Penny cryptos are digital currencies purchased for a few cents to $5 or less, and in this update, we will look at the Top 5 Best Penny Crypto to invest in 2022. Most cryptocurrency investors and traders find these assets appealing because of their low cost but high risk. If a penny cryptocurrency has long-term growth potential, it is a wise investment and should be included in any portfolio.
Let’s look at the top five penny cryptocurrencies to invest in or buy in 2022.
What is Penny Crypto?
Coins in the “penny” range typically trade for less than $5, making them similar to “penny” stocks—high-risk investments due to low market capitalization but low investment costs. However, the greatest penny crypto to buy in should have growth potential. If not, the whole thing falls apart.
Many variables will affect how successful crypto can be. For instance, it may be due to the quality of the underlying technology or investment, the strength of the community and/or the competence of the team, or even just the power of the marketing campaign. It is feasible to acquire cryptocurrencies and tokens whose value will rise steadily owing to their prospects.
Top 5 Best Penny Crypto to Buy/Invest in 2022
VeChain (VET)
The VeChain token, or VET, operates on a flexible L1 smart contract architecture designed for large organizations. In 2015, VeChain began as a private consortium network, collaborating with a wide range of businesses interested in investigating potential blockchain applications. In 2017, VeChain planned to issue the ERC-20 token VEN as part of its move to the public blockchain. In 2018, they wanted to issue their mainnet under the ticker VET. VeChain’s mission is to leverage distributed governance and IoT technologies to build an ecosystem that removes significant data barriers for many global industries, including the healthcare, energy, food and beverage, and sustainability and SDG goals sectors.
VeChain is laying the digital groundwork for the Fourth Industrial Revolution. This era calls for ubiquitous, near-real-time data exchange that can’t be trusted by harnessing the potential of trustless data. Two tokens on the platform are used to maintain and generate value on the VeChainThor public blockchain: VET and VTHO. VTHO is created by VET, which also serves as a means of exchange and a way to store wealth. To avoid using up VET on data storage, VTHO is exchanged for GAS. This has the additional benefit of making it possible to maintain a consistent cost of using the network by adjusting parameters like the amount of VTHO needed to service a transaction or the pace at which VTHO is generated.
Before taking any such measures, the community as a whole must approve them.
On August 10, OrionOne and VeChain announced a technology collaboration to accelerate blockchain adoption among logistics firms. Now, OrionOne can offer businesses a simple and quick onboarding ramp to begin using blockchain in their operations without requiring large investments in network infrastructure. It is made possible by the direct connection between their best-in-class logistics platform and VeChain’s blockchain application VeChain ToolChain.
JUST IN: #VeChain has announced an integration partnership with US-based logistics software company OrionOne Inc. pic.twitter.com/xGUltgo7Ki
— Watcher.Guru (@WatcherGuru) August 10, 2022
VeChain announced the successful upgrade of the VeChain Thor public testnet to enable VIP-220 on August 19. The latest development was announced on the VeChain Foundation’s official Twitter account.
According to the article, Finality with One Bit (FOB) is another name for the new feature included in the most recent release. The foundation requires that all Testnet nodes be updated, and the development team decides to create and use a finality device known as the FOB. VeChain chose this option over replacing the Proof-of-Authority (PoA) consensus protocol with a new one.
The FOB protocol is simple and adds only a minor layer of complexity to the existing PoA-based Thor protocol. Furthermore, a recent report claims that VeChain, like bitcoin, has real-world significance. VeChain’s main goal is to create a trustless and distributed corporate ecosystem that allows for transparent information flow, effective teamwork, and fast value transfers. In addition, multiple stakeholders now categorize supply chain data in silos for business operations.
Stellar (XLM)
Stellar is quickly becoming one of the most popular Blockchain solutions available. This cryptocurrency platform has become increasingly relevant in the blockchain sector thanks to its speed, scalability, and low cost, as well as its additional benefit of ease of use. Stellar is a decentralized network for exchanging digital currency. It’s the standard method for making and exchanging digital forms of money, including crypto. It is a decentralized public network that aspires to connect all of the world’s monetary systems.
Stellar, backed by a distributed network, processes millions of transactions daily. Creators of the system conceived it to fix the most pressing problems plaguing the modern ecology. That fact alone has contributed to its increased value. Furthermore, it is a more cost-effective, faster, and energy-efficient blockchain option. Stellar, a cryptocurrency and payment network launched in 2014 to improve the current financial system, has completed over 2 billion transactions. As a platform for several cryptocurrencies, it has removed barriers so that different digital currencies can coexist on its blockchains.
On August 8, the popular trading app Robinhood announced via Twitter that it had added Stellar to its platform (XLM). Previously, Robinhood customers could trade options in cash accounts. It did, however, state that it was only available to qualified clients. Customers can now trade with these accounts using either deposited or settled funds. It also expanded its industry-standard provision of cash-based option trading.
AVAX and XLM are now on Robinhood @avalancheavax @StellarOrg #CryptoListing https://t.co/QtzBwskSdo
— Robinhood (@RobinhoodApp) August 8, 2022
Because of the most recent listing, the Staller network’s ecosystem will expand, and more and more investors will have access to it. Bitwage, a cryptocurrency payroll service, announced on August 11 that the digital dollar (USDC) stablecoin is now available on their platform and will be distributed through the Stellar network. Following this deployment, Bitwage intends to provide a new option that makes it easier for businesses to hire workers from other continents and countries.
Bitwage’s CEO predicted that the company’s recent Stellar blockchain adoption would improve the lives of millions of people. According to him, this advancement will provide businesses with a completely compliant, simple-to-use, and frictionless option for paying their international employees and contractors. Adopting Bitwage for USDC payroll with Stellar allows individuals and businesses to participate in the cryptocurrency payroll revolution in a low-risk manner.
Hence, this may drive additional upward movement in Steller price.
Chiliz (CHZ)
Chiliz is a blockchain-based platform that facilitates communication between sports organizations and their global fan bases. It was established in Malta in 2018 to give sports fans a voice in the operations of their favorite teams. All they need is a particular quantity of CHZ tokens to gain access to this power. Chiliz, the company, runs a website for entertainment spotting called Socios.com. Users or fans can buy a certain number of fan tokens to access the platform’s features, such as following their favorite teams. Token holders can participate in the governance of some sports clubs and earn rewards for doing so.
Socios.com, a fan token platform, announced on August 18 that Organismo Agenti e Mediatori (OAM), Italy’s financial regulator, had granted it regulatory permission. The OAM license, according to Socios.com, allows the company to offer digital wallets and virtual currencies in the European market for its fan interaction and incentives platform. Following regulatory approval, Socios.com became the official partner for fan interaction and rewards for Italy’s national football team.
At the beginning of August, Socios formed joint ventures with The Sharks and Stade Francais. Socios said the alliances were a watershed moment in the company’s international expansion strategy. The Sharks will introduce Fan Tokens on Socios.com as part of the collaboration, making them the first team in Africa to do so. Due to recent developments, the value of Chiliz, Socios.com’s digital currency, continues to rise.
The mainnet CHZ cross-chain bridge could be operational by the end of the year, according to a recent release from Chiliz, which has begun the fifth phase of its Scoville testnet launch. Phase 7 of the Chiliz Chain 2.0 migration is the launch of the Chiliz mainnet. According to the Chiliz timeline, the mainnet could launch in this year’s third or fourth quarter. The Chiliz team is also planning to release a mobile application in August to increase participation in the project.
Reef Finance (REEF)
Regarding decentralized finance (DeFi), the Reef blockchain is a top contender. Reef has recently evolved from a solitary DeFi platform into a fully-fledged blockchain system. Some of its selling points are improved transaction speeds, reduced transaction costs, and a departure from energy-intensive mining. More people are becoming interested in the decentralized economy; therefore, it’s no surprise that people want to know what the future of the Reef cryptocurrency will be like.
Reef announced a new partnership with Gangsters Paradise, a multi-chain NFT metaverse, on August 9. This collaboration will aid the network’s explorations into NFTs and metaverses. This collaboration is just one of Reef Chain’s efforts to become the go-to layer-1 blockchain for businesses launching in the DeFi, NFTs, and gaming sectors. In addition, it offers excellent scalability, quick transactions, and cost- and environment-conscious transactions.
“This partnership is the foundational stone that will end up with the incorporation of Reef’s dApps in Gangsters Paradise metaverse” – Nicolás Verderosa , Co-founder/CEO of Gangsters Paradise.
Because these achievements go above and beyond what other blockchains currently provide, the Reef Chain is a better blockchain for next-generation DApps. As a result of this collaboration, Reef’s NFT Marketplace would debut in their in-Metaverse galleries. The Metaverse of Gangsters Paradise contains chain stores and art galleries with NFT collections. Members of the Metaverse can investigate, buy, and sell NFTs in these galleries.
On August 17, Reef confirmed its most recent collaboration with DystoWorld, a singular, multifaceted ecosystem that uses NFTs to transport consumers’ digital commodities into the Metaverse. DystoWorld enables the smooth transfer of digital goods such as games, artwork, licenses, and so on to a Metaverse supported by NFT. In addition, the platform solves the ownership problem with digital in-game items to give consumers more control.
DystoWorld’s Launchpad, Marketplace, and Metaverse will be integrated with the Reef Chain. Furthermore, the two parties plan to introduce NFT collections on Reef, and Reef and DystoWorld users will have easier access to Metaverse and DystoWorld.
Considering the ongoing developments, the penny crypto REEF has the potential to trade bullish, and it could be a good investment for your portfolio.
Dogecoin (DOGE)
Dogecoin is one of the most popular meme coins and was created in 2013 with a design based on the popular Japanese Shiba Inu breed. Dogecoin, like Bitcoin and Ether, is a cryptocurrency that uses blockchain technology. Dogecoin may be mined similarly to the other top assets mentioned, and holders can transport a copy of the Dogecoin blockchain. Dogecoin’s developers took Bitcoin’s code and renamed Bitcoin “Bitcoin” in the whitepaper. Dogecoin is what they used in place of “Bitcoin.” The maximum amount of each is where they diverge.
The supply of Bitcoin is capped at 21 million coins; however, Dogecoin has no such restriction. No cap will ever be placed on the total supply of Dogecoins. Dogecoin has a wide variety of applications, including online payments and the transfer of digital assets. As a means of storing value, however, it falls short. For example, its price is volatile, much more than Bitcoin’s.
In a tweet on August 14, Timothy Stebbing, a director of the Dogecoin Foundation, praised the protocol and predicted that it would help the network thrive. Dogecoin (DOGE), a meme cryptocurrency, continues developing its network as it strives to become a popular digital asset. This platform’s most recent invention, the Libdogecoin protocol, has received attention.
Shafil Alam, a Dogecoin developer, recently announced the creation of Libdogecoin for iOS and Android smartphones, to which Stebbing responded. According to him, the Libdogecoin protocol allows for developing several additional mobile apps for the meme coin network. As DOGE’s advancements progress, the token is experiencing increased purchasing pressure. For example, in just one month, the token has received a financial inflow of approximately $3 billion.
Shafil Alam demonstrates the power of libdogecoin to bring #dogecoindev to new realms: having now compiled for iOS & Android (for @FlutterDev). We have @chromatic_x with Perl, @inevitable360 with php, Jaxalotl with Python .. so many ways to build new doge apps brewing! 👀 https://t.co/3kpGx1ZWCD
— Timothy Stebbing (@tjstebbing) August 14, 2022
Dogechain, also known as Layer 2 for Dogecoin, was released last week, giving DOGE users access to NFTs, Games, and DeFi. The introduction of Dogechain increased the value of Dogecoin (DOGE). The blockchain platform, however, operates on the Polygon network and is not based on Dogecoin. The Dogechain has stated that in the future, it may support the use of wrapped DOGE as currency in its DApps ecosystem; the biggest surprise is that Dogecoin does not create Dogechain.
The Dogecoin Foundation stated that it and the coin’s creators, Jackson Palmer and Billy Markus, are unrelated to Dogechain. Furthermore, they stated that it is unrelated to the same-named Dogecoin blockchain explorer. Even though the initiative is unofficial, the website maintains the DOGE meme currency’s ethos and humor.
Keeping all of the major fundamentals in mind, Dogecoin has the potential to grow and may eventually head north.
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