The next cryptocurrency is set to explode by 2023
Every cryptocurrency enthusiast is looking for the next big token. Solana has taken the world by storm in 2021, with early investors in the project making the most of its ascent to nearly $300. Although it has since collapsed to a fraction of that value, its stock remains high in crypto communities around the world.
Some other tokens belong to this exclusive slice of “boomers”, all of which have the potential for massive market caps in a short period of time. Identifying these projects, however, is another matter. If it was so simple, every cryptocurrency investor would be a millionaireand people wouldn’t have sold crypto assets like they did in 2021.
In this article, we are going to uncover a few of these promising projects, speculating about the not-so-distant future of 2023. But first, let’s look at the dynamics of long-term cryptocurrency projects.
The Investor’s Strategy – Going Long or Short?
Depending on your instincts or what suits you, you could adopt a long or short term investment strategy.
The cryptocurrency market is notoriously volatile, and some investors are looking to take advantage of short-term price adjustments. This approach is labor intensive, requiring you to monitor hourly changes in market prices. Often you will need a large crypto portfolio to make the most of the situation. You may even need additional tools like trading bots and Apis.
The short-term approach has its advantages. If you make enough strategic trades, you might make small, albeit steady, profits. The long-term approach, on the other hand, works differently. Rather than focusing on the continuous fluctuations of the market, there is more emphasis on identifying a good project. Once the project is identified, the next step is to make market moves and buy the tokens and HODL (expect for life).
This strategy is not advantageous in the short term. In fact, it’s likely that your selected token will initially take massive hits and experience plunging values before finally reaching its potential. If you are an investor who prefers to consistently reap profits, you may want to take a different approach.
The long-term strategy is arguably the more beneficial of the two, as the rewards of steady persistence often outweigh its hurried counterpart. This raises the question of how to identify the best projects to invest in for the long term. Here are two factors to consider:
The most promising projects are those that offer more than the average token. A cryptocurrency that offers no utility beyond being a digital means of payment cannot see its value increase profoundly (except Bitcoin).
If you are looking for a crypto project to keep for the medium to long term, you should only choose those that offer unique features.
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ICO (Initial Coin Offering)
With cryptocurrency, speculation goes a long way. Launch of new tokens for public offerings known as ICOs. Suppose the project developers can generate “massive” interest in the token to entice angel investors and other enthusiasts to buy the token. If so, it’s probably a sign of great things to come in the future.
Top 3 Cryptocurrencies Set to Explode in 2023
Now that we have seen the criteria required to choose a promising project, it is time to provide you with recommendations for the three main cryptocurrencies that are expected to explode in 2023:
Ethereum is one of the biggest names in the blockchain industry, with a market capitalization second only to Bitcoin in the overall cryptocurrency market.
Like many other cryptocurrencies at the time, its native token, ETH, peaked near $5,000 in November 2021, a period that also saw Bitcoin break through the $60,000 cap. However, this period was the culmination of the biggest boom cycle in cryptocurrency history.
Since then, ETH has fallen to a measly $1200, hovering between $1000 and $1300. This price crash has seen many investors selling ETH assets in an attempt to cut their losses. Despite the deep setback, ETH remains well-positioned to explode big in 2023, and here’s why.
If Bitcoin is king and the global standard for digital payments, then Ethereum is the standard bearer. decentralized finance (DeFi). Unlike Bitcoin, Ethereum was designed as a DeFi ecosystem to provide a platform for blockchain developers to build and test decentralized applications (DApps). This feature gives it incomparable utility. In fact, many other blockchain ecosystems are powered by Ethereum’s DeFi network, which shows just how valuable it is.
A big concern for the cryptocurrency industry is the worrying contribution of proof-of-work-based crypto mining to global warming. Recently, Ethereum switched its consensus mechanism to the more energy-efficient and forward-thinking Proof-of-Stake model. With the shift to a more energy-efficient model, ETH will be more in demand in the future and has laid the groundwork for a massive boost in 2023.
Utility is one of the main characteristics of a crypto project well positioned to thrive in the long term. TAMA takes utility to a whole new level unheard of in the meme coin industry. To put TAMA’s exploits into better perspective, its main competitors in the meme coin sub-niche have traditionally been known to be “joke coins”, possessing little value other than their affiliation with a trending internet meme.
The Tamadoge project consists of a meme coin, a unique Play-to-Earn system, a metaverse, and NFTs. The game system uses NFTs purchased with TAMA, with users earning credits for interacting with digital pets. There is a ranking system and a TAMA incentive for users who interact and spend more time using NFTs.
These features combine into a single metaverse known as Tamaverse. Additionally, the project developers have promised further integrations with other metaverse ecosystems in the future. TAMA has a capped market supply of 2 billion tokens, half of which were sold in a record $10 million presale. As of this writing, TAMA is worth $0.03+.
Overall, TAMA is a promising and unique crypto project that combines fun and utility, further enticing users to immerse themselves in its metaverse and purchase NFTs.
IMPT’s approach is quite unique. It leverages the carbon offset market to help businesses and individuals offset their carbon footprint safely and efficiently.
TAX offers everyone the chance to play their part in conserving the environment and bringing about positive change. Users can buy carbon credits on the official website or during your regular purchases. The IMPT symbolizes these carbon credits, transforming them into transparent, unique, traceable and tradable NFTs.
IMPT has an online widget through which users can purchase products from its partner brands. Thereafter, users get the sell margin in their wallets in the form of IMPT tokens. The allocated sales margin percentage is determined by each individual brand, allowing users to focus more on their purchases while simultaneously helping the planet.
There is also a lot of flexibility allowed, as users can choose from different environmental projects like forest conservation and clean energy generation. Additionally, users and organizations use a ranking system to measure their carbon footprint impact as they earn credits for various carbon credit withdrawal and purchase activities on the platform.
Conclusion
The cryptocurrency market is extremely competitive and it can be difficult to identify really interesting projects. Indeed, many cryptocurrencies will never see their value go up. Some will eventually fade away, while others will flatter to deceive. The trick is knowing which is which.
However, the cryptocurrencies we have identified in this article are sure to flourish in the long run and are therefore excellent investments. So, you can consider diversifying your portfolio with Ethereum, TAMA and IMPT today!
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