralized peer-to-peer network that allows users to share bandwidth and computing resources, was launched in March 2019. This event was preceded by the company’s formation in 2018. Before the company was founded, a private token sale in 2017 raised approximately $20 million.
Mitch Liu, the company’s founder, has extensive experience in the streaming and video game industries. The tokens were issued as ERC-20 tokens on the Ethereum network at the time, and they were used for various transactions. Theta developers believe it will revolutionize the video streaming industry.
Over the last year, Theta has grown tremendously. While such rapid growth is unsustainable, Theta is doing well and has a good chance of continuing to grow in the long run.
- Solana (SOL)
Solana (SOL) is a cryptocurrency that runs on a fundamentally new blockchain that employs a unique consensus mechanism called Proof of History (PoH). This “history proof algorithm” is based on adding timestamps to blocks. This allows you to determine exactly when an event or transaction occurred.
Solana’s network is characterized by high bandwidth. The SOL blockchain handles over 3,000 transactions per second at peak performance, making it one of the fastest blockchains around.
At the same time, transaction fees on the network are minimal. Currently, the SOL transaction fee is about $1 for every $100,000 of transfers. Solana’s development strategy provides for an even greater increase in the speed of transfers without increasing commission.
Solana has the right direction of development towards scalability, a single-level mechanism of operation, and a popular programming language (Rust). The project also recently announced the launch of a flagship Web3 smartphone designed to onboard more mobile users to the network.
To what extent will the project be able to stay on course, and how will this affect the stability of the system? Time will be a determining factor. In the meantime, the project looks like an interesting alternative solution and perhaps suitable for long-term investments.
Final Note
Blockchain technology has changed the way money works. The underlying industry around cryptocurrencies is thriving. To know which cryptocurrency is the most undervalued, you can research the creators and underlying technology. You can also review a coin’s previous price history to find a good entry point for your investments.
