If you think the stock market's historic bounce from the coronaviruses crash bottom is impressive, you should probably take a closer look at thecryptocurrencies space. The aggregate value of all digital currencies has increased from 141 billion dollars to 24 billion dollars in 20 months. That is a more than 16-fold gain.
There are nearly 15,000 cryptocurrencies listed by Coin MarketCap.com, but there is one that has stood the test of time: meme coin Shiba Inu.
The Shiba Inu dog breed has inspired a number of big gains in the space. The image is from the same source.
The year-to-date gains of Shiba Inu are jaw-dropping, but they won't last.
If you've heard about Shiba Inu and wondered why people keep talking about it, the answer is that it's making a lot of money. At midnight on New Year's Day, a token could be purchased for a tiny amount. The year-to-date gain is 52,682,000%, and they were going for $0.00003846 per coin as of this past weekend. If you invested at midnight on New Year's Day, you would have made a millionaire.
The world's hottest coin has been helped by a number of catalysts, including the launch of a new exchange, more exchanges listing it for trading, and the fear of missing out.
Unfortunately, few of the catalysts in Shiba Inu's sails strengthen its real-world use case or make it a payment coin that businesses are champing at the bit to employ. Only 389 merchants worldwide have given the go-ahead to accept the payment.
Shiba Inu doesn't stand out from the crowd. The Shiba Inu token is built on the ethereum platform. It's tethered to the same high transaction fees and potential lag times that plague the extremely popular network. Shiba Inu is being overshadowed by superior innovation as new cryptocurrencies debut daily.
If you need a reason to keep your distance in December and beyond, consider this: Virtually all five-and-six-digit payment coin percentage gains have been met by reversals ranging from 93% to 99%. According to history, the next couple of months or years will be an awful time for SHIB.
Digital currencies have more potential than Shiba Inu.
I would encourage long-term oriented investors to buy the following three cryptocurrencies in a heartbeat, instead of putting their money into a coin with little substance.
The image is from the same source.
Cardano is a person.
I believe Cardano is a more exciting project that offers real-world utility. It's worth noting that Cardano is one of the few places in the U.S. where you can find monthly searches on the internet.
Cardano's developers have laid out steps that will be taken to improve processing speeds, lower transaction costs, increase security, and scale the network. Three of the project's major upgrades are already in play.
The two biggest evolutions of Cardano were in July 2020 and September 2021. In July 2020, the Shelley upgrade allowed network participants to run an increased number of nodes. The average number of transactions on Cardano's platform went up from 2,000 to 100,000.
Goguen introduced smart contracts to Cardano's ledger in September of 2021. Smart contracts help to verify, facilitate, and enforce the negotiation of a contract. Incorporating smart contracts allows Cardano to go head-to-head with Ethereum, and should encourage the development of dApps on the network.
Cardano is fast. Four years ago, Cardano was topping 250TPS, which is less than the 13 transactions per second limit of the Ethereum network. Transactions will be funneled off-chain to the staking pools of the Hydra upgrade.
The fastest way to send money from Point A to B is through the Nano network. The image is from the same source.
The long-forgotten NANO 1.91% has fallen to No. 144 on the market cap list, making it a good candidate to buy in a heartbeat over Shiba Inu. Over the long run, the real world should be able to benefit from the unique nature of the network.
The design is really cool. A block-lattice blockchain is used in the case of the central block. Every user has their own block that they can add to. Users don't have to compete with each other for blocks on the main chain or wait to get consensus in order to benefit from the network's speed.
How fast is the car? It offers a median transaction time of less than one second. Current payment infrastructure can take up to a week to approve and settle cross-border transactions.
Digital peer-to-peer payment is free of charge on the network. Open Representative Voting helps to keep the network fee-less, which is a step up from the existing payment infrastructure.
It will take patience, but it will give you competitive advantages in the payments space.
The image is from the same source.
The area of Algorand.
In December, you can buy hand over fist instead of Shiba Inu. The 22nd-largest digital currency by market cap has generated a "modest" 369% gain in 2021, relative to Shiba Inu's moonshot return, but it offers far more real-world use potential.
There are a number of unique aspects that can make a success of a project. The refined proof-of-stake consensus mechanism is known as pure-proof-of-stake. PPoS chooses users at random to vote on proposals and propose blocks. The process ensures that a small group of hodlers can't disrupt the network.
The importance of interoperability is one of the key factors for the developers. There are tens of thousands of projects in development. Many of these projects are unique and will be hard to work with other platforms. If Business A wants to send money, files, or data to Business B, but the two parties are using different types of networks, this would not be possible. The business world has gaps and that's why Algorand is trying to bridge them.
Algorand is a logical candidate to foster dApp development. The network had a block finality of 4.39 seconds and 1,152TPS. These are numbers that businesses will notice.
The writer of this article may disagree with the official recommendation position of a premium advisory service. We are motley! Asking an investing thesis helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
