After the eventful month that the crypto market had in April 2022, it has become important to know what cryptos to invest in for May. Here are some cryptos to put on your watchlist:
1. Dogecoin (DOGE)
2. Ethereum (ETH)
3. NEAR Protocol (NEAR)
4. CashFi (CFI)
Dogecoin (DOGE); Top Meme Crypto Under $1
Dogecoin (DOGE) is a decentralized cryptocurrency based on the doge meme in 2013 by software engineers Billy Markus and Jackson Palmer. The crypto has no market cap.
Currently, there are about 130 million DOGE tokens in circulation and that means for there to be a spike in its value there would need to be a high increase in demand. This was what happened in mid-2021 because of tweets by Tesla creator, Elon Musk. His talk about Dogecoin (DOGE) caused its value to go up by about 18,000% in 2021. The token went from $0.004 to about $0.74 in about six months.
Although the crypto’s value has come down since then, it has a market cap of over $16 billion and is ranked 12th on CoinMarketCap. Seeing as it is currently under $1, Dogecoin (DOGE) has great potential for massive returns for its existing holders should it experience another spike in value like it did last year.
Ethereum (ETH) Transitioning To Proof-of-Stake
Released initially on the 30th of July in 2015, Ethereum (ETH) is a decentralized and open-source blockchain network with smart contract functionality. Its native token is Ether. Ethereum (ETH) has used its status as a smart contract front-runner to gain a significant competitive edge over others. It is currently the biggest decentralized finance (DeFi) ecosystem in the crypto world.
Due to the network’s significant congestion and high transaction fees, developers have a plan to improve Ethereum’s (ETH) scalability. The platform is transitioning from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) consensus mechanism which is expected to increase the network’s throughput to 100,000 transactions per second (TPS). This would improve the blockchain’s adoption and increase its crypto value.
Ethereum (ETH) has been predicted to have a market cap of over $500 billion in the decade and this is a very good reason to watch this crypto and maybe own it.
NEAR Protocol (NEAR) Launched Stable-coin, USN
NEAR Protocol (NEAR) was launched on the 22nd of April, 2020. It is a sharded, proof-of-stake, layer 1 blockchain that exists to foster ecosystem development and innovation through grant funding. It is simple to use, scalable, secure, and consists of an ever-expanding network of global community members, developers, and creatives. NEAR Protocol (NEAR) has recently launched its stable-coin offering, USN which has plans to pay its investors up to 20% annual interest.
In January, NEAR Protocol (NEAR) raised $150 million and then another $350 million in a funding round in April. This funding could be used by the platform to drive development and this should attract more users and increase its value. The crypto is currently ranked 20th on CoinMarketCap with a market cap of over $7 billion.
CashFi (CFI); Next-Generation of Liquid Staking
CashFi (CFI) is a decentralized blockchain network that has plans to build collaboration and interconnection and will adopt a unique fee-sharing approach to provide its investors with access to several asset classes.
These asset classes will include, liquid staking, NFTs, and synthetics. The platform has plans to unite the blockchain ecosystem and provide faster and more low-cost services that are scalable. These services all being provided in one place will allow for a smooth and simple to utilise user experience for even a newcomer to crypto.
CashFi (CFI) will build the ideal ecosystem for providing top-tier liquid staking, NFT, and Synthetic Asset services. CFI Synths is a synthetics protocol designed by CashFi and will serve as a commodities dealing and trade financing platform inside CashFi’s ecosystem.