Buying low and selling high is the dream for most crypto enthusiasts. This guide dives into the best under-$1 gems that have the potential to skyrocket during a bull run. Here’s a rundown of the 15 best penny cryptocurrencies to invest in based on market capitalization, each offering solid potential for growth.
Where to buy, trade, and store penny cryptocurrencies?
Where to buy
Where to trade
Where to store
Our methodology for choosing where to buy, trade, and store the best penny cryptocurrencies
In this comprehensive guide, we’ve curated a list of penny cryptocurrencies, focusing on those priced under $1 and their underlying project potential. The selection criteria revolve around the affordability of these cryptos and the promising nature of the projects behind them, assessing factors such as technological innovation, market adoption, and community support.
For the choice of crypto platforms for buying, trading, and storing these cryptocurrencies, we’ve selected renowned platforms like Coinbase, OKX, Kraken, KuCoin, and Bybit, along with storage solutions like MetaMask, YouHodler, Coinbase Wallet, and OKX Wallet. These platforms have been meticulously chosen based on BeInCrypto’s experience of their robust security measures, easy to use interfaces, and the range of services they offer.
Coinbase and Kraken:
• Known for their high security and ease of use
• Offer 2-factor authentication and extensive verification methods
• Support a wide range of over 230 cryptocurrencies, making them versatile for various trading preferences.
• Provide educational resources, competitive trading fees, and tight bid-ask spreads, ensuring a cost-effective trading experience.
KuCoin and OKX:
• Are ideal for more experienced trader
• Offer high liquidity in derivatives markets and significant trading volumes ($1.5 billion for KuCoin and $6 billion for OKX).
• Offer low funding rates and favorable spreads facilitate efficient, large-volume trading.
For storage, MetaMask, YouHodler, Coinbase Wallet, and OKX Wallet have all been identified as leading options. These wallets are chosen for their security features and ease of integration with trading platforms. All three support a broad range of cryptocurrencies and provide functionalities like earning passive income on deposits, with some of the highest interest rates and zero withdrawal fees, enhancing investment returns.
The BeInCrypto methodology behind this guide is grounded in a comprehensive analysis of each cryptocurrency’s price point and project potential, along with the selected platforms’ ability to offer secure, user-friendly, and cost-effective services. This approach aims to provide readers with a well-rounded view of the best penny cryptocurrencies and the optimal platforms for engaging with them. All recommended platforms have been tried and tested over 3-6 month periods by our expert testing teams.
Learn more about BeInCrypto’s verification methodology here.
- Our methodology for choosing where to buy, trade, and store the best penny cryptocurrencies
- Best penny cryptocurrencies to invest in February 2024
- 1. Tron (TRX)
- 2. The Graph (GRT)
- 3. Floki Inu (FLOKI)
- 4. Shiba Inu (SHIB)
- 5. Fetch.ai (FET)
- 6. Stellar (XLM)
- 7. Harmony (ONE)
- 8. Zilliqa (ZIL)
- 9. Holo (HOT)
- 10. Ravencoin (RVN)
- 11.Ankr (ANKR)
- 12. Proton (XPR)
- 13. BitTorrent (BTT)
- 14. Amp (AMP)
- 15. 1inch Network (1INCH)
- What are penny cryptocurrencies?
- What to consider when choosing penny cryptocurrencies?
- Reasons to invest in penny cryptocurrencies
- Risks of investing in penny cryptocurrencies
- Strategies for identifying top penny cryptocurrencies
- Are penny cryptos safe?
- Top penny cryptos compared
- Should you invest in penny cryptocurrencies?
- Frequently asked questions
Best penny cryptocurrencies to invest in February 2024
1. Tron (TRX)
TRON is designed to decentralize the internet, emphasizing high scalability and rapid transaction speeds. Its initiatives like “HackaTron” engage the community in innovative sectors such as DeFi and GameFi, positioning TRON as an attractive option for investors keen on cutting-edge digital assets. Boasting a market cap of $9.14 billion, TRON’s TRX token has experienced a remarkable 5,064% increase in value since Sept. 14, 2017.
Established in 2017, KuCoin stands out as a prominent cryptocurrency exchange, offering access to over 700 digital assets, including a diverse selection of altcoins like TRON. Renowned for its sophisticated trading features, comprehensive futures market, and competitive trading fees of just 0.10%, KuCoin caters to a worldwide user base. With a substantial daily trading volume exceeding $1.48 billion, it presents an excellent platform for those interested in trading altcoins, including TRON.
OKX, recognized as a major player in the global cryptocurrency market, especially in crypto derivatives trading, offers an extensive array of more than 320 cryptocurrencies, including TRON. The platform is known for its competitive and flexible fee structures, catering to a diverse range of trading preferences.
OKX stands out for its features like high leverage options in futures trading, up to 100x, and a low minimum account requirement of just $10. While it boasts a significant international presence, it’s important to note that OKX’s services are not available in North America.
YouHodler stands as a prominent cryptocurrency platform, specializing in lucrative crypto savings accounts and secure loan services. It provides appealing interest rates, reaching up to 12% on stablecoins and up to 5% on various altcoins, including TRON.
Celebrated for its user-friendly interface and efficient asset management tools, YouHodler integrates a range of features such as attractive rewards, staking opportunities, and versatile loan options. This makes it an excellent choice for storing TRON, catering to the needs of both beginner and experienced crypto enthusiasts.
2. The Graph (GRT)
The Graph (GRT) is an intriguing option for those interested in penny cryptocurrencies. Established in 2018 by Yaniv Tal, Jannis Pohlmann, and Brandon Ramirez, this DeFi project initially debuted on the Ethereum blockchain. The primary aim of Graph Coin is to enhance blockchain technology, focusing specifically on improving information retrieval within blockchains. With a market cap of $1.49 billion, GRT has seen a surge of over 31% since December 2020.
OKX, a leading global cryptocurrency exchange, offers an ideal platform for purchasing GRT (The Graph). Known for its extensive selection of digital assets, OKX includes over 320 cryptocurrencies, ensuring that users have access to a wide variety of options like GRT. The platform is celebrated for its user-friendly interface and advanced trading features, making it suitable for both beginners and experienced traders.
Kraken is a crypto exchange based in the United States. With a daily trading volume of over $1.57 billion, Kraken stands out as a key player in the cryptocurrency exchange sector. It offers over 245 digital currencies, including GRT (The Graph). It’s highly respected for its strong security protocols. The platform supports diverse deposit methods, including bank transfers and mobile payments, and handles multiple fiat currencies. Kraken’s competitive trading fees and user-centric interface make it an excellent choice for those looking to trade GRT.
Coinbase Wallet, renowned for its ease of use, seamlessly integrates with the prominent U.S.-based Coinbase exchange, making transfers straightforward. It supports a broad spectrum of over 100 cryptocurrencies, including GRT, BTC, and various ERC20 tokens. The wallet not only offers access to an array of decentralized applications but also features staking tools. This wallet’s global accessibility and robust security make it an excellent choice for safely storing GRT.
3. Floki Inu (FLOKI)
Floki Inu (FLOKI), birthed by enthusiasts from the Shiba Inu community, stands out as a memecoin that blends practical utility with a philanthropic angle, aiming to empower the average person over venture capitalists and hedge funds. It’s undeniable that Floki Inu has experienced significant growth recently, notably with the introduction of Valhalla, its NFT-driven metaverse.
FLOKI has a market cap of $275.86M and has seen a surge of over 48% since its 2021 IEO.
OKX, ranking as one of the top global exchanges in cryptocurrency spot markets by trading volume, is an excellent platform for buying Floki. With a diverse selection of over 320 cryptocurrencies, it offers users a vast range of options. The exchange is known for its attractive, tiered fee structure, accommodating both casual and serious traders. OKX supports trading in 341 different assets and accepts 36 fiat currencies, providing flexibility and convenience. Notable for features like up to 100x leverage in futures trading and a minimal account requirement of only $10, OKX is well-suited for a variety of trading strategies.
KuCoin has established itself as a key cryptocurrency exchange, offering over 7400 digital currencies, including a diverse array of altcoins like Floki. Renowned for its sophisticated trading features and extensive futures market, KuCoin attracts users with its low trading fee of only 0.10%. Its user-friendly interface and robust security measures further solidify KuCoin’s position as a preferred choice for trading a variety of digital assets.
Coinbase Wallet is highly regarded for its effortless synchronization with the well-known Coinbase exchange, supporting an extensive range of more than 100 cryptocurrencies, such as BTC, ERC20 tokens, and including FLOKI. It offers users the ability to easily interact with decentralized applications and utilize staking capabilities. Available across various platforms, including Apple, Android, and Chrome, Coinbase Wallet ensures a robust, decentralized environment for storing and managing a variety of digital currencies.
4. Shiba Inu (SHIB)
Since its debut in 2021, Shiba Inu has captivated the attention of the crypto community, especially on social media platforms. Despite some fluctuations in its value, many believe it remains one of the best penny cryptos due to the developers’ ongoing efforts to enhance its ecosystem. SHIB has a market cap of $5.52 billion and its price has surged over 11.481.835.08% since its all time low in September 2020.
OKX, a globally recognized cryptocurrency exchange, is an optimal platform for buying Shiba Inu (SHIB). It offers an extensive range of over 320 cryptocurrencies, including popular memecoins like SHIB. Known for its flexible fee structure and advanced trading options, OKX caters to both new and experienced investors. With its high liquidity and support for multiple fiat currencies, OKX is ideal for those looking to purchase Shiba Inu easily and securely.
KuCoin, a leading exchange since 2017, is a prime destination for trading Shiba Inu. The platform showcases a vast selection of over 740 cryptocurrencies, focusing especially on a variety of altcoins, including SHIB. With advanced trading tools, futures trading, and competitive fees as low as 0.1%, KuCoin serves a global audience with a significant daily trading volume.
Coinbase Wallet is a standout choice for securely storing Shiba Inu. It seamlessly integrates with the Coinbase exchange and supports a wide array of digital currencies, including SHIB. The wallet enables easy access to decentralized applications and staking opportunities. Compatible across Apple, Android, and Chrome devices, Coinbase Wallet offers a secure and decentralized way to manage various cryptocurrencies. It’s ideal for users around the world who want a dependable and versatile wallet for their Shiba Inu holdings.
5. Fetch.ai (FET)
Fetch.ai is an innovative blockchain platform that integrates artificial intelligence and machine learning into its core functionality. Fetch.ai stands out as a potentially undervalued asset in the crypto world. Its unique approach and application in blending AI with blockchain technology set it apart from other projects. Fetch.ai has a market cap of $532 million. Its price surged over 58% since March 2019.
Coinbase, one of the leading cryptocurrency exchanges, is an ideal platform for buying Fetch.ai tokens. Known for its user-friendly interface and robust security, Coinbase supports a wide array of cryptocurrencies, including Fetch.ai. It offers a straightforward purchasing process, making it suitable for both beginners and experienced investors. With its global reach and reputation for reliability, Coinbase stands out as a top choice for those looking to invest in Fetch.ai tokens.
Bybit is a prominent platform for trading Fetch.ai tokens, catering to traders seeking advanced features and a dynamic trading environment. It offers a range of trading options, including futures and spot markets, with competitive fees and high liquidity. Bybit’s intuitive interface and real-time data analysis tools make it an excellent choice for actively trading Fetch.ai tokens, providing traders with the necessary resources to navigate the crypto market effectively.
For securely storing Fetch.ai tokens, the Coinbase Wallet is a superb option. It seamlessly integrates with the Coinbase platform, facilitating easy management of Fetch.ai holdings. The wallet is compatible with a variety of devices and provides access to decentralized applications. Its emphasis on security and ease of use makes Coinbase Wallet a reliable and convenient choice for storing Fetch.ai tokens, catering to a diverse range of users globally.
6. Stellar (XLM)
Stellar, designed to facilitate efficient cross-border transactions, positions itself as a key player in modernizing the international financial landscape. Its role in enhancing and simplifying global payments makes it a valuable asset in the blockchain and traditional banking sectors. With a market cap of $3.29 billion, Stellar remains an accessible choice for investors interested in the intersection of blockchain technology and financial services. Since its inception in August 2014, Stellar’s native token, XLM, has seen a remarkable growth of over 3,821%, highlighting its potential as one of the best penny cryptocurrencies to invest in.
Coinbase is a premier choice for buying Stellar, known for its user-friendly interface and robust security measures. This platform supports a wide variety of cryptocurrencies, including Stellar, making it suitable for both newcomers and seasoned investors in the crypto space. Coinbase’s global reputation for reliability and ease of use makes it an ideal platform for those looking to purchase Stellar securely and conveniently.
KuCoin is an excellent platform for trading Stellar, offering an extensive selection of cryptocurrencies. The platform is renowned for its advanced trading tools and features, including futures and spot trading, catering to a diverse range of trading preferences. With competitive fees of up to 0.10% and a user-friendly interface, KuCoin is a top choice for traders seeking a comprehensive and dynamic trading environment for Stellar.
YouHodler stands out as a secure and versatile option for storing Stellar. It offers a range of services including high-yield crypto savings (up to 5.5% for XLM) and secured loan options, making it more than just a storage solution. YouHodler’s intuitive platform and additional features like attractive interest rates on deposits make it a compelling choice for those seeking a safe and beneficial way to store their Stellar holdings.
7. Harmony (ONE)
Harmony is a blockchain platform that utilizes sharding technology to enhance the efficiency and scalability of decentralized applications (DApps). By employing random state sharding, Harmony effectively divides its network database into smaller, manageable segments known as shards. This approach significantly boosts its performance and capacity.
The native digital currency of Harmony is the ONE token. ONE’s market cap stand at about $213 million. Its price has surged over 1,140% since its all-time low in March 2020.
Kraken is a well-established cryptocurrency exchange and a great place to buy Harmony. Known for its strong security features and user-friendly interface, Kraken caters to both beginners and experienced investors. It offers a wide range of cryptocurrencies, including Harmony, and is respected for its transparent fee structure and reliable customer support. Kraken’s global accessibility and robust trading platform make it an ideal choice for purchasing Harmony tokens.
OKX is a leading global exchange that provides an excellent platform for trading Harmony. It is known for its extensive list of supported cryptocurrencies, high liquidity, and advanced trading features like futures and spot markets. OKX’s competitive fees and intuitive interface are well-suited for traders looking to actively engage in the Harmony market. Additionally, OKX’s real-time trading data and analysis tools provide traders with the necessary insights to make informed decisions in the fast-paced crypto trading environment.
MetaMask is a popular choice for storing Harmony tokens, offering a secure and versatile wallet for managing cryptocurrency assets. As a browser extension and mobile app, MetaMask facilitates easy interaction with decentralized applications on the blockchain. Its user-friendly design and strong security measures make it an ideal wallet for both new and experienced users. MetaMask’s compatibility with Harmony ensures safe storage and easy access to your tokens, providing peace of mind for Harmony investors.
8. Zilliqa (ZIL)
Zilliqa (ZIL) stands as a prominent public blockchain platform, utilizing sharding technology to achieve remarkable scalability and high transaction throughput, positioning itself as one of the best penny cryptocurrencies. Designed to overcome the scalability issues faced by other blockchains like Ethereum and Bitcoin, Zilliqa’s market cap exceeds $365 million and ZIL’s price surged over 748$ since its March 2020 all-time low.
OKX is an excellent platform for purchasing Zilliqa, known for its extensive range of of over 660 cryptocurrencies and robust trading features. It offers a user-friendly experience combined with advanced security measures, making it suitable for both beginners and experienced traders. With its high liquidity of over $4.7 billion trading volume, and varied trading options, OKX provides a seamless and efficient way to buy Zilliqa, backed by a competitive fee structure and global accessibility.
Kraken is a highly reputable cryptocurrency exchange with over $1.5 billion trading volume and a top choice for trading Zilliqa. It stands out for its strong security protocols, diverse range of supported cryptocurrencies, and user-centric trading interface. Kraken caters to a broad spectrum of traders, offering advanced trading tools and detailed market analysis, which are essential for making informed decisions in the dynamic crypto market. Kraken’s global reach and commitment to regulatory compliance make the platform a reliable and trusted platform for trading Zilliqa.
Coinbase Wallet is an excellent choice for storing Zilliqa securely, It’s a versatile and user-friendly wallet that integrates seamlessly with the Coinbase exchange, allowing for easy management of ZIL. The wallet supports a wide array of cryptocurrencies and provides access to various decentralized applications. Its focus on security, combined with the convenience of managing assets on multiple devices, makes Coinbase Wallet an ideal option for safely storing ZIL.
9. Holo (HOT)
Holo is a decentralized cloud hosting platform for peer-to-peer applications, operating on the innovative Holochain framework. Unlike traditional blockchains, Holochain enables the development of distributed apps (HApps) without blockchain’s limitations. The Holo token functions as a temporary stand-in for HoloFuel and is essentially an IOU. Since its inception in 2018, the price of HOLO (HOT) surged over 169% and it reached a market cap of $352 million.
KuCoin is a leading choice for purchasing Holo, boasting a daily trading volume of over $1.5 billion and offering access to more than 740 cryptocurrencies. This exchange is renowned for its wide selection of digital assets, including Holo, and user-friendly platform, catering to both novice and experienced investors. With features like low transaction fees and a secure trading environment, KuCoin provides an ideal platform for buying Holo and exploring a diverse range of other cryptocurrencies.
OKX stands out as a premium platform for trading Holo, with a significant trading volume that often exceeds $6 billion. It supports over 320 different cryptocurrencies, providing traders with a broad spectrum of options, including Holo. OKX is known for its advanced trading features, competitive fee structure, and strong liquidity, making it a top choice for active traders looking to engage in Holo trading and capitalize on market movements.
MetaMask, a popular cryptocurrency wallet, is an excellent option for storing Holo. This storage option is primarily known as a preferred wallet to buy Ethereum and ERC-20 tokens, so it allows for the secure storage of a variety of digital assets, including Holo. The wallet’s user-friendly interface, combined with robust security features, makes it a preferred choice for users seeking a reliable and accessible way to store and manage their Holo holdings. With millions of active users worldwide, MetaMask has established itself as a trusted wallet in the crypto community.
10. Ravencoin (RVN)
Ravencoin, established in early 2018, is an offshoot of Bitcoin, designed specifically to enhance the creation and transfer of digital assets across its blockchain. It offers a versatile framework that supports a wide array of applications, from tokenized securities and digital collectibles to fungible tokens and representations of tangible assets like gold.
The process of creating new crypto assets on Ravencoin involves burning a certain amount of RVN, the native cryptocurrency of the network. It also employs the KAWPOW mining algorithm, which is resistant to ASIC (Application-Specific Integrated Circuit) mining. Since its 2018 launch, RVN’s price has surged over 301% and reached a market cap of over $291 million.
Coinbase, a leading cryptocurrency exchange with a trading volume often exceeding $5 billion, is an excellent platform to buy Ravencoin. It is renowned for its user-friendly interface and robust security measures, making it accessible to both beginners and experienced investors. Coinbase supports a wide array of over 230 cryptocurrencies, including popular penny cryptos like Ravencoin, and is known for its straightforward buying process and reliable transaction execution.
KuCoin, a global crypto exchange with a significant daily trading volume that frequently surpasses $2.3 billion, is an ideal choice for trading Ravencoin. It offers a diverse range of over 740 cryptocurrencies, providing traders with numerous options, including Ravencoin. KuCoin is favored for its advanced trading tools, user-friendly interface, and competitive fee structure, making it a top platform for those looking to actively trade Ravencoin and other penny cryptocurrencies.
OKX Wallet, part of the OKX exchange ecosystem, which boasts a substantial trading volume often above $6 billion, is a secure option for storing Ravencoin. As a comprehensive wallet solution, it supports a broad range of cryptocurrencies, including Ravencoin, and offers features like asset management and easy transfers. The OKX Wallet is designed for secure storage and seamless management of Ravencoin, ensuring safety and accessibility for investors who prioritize the security of their penny cryptocurrency investments.
11.Ankr (ANKR)
Ankr operates as a blockchain-based cloud computing platform, leveraging a widespread network of nodes and offering multi-chain tools compatible with different blockchains. Developers find Ankr particularly useful for creating and deploying blockchain applications. For investors, Ankr presents an opportunity to earn through cryptocurrency staking.
Price-wise, Ankr has surged over 300% since its September 2018 ICO, and has a market cap of over $268 million.
OKX is an excellent platform for purchasing ANKR, particularly known for its extensive selection of cryptocurrencies, including a wide range of penny cryptocurrencies like ANKR. With a significant daily trading volume often exceeding $6 billion, OKX offers a robust and dynamic trading environment. The platform is acclaimed for its user-friendly interface, advanced security measures, and competitive fees, making it a top choice for those looking to buy ANKR.
Kraken, a prominent cryptocurrency exchange, is a prime destination for trading penny cryptocurrencies like ANKR. It boasts a substantial trading volume and a reputation for being one of the most secure platforms in the crypto market. Kraken offers a variety of trading options for over 245 cryptocurrencies. It is favored by traders for its sophisticated trading tools, comprehensive market analysis features, and user-centric design, providing a comprehensive trading experience for those looking to engage in ANKR trading.
MetaMask is a widely used and trusted cryptocurrency wallet for storing ANKR, known for its seamless integration with various blockchain ecosystems. It provides an easy-to-use interface and robust security features, making it a preferred choice for both novice and experienced users. MetaMask’s broad accessibility and functionality make it an ideal wallet for safely managing and accessing ANKR.
12. Proton (XPR)
Proton is a blockchain platform specifically tailored for seamless payments and peer-to-peer transactions. It boasts an impressive capacity of handling up to 4,000 transactions per second, and notably, these transactions are free for users, enhancing its appeal for everyday use.
In the realm of penny cryptocurrencies, Proton is a strong contender. Its price has risen around 75% from its all-time low. Given its relatively modest market capitalization or only $24 million, Proton presents potential for substantial growth, making it an intriguing option for investors exploring opportunities in low-cost cryptocurrencies.
OKX is a top-tier choice for purchasing Proton (XPR), particularly notable for its extensive array of cryptocurrencies. With a daily trading volume often surpassing $6 billion, OKX provides a vibrant and expansive trading environment. OKX is acclaimed for its user-friendly experience, high-level security, and competitive fee structure, making it an ideal platform for those looking to invest in Proton.
KuCoin is a prominent global cryptocurrency exchange for trading Proton (XPR). It offers a vast selection of more than 740 cryptocurrencies and is known for a significant daily trading volume, often exceeding $2.3 billion. KuCoin is preferred by many traders for its advanced trading features, user-centric interface, and competitive trading fees. It provides a comprehensive and dynamic platform for actively trading Proton, catering to both seasoned and novice traders.
Coinbase Wallet is a highly recommended option for storing Proton (XPR), renowned for its security and ease of use. Coinbase Wallet’s versatility allows it to securely manage a variety of digital assets, including Proton. The wallet is known for its straightforward interface and robust security measures, making it an excellent choice for securely managing Proton holdings. With its global user base and compatibility across multiple devices, Coinbase Wallet is an ideal choice for storing Proton and other cryptocurrencies.
13. BitTorrent (BTT)
BitTorrent, a name synonymous with peer-to-peer (P2P) file sharing, has been a major player in the technology space for years. The company’s trajectory took a significant turn when Justin Sun, founder of TRON, acquired it in 2018, steering it towards blockchain technology integration.
Today, BitTorrent has evolved considerably, with millions of user nodes underpinning the BitTorrent File System (BTFS), a decentralized platform for P2P file storage and sharing. This transition into the blockchain arena has been further amplified by the integration of BitTorrent Token (BTT). The synergy between BTT and BTFS presents promising growth prospects, especially as the BitTorrent ecosystem expands and gains traction.
For investors looking at penny cryptocurrencies, BitTorrent represents an exciting blend of established technology and innovative blockchain application, offering potential in the burgeoning decentralized digital space.
KuCoin, a versatile and globally recognized cryptocurrency exchange, stands as an excellent choice for purchasing BitTorrent. Distinguished by its vast selection of over 740 cryptocurrencies and a daily trading volume regularly hitting over $2.3 billion, KuCoin caters to a diverse range of investor needs. The platform is especially popular among users looking to explore under-the-radar penny cryptocurrencies like BitTorrent, offering a seamless buying experience combined with robust security features and a user-friendly interface.
OKX is a leading platform for trading BitTorrent, known for its high liquidity and extensive range of trading options. The platform is is equipped with advanced trading tools and features, making it an ideal choice for traders who seek a sophisticated yet intuitive platform for trading the best penny cryptocurrencies such as BitTorrent.
For secure storage of BitTorrent, Coinbase Wallet is a top recommendation. Renowned for its ease of use and strong security protocols, Coinbase Wallet is compatible with a wide array of cryptocurrencies, including BitTorrent. As a product of one of the most trusted names in the cryptocurrency space, Coinbase Wallet offers peace of mind for investors looking to safeguard their BTT holdings.
14. Amp (AMP)
Amp stands out as a distinctive project and one of the best penny cryptocurrencies to invest in as it aims to bridge the gap between crypto and fiat payment systems. It addresses this by collateralizing crypto payments, ensuring that if a transaction fails, the Amp (AMP) collateral is liquidated, thereby guaranteeing fiat payment to the end user. This system offers a sense of security to both the sender and recipient.
AMP has surged over 254% since its 2020 launch. It now has a market cap of over $149 million.
Coinbase is a highly recommended exchange for purchasing AMP, renowned for its robust security, straightforward user interface, and extensive cryptocurrency offerings. As a platform that regularly handles a high trading volume or over $5 billion, Coinbase provides a reliable and efficient purchasing experience for AMP. It’s particularly favored by those new to cryptocurrency due to its ease of use and strong regulatory compliance, making it a secure and straightforward choice for acquiring AMP.
Kraken is an excellent platform for trading AMP, offering a combination of deep liquidity, over 770 trading pairs, and sophisticated trading tools. This exchange is well-regarded for its security measures and comprehensive market analytics, making it suitable for both novice and experienced traders. Kraken’s user-friendly interface and diverse range of available cryptocurrencies, including AMP, ensure a seamless trading experience, backed by expert customer support and a strong community.
Coinbase Wallet is an ideal solution for securely storing AMP. It distinguishes itself with its high level of security, user-friendly design, and seamless integration with the Coinbase exchange. The wallet supports a wide variety of cryptocurrencies and provides easy access to decentralized applications. Its intuitive setup and robust security protocols make Coinbase Wallet a top choice for safely managing AMP holdings.
15. 1inch Network (1INCH)
1Inch Protocol is a cutting-edge cryptocurrency designed to revolutionize the decentralized exchange (DEX) industry. It offers an innovative solution to streamline trading on DEXs, making it faster and more efficient compared to centralized exchanges (CEXs). Founded in 2019 by Sergey Kunz and Anton Bukov, both experienced engineers and developers, 1Inch’s price surged by over 4,960% since its ICO in 2019. The asset has a market cap of over $570 million.
Kraken is a highly reputable exchange ideal for buying 1INCH, known for its strong security and diverse cryptocurrency offerings. With its advanced trading features and user-friendly interface, Kraken provides a seamless experience for purchasing 1INCH. The platform’s robust infrastructure and commitment to regulatory compliance make it a trusted choice for investors looking to buy penny cryptocurrencies like 1INCH.
OKX is a top-tier global exchange for trading 1INCH. With a daily volume of over $6.6 billion, OKX also offers a broad selection of cryptocurrencies and high liquidity. It’s known for its comprehensive trading tools and competitive fee structure of only up to 0.10%, making it suitable for both beginners and experienced traders. OKX’s state-of-the-art platform facilitates efficient and dynamic trading of 1INCH, backed by real-time data and market insights.
MetaMask, a popular and versatile cryptocurrency wallet, is perfect for storing 1INCH. It’s well-suited for ERC-20 tokens like 1INCH and provides a secure, user-friendly environment for managing crypto assets. MetaMask’s integration with various decentralized applications and its ease of use make it an ideal choice for securely storing 1INCH and engaging with the wider blockchain ecosystem.
*Market capitalizations are based on data from CoinMarketCap as of 14:00 UTC, Jan. 10, 2024.
What are penny cryptocurrencies?
Penny cryptocurrencies are generally defined as cryptocurrencies that are priced below $1. However, there isn’t a universally accepted definition, and some people consider tokens under $5 to also be “penny cryptocurrencies.”
The challenge with this classification is that it includes a wide range of cryptocurrencies, from highly valuable ones to lesser-known options. In fact, several of the world’s top 20 cryptocurrencies are priced under $1, highlighting that price alone doesn’t always reflect a cryptocurrency’s market position or potential.
When searching for the best penny cryptocurrencies, one could consider:
- Cryptocurrencies priced under $1.
- Cryptocurrencies valued around a penny, which could range from fractions of a cent to approximately $0.10.
- Cryptocurrencies under $1 that are not ranked within the top 100, 500, or 1,000 in terms of market capitalization.
Our list of penny cryptocurrencies encompasses a variety of these categories. It’s important to remember that investing in cryptocurrencies can be risky, especially with smaller or lesser-known cryptocurrencies. There’s a heightened risk of losing your investment, and these smaller cryptos may not be readily available on the largest cryptocurrency exchanges.
How many penny crypto coins are there?
Given the volatile nature of cryptocurrencies, the exact number of penny cryptocurrencies is not fixed and changes frequently. New cryptocurrencies are constantly being created and launched, while existing ones may fluctuate in price, moving in and out of the “penny cryptocurrency” category.
For the most up-to-date information, it’s recommended to refer to a crypto markets tracking website. Choose CoinMarketCap, CoinGecko, or any other reputable platform that lists and updates the prices and market caps of cryptocurrencies in real-time.
Factors influencing penny cryptocurrency prices
Penny cryptocurrency prices are influenced by several key factors, similar to other financial assets, but with unique aspects specific to the crypto market.
Here are the factors that influence the prices of penny cryptocurrency:
- Market demand and supply: The basic economic principle of demand and supply plays a significant role. If more people want to buy a cryptocurrency (high demand) than sell it (low supply), the price will typically go up. Conversely, if more people want to sell a cryptocurrency (high supply) than buy it (low demand), the price tends to fall.
- Market sentiment: Investor sentiment, driven by news, social media, and overall market trends, can greatly impact the price. Positive news can lead to price increases, while negative news can result in declines.
- Trading volume: High trading volumes can indicate strong interest in a cryptocurrency, potentially leading to price increases. Conversely, low trading volumes might suggest a lack of interest, possibly leading to a price drop.
- Adoption and utility: If a penny cryptocurrency sees increasing use and adoption for its intended purpose, such as in transactions or in decentralized applications, its value can rise.
- Speculation: Many penny cryptocurrencies are subject to speculation. Traders might invest based on future potential rather than current use, driving prices up or down.
- Technological developments and updates: Advances in technology, updates, and improvements to a cryptocurrency’s network or protocol can lead to price changes.
- Regulatory news: Cryptocurrency markets are sensitive to regulatory news. Regulations can either legitimize a particular crypto ore platform — leading to price increases — or create market uncertainty, resulting in price decreases.
- External market factors: Broader economic factors and movements in traditional financial markets can influence cryptocurrency prices.
What to consider when choosing penny cryptocurrencies?
Here are the main aspects to consider when choosing a penny crypto to invest in:
/Related
More Articles- Market capitalization and liquidity: Look at the market cap to understand the cryptocurrency’s size and stability. A higher market cap often indicates more stability. Liquidity is crucial for buying and selling without significantly affecting the price.
- Project fundamentals: Assess the underlying project. Does it have a clear purpose? Is the technology sound and innovative? A strong project foundation can indicate long-term viability.
- Development team and community support: Research the team behind the cryptocurrency. Experienced and reputable developers can boost confidence. A strong, active community can indicate a healthy project.
- Adoption and real-world use: Consider if the cryptocurrency has real-world applications and adoption. Tokens with practical use cases are more likely to succeed.
- Volatility and price history: Penny cryptocurrencies can be highly volatile. Review their price history to understand past performance and potential future trends.
- Regulatory environment: Stay informed about the regulatory climate for cryptocurrencies, as changes can significantly impact prices.
- Technology and security: Ensure the cryptocurrency uses robust and secure technology, especially if it’s a newer or less tested project.
- Risk assessment: Be aware of the risks, including the possibility of losing your entire investment. Penny cryptocurrencies can be more speculative and risky compared to more established coins.
- Diversification: Diversifying your crypto portfolio can help manage risk. Don’t put all your funds into a single penny cryptocurrency.
- News and developments: Stay updated with news and developments related to the cryptocurrencies you are interested in, as this can impact their prices and long-term viability.
By taking these factors into account, you can make more informed decisions in your penny crypto investments, similar to how you would approach investing in top cryptocurrencies.
Reasons to invest in penny cryptocurrencies
Investing in penny cryptocurrencies can offer several potential benefits, making them an attractive option for certain investors. Here are the main reasons you would be inclined to invest in penny cryptocurrencies:
- High growth potential: Penny cryptocurrencies often have a lower market cap, offering a higher growth potential compared to more established cryptocurrencies. Small increases in price can lead to significant percentage gains.
- Affordability: Their low price per token makes them accessible to a wide range of investors, allowing for diversification even with a smaller investment budget.
- Early entry advantage: Investing in a promising project at its early stages can yield substantial returns if the project succeeds and gains mainstream popularity.
- Innovation and niche projects: Many penny cryptocurrencies are at the forefront of technological innovation, offering unique solutions to specific problems, which could lead to substantial future demand.
- Speculative gains: For those looking to speculate on short-term price movements, penny cryptocurrencies can offer exciting opportunities due to their high volatility.
- Community and developer engagement: Some penny cryptocurrencies have strong communities and dedicated developers, which can drive the project’s success and, in turn, increase the value of the token.
- Exploring emerging trends. Penny cryptocurrencies often align with emerging trends in the crypto space, such as DeFi, NFTs, and blockchain gaming, providing exposure to these new areas.
Risks of investing in penny cryptocurrencies
Potential investors should approach penny cryptocurrencies with caution and conduct thorough research before investing. Therefore, it’s crucial to balance these reasons with the risks involved:
- Market volatility: Penny cryptocurrencies can be extremely volatile, with prices subject to dramatic fluctuations.
- Lack of information: Some projects may lack transparency, making it difficult to conduct thorough research.
- Higher risk of failure: Smaller or less established projects face a higher risk of failure.
- Liquidity issues: Some penny cryptocurrencies may have low liquidity, making them difficult to sell at the desired price.
- Regulatory uncertainty: The regulatory environment for cryptocurrencies is still evolving, which could impact these investments.
Strategies for identifying top penny cryptocurrencies
Finding the best penny cryptocurrencies to invest in requires a strategic approach, combining thorough research and careful analysis.
Here are some key steps to help in this process:
- Research: Start with extensive research. Look into the project’s whitepaper, the team behind the cryptocurrency, their track record, and the problem they aim to solve.
- Evaluate market capitalization: Consider the market capitalization of the cryptocurrency. A lower market cap might offer higher growth potential, but it also comes with increased risk.
- Analyze historical price data: Review the historical price performance to understand its volatility and market trends. This can provide insights into its future potential.
- Assess the technology and use cases: Evaluate the underlying technology and its real-world application. A strong, unique use case can be a good indicator of potential success.
- Check community and developer activity: A vibrant and active community, along with regular updates from developers, can indicate a healthy and growing project.
- Monitor latest news and developments: Stay updated with the latest news and developments in the crypto world, as they can significantly impact penny cryptocurrency prices.
- Liquidity analysis: Ensure the cryptocurrency has sufficient liquidity on exchanges, which is crucial for buying and selling without affecting the price too much.
Are penny cryptos safe?
Penny cryptocurrencies, like all investments, carry a mix of risks and potential rewards. Their safety largely depends on various factors, such as market volatility, liquidity, and the legitimacy of the project. Monitoring tools like the crypto fear and greed index can offer valuable insights into the market’s emotional temperature, aiding in understanding these risks.
Penny cryptocurrencies can offer significant returns but are associated with higher risks. They should be approached with caution, and investments should be based on thorough research. One key aspect of any of these crypto projects is the community supporting them. A strong community and active development team can indicate a healthier and more promising project. Always aim to diversify your crypto investments and be mindful of crypto scams.
Top penny cryptos compared
Cryptocurrency | Ticker | Launch Year | Project description | Market cap |
tron | TRX | 2017 | User-friendly approach and support for decentralized applications (dApps) and smart contracts. | $9.14 billion |
The Graph | GRt | 2018 | A decentralized protocol for indexing and querying data from blockchains, starting with Ethereum. | $1.49 billion |
Floki | FLOKI | 2021 | Memecoin inspired by Elon Musk’s pet, focusing on community and charitable projects. | $275.86M |
Shiba Inu | SHIB | 2020 | Dogecoin-inspired memecoin with a vibrant community, also aims to develop an ecosystem including a DEX called ShibaSwap. | $5.52 billion |
Fetch.ai | FET | 2019 | AI-driven blockchain for complex problem-solving, including optimization and machine learning tasks. | 532 million |
Stellar | XLM | 2014 | Platform for facilitating cross-border transactions, aiming to link banks, payment systems, and individuals. | $3,29 billion |
Harmony | ONE | 2019 | Focuses on scalability and speed for decentralized applications using sharding technology. | $214 million |
Zilliqa | ZIL | 2019 | A high-throughput public blockchain platform designed to scale to thousands of transactions per second. | $365 million |
Holo | HOT | 2018 | Distributed cloud hosting for peer-to-peer applications built on Holochain. | $352 million |
Ravencoin | RVN | 2018 | A blockchain specifically designed to handle the transfer of assets from one party to another. | $291 million |
Ankr | ANKR | 2017 | A distributed computing platform that aims to leverage idle cloud resources in data centers and edge computers. | $267 million |
Proton | XPR | 2020 | Aims to connect traditional finance, blockchain, and payment systems with fast and secure transactions. | $24 million |
BitTorrent | BTT | 2019 | Extended the popular P2P network with a token-based economy for incentivizing file sharing. | $1.09 billion |
Amp | AMP | 2020 | Provides collateralization for fast and efficient value transfers, particularly for digital payments. | $149 million |
1inch Network | 1INCH | 2019 | A decentralized exchange aggregator that scans DEXs to find the lowest cryptocurrency prices for users. | $570 million |
Should you invest in penny cryptocurrencies?
Penny cryptocurrencies present a diverse and dynamic landscape, especially during altcoin season when these assets often experience significant growth. Some of these cryptos also present passive income opportunities, including staking and yield farming.
Penny cryptocurrencies offer opportunities for significant returns, especially during a bull run. Whether they’re priced under one cent, are popular memecoins, or simply undervalued penny cryptos, these assets form an exciting part of a balanced crypto portfolio. However, keeping abreast of crypto market trends and understanding investment strategies is crucial for navigating this space. Thorough risk assessment is key when considering any investment, but especially with crypto. If you do want to purchase some penny cryptos, only invest what you can afford to lose, and remember profits are never guaranteed,
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