Speculation has been a big part of the success of cryptocurrencies, as many investors enter the market trying to make a lot of money in a short time. This, in turn, has led to the success of a large number of coins that would otherwise have had no success in the market. For investors looking to get in on the action, here are 3 speculative cryptocurrencies that should be on your radar.
Dogecoin (DOGE) has been around for a long time and is even older than some of the biggest cryptocurrencies in the space. The meme currency was created as a joke in 2013 by a group of friends, and remained in the background for most of its existence until it caught the attention of billionaire Elon Musk.
Musk had started posting about the currency meme on his Twitter page with more than 100 million followers. The cryptocurrency quickly grew from less than $0.002 to a new high of $0.7 before falling to its current trading value of $0.06.
DOGE trending at $0.06 | Source: DOGEUSD on TradingView.com
However, interest in Dogecoin has not waned, and it is now an asset that attracts investors looking for some speculative action. Most recently, the altcoin had risen more than 6% after Twitter announced that it is sticking to its original deal with Elon Musk. This makes it a good choice when looking for speculative cryptocurrencies to invest in.
Shiba Inu is another meme coin that gained prominence during the 2021 bull rally, and it did so by riding the tails of Dogecoin. Labeled as the “Dogecoin killer”, SHIB would grow exponentially during this time, gaining over 1.2 million holders.
SHIB would go a step further and implement a utility like the SHIB Eternity game that will be released on Thursday. This takes it somewhat out of the realm of a meme coin, but the asset still retains many speculative qualities with price movements driven by hype or the lack of it.
This makes Shiba Inu a good contender when it comes to investing in speculative altcoins. Its price has mostly leveled off, but is still subject to large fluctuations, making it ideal for such investments.
LUNA Classic (LUNC)
The collapse of the Terra network had caused one of the biggest losses in value the crypto market has ever seen, but it left a very interesting trading market in its wake. Even though the price of LUNA Classic (LUNC) had fallen below zero, investors had refused to let the coin go, continuing to trade in the digital asset.
Wide price fluctuations served as an attractive feature especially for traders, but even some investors looking to hold the cryptocurrency were not left out. Now LUNC has essentially become a gamer’s dream currency, causing more people to pour money into the digital asset in hopes of making quick profits.
LUNC falls below zero after Terra collapse | Source: LUNCUSD on TradingView.com
This high volatility associated with LUNC makes it undoubtedly the most attractive speculative asset in the crypto market. It sees hundreds of millions of dollars in daily trading volume due to highly speculative trading activity. So, for traders looking for a good speculative crypto, LUNC has proven to be the right one.
Caution when buying coins
Now, while these coins are popular because of the promise of high rewards, it also makes them incredibly risky. All of these digital assets have made their fair share of millionaires, but they’ve also seen their fair share of investors lose all their money.
Given this, it is always advisable to do thorough research before investing in such speculative assets and practice proper risk management to minimize losses due to their high volatility. Investing in these altcoins is similar to betting. So the chances of losing your investment are high.
Featured image from Dash News, chart from TradingView.com
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