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How Low Market Cap Cryptos Are Gunning for the $1 Mark

22 May 2024 14:57, UTC

When it comes to the value of cryptos, certain metrics have become industry go-tos. One of these is the coveted $1 price point for altcoins, which represents a major win and a sign of market viability. When we think of altcoins that reach this price point, our minds tend to go to the high market-cap altcoins that have become household names within the crypto space.

However, we are seeing an emerging trend of these price points being pursued by low market cap altcoins, showing significant changes in the industry.

The Rise of Low Market Cap Tokens

Low market cap tokens are a bit of a mixed bag in the industry. On the one hand, they are considered high-growth assets as both the tokens themselves and their underlying projects tend to have a lot of potential. On the other hand, these tokens may or may not live up to their potential and this represents a risk for those who invest in them.

Currently, a number of low market cap tokens have been making waves in the industry. Take Dogeverse, one of the dog-themed memecoins in the market. This token has seen a very successful presale, raising $15 million and generating a lot of buzz in crypto circles. A big part of this buzz comes from the fact that Dogeverse is accessible through six different blockchains, namely Ethereum, BNB Smart Chain, Polygon, Solana, Avalanche and Base.

It is in the final stages of its presale and the Ethereum-based token is pegged to be a success when it reaches the market and could even race for the $1 mark. This puts it in a direct line of competition with Dogecoin, a more established dog-based memecoin. The latter has a far higher market cap but this hasn’t stopped other low market cap tokens from heading for its crown.

Another low market cap token that is making waves in the industry is 99Bitcoins. While the token does not have a high market cap, it does have the established reputation of the 99Bitcoins website which has hundreds of thousands of users. Interested investors can get their hands on the token by engaging with the educational materials on the website and this gives it a massive headstart. On top of this, there is the opportunity to take the token on the Ethereum blockchain.

A New Way to Invest

While low market cap tokens have existed in the market for years, they are becoming a hotter commodity. Everyone is on the hunt for the next big crypto and these types of tokens could very well be it. As Will Macmaster explains on Techreport, several low market cap cryptos are being eyed as viable investments and this shows no signs of stopping soon.

From the initial hype when they hit the market to use on an anonymous casino or for domestic purchases, the true potential of many of these tokens are yet to be unearthed. If they do well in the market, they could go on to compete with more established cryptos.