- The cryptocurrency market has been gaining popularity over the last few years, and it's a great time to invest in penny cryptocurrencies.
- Penny cryptocurrencies are available to purchase for around $1 and can be considered similar to penny stocks, as they are cheap but incredibly volatile.
- The potential that penny cryptocurrencies hold is huge, especially if cryptocurrencies and blockchain become mainstream in the future.
- The best penny cryptocurrencies to invest in 2023 include The Graph (GRT), Decentraland (MANA), Shiba Inu (SHIB), The Sandbox (SAND), Basic Attention Token (BAT), Stellar Lumens (XLM), Hedera Hashgraph (HBAR), and VeChain (VET).
The cryptocurrency market has been gaining a lot of popularity over the last few years, with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) being some of the most popular currencies for trading. While the market has cooled down significantly since 2021, it is a great time to invest in penny cryptocurrencies, so that you make some large gains in the next bull market.
The popular cryptocurrencies have incredible market capitalization, but they’re not the only ones available for buying, selling, or trading. There are literally thousands of other coins on the market that are cheaper to invest in, especially for beginners. These hidden gems are available for less than a cup of coffee, and we’re going to show you the best penny cryptocurrencies you can invest in.
What is a Penny Cryptocurrency?
Penny cryptocurrencies are altcoins that are available to purchase for around $1. Altcoins, in essence, are alternative cryptocurrencies to Bitcoin, and their quality varies enormously.
Penny coins are similar to penny stocks; they can be bought very cheaply but are incredibly volatile. Even though they may be deemed unpredictable, these coins have huge potential to return strong gains.
Why Invest in Penny Cryptocurrencies?
There are many reasons to invest in penny cryptocurrencies, and the #1 reason is that they are cheap. The next biggest reason is the potential that penny cryptocurrencies hold.
Namely, if cryptocurrencies and the blockchain become mainstream in the future, then these coins could greatly rise in value and return strong gains. Besides, spreading risk by employing a diverse range of coins can only be beneficial, especially for those who are looking to bolster their investment portfolios.
However, if you decide to invest in penny cryptocurrencies, you should first do your research. While some projects may have huge potential, others may become worthless after a certain period.
With that in mind, let’s take a look at the top penny cryptocurrencies you can invest in this year:
Best Penny Cryptocurrencies to Invest in 2023?
The Graph (GRT)
GRT is considered the Google of all blockchains. Its trading market cap is over $787 million, and it indexes blockchains’ data, which is extremely useful for users and developers.
At the time of writing, it trades at $0.11.
As the name itself suggests, this is a whole VR world built entirely on the Ethereum blockchain. Decentraland has seen a great growth in users recently where you can buy or sell land, and MANA’s current trading market cap exceeds $1.7 billion.
Its current price stands around $0.87.
Shiba Inu (SHIB)
For those looking for the cheapest options, look no further - Shiba Inu is the least expensive token in our list, and is available for less than a literal penny.
With a market cap of a whopping $6.55 billion, it is also the most valuable project in this article. SHIB is the primary token, and due to its incredibly high supply, it appears impossible for it to ever reach $1 per Shiba Inu token.
Today’s Shiba Inu value is $0.000011.
The Sandbox (SAND)
Using blockchain technology, this project’s objective is to team up the gaming industry in one place. It allows users to earn NFTs while playing games, and its virtual reality world is a competitor to Decentraland’s.
Users can also monetise or develop virtual real estate similar to Minecraft.
Even though The Sandbox has a lower market cap ($1.68 billion) compared to other penny cryptocurrencies, its current price is higher than the rest, amounting to $1.29 per token.
Basic Attention Token (BAT)
Digital advertising has been a major revenue factor for many tech giants and internet companies over the past few decades. This is why the Basic Attention Token cryptocurrency was designed and developed.
The idea is to increase advertisers’ revenue by removing any chance of fraud, as well as trackers and middlemen.
It rewards its users for watching various types of advertisements and works alongside Brave Browser. BAT trades at a market cap of $605 million at a current price of $0.38.
The Best Penny Cryptocurrencies Under $1
Stellar Lumens (XLM)
This open-source blockchain has been around for 8 years now and enables money movement and storage. Stellar has partnerships in place with some of the largest companies like Franklin Templeton and IBM, enduring the most difficult times for the crypto market.
Lumens, which is being traded under the symbol XLM, has recently been added to the Grayscale trust fund. This firm’s potential is growing with each day, and this is why it’s one of the top penny cryptocurrencies on the market.
Stellar’s price currently stands at $0.1165.
Hedera Hashgraph (HBAR)
Hedera Hashgraph (HBAR) also has a partnership in place with IBM, similar to Stellar Lumens. The reason why Hedera’s team works closely with IBM is the need to add interoperability to its corporate blockchain network.
Ever since the start of their partnership, Hedera has consistently provided and delivered vital technologies that improve the corporate blockchain space’s capabilities.
You can trade HBAR today at a price of $0.0706.
VeChain is a supply chain platform based on blockchain with the objective to create an ecosystem that would solve the most common supply chain management issues.
The whole idea is to vastly improve the affordability and efficiency of supply chains. Its model is most suitable for businesses that look to improve their processes while giving their clients more control in the matter.
VeChain is undoubtedly a market leader when it comes to real-world service, and partners with a lot of Fortune-500 companies.
VET is available for trading today at $0.02633.
Chiliz is a digital cryptocurrency for entertainment and sports, enabling users to interact with their favourite teams using innovative features. It is definitely one of the most underrated cryptocurrencies in this industry.
Chiliz’s popularity is strongest among football fans in Europe, with popular teams like Juventus and AC Milan having their own tokens available for fans to purchase.
These tokens give fans a fair share of influence regarding sporting matters, such as which jerseys will the clubs be wearing in upcoming matches.
With more and more sporting teams adopting CHZ, it’s safe to say this platform is becoming highly engaging.
You can trade CHZ today at a price of only $0.1222.
Where to Buy Penny Cryptocurrencies
Now that you have decided you want to buy some penny cryptocurrencies, where is the best place to do so? There are plenty of cryptocurrency exchanges online, but how do you know which ones are legitimate and which are scams? You can read our article on the best crypto exchanges to see our list of best recommended places to buy crypto. Note that not all of them will have the particular penny cryptocurrencies you are after, so make sure you check if the coin is available before signing up to the exchange, to save yourself time.
Major cryptocurrencies like Bitcoin and Ethereum are becoming less desirable to invest in, given their high value today and the lack of growth. For this reason, many are looking for more affordable opportunities to invest in crypto.
Enter penny cryptocurrencies - cheap to trade and with vast potential. Not to mention that a lot of these platforms have working relationships with some of the biggest companies in the world, so it’s no surprise that the hype for penny crypto is big.
However, before deciding to invest, we advise you to conduct thorough research based on your needs and preferences. As we’ve seen, some are highly unstable while others have huge potential.
With that in mind, it’s noteworthy to point out that many of these penny cryptocurrencies are also available for under $1, so invest accordingly.
Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.