Every cryptocurrency enthusiast seeks the next big token. Solana took the world by storm in 2021, with early investors in the project making the most of its rise to almost $300. Although it has since crashed to a fraction of that value, its stock still remains high in crypto communities globally.
Some other tokens belong to this exclusive “boomer” bracket, all of which have the potential for massive market caps in a short while. Identifying these projects, however, is a different matter. If it were that easy, every cryptocurrency investor would be a millionaire, and people wouldn’t have sold off crypto assets as they did in 2021.
In this article, we’ll check out a few of these promising projects, making speculation into the not-so-distant future of 2023. But first, let’s examine the dynamics of long-term cryptocurrency projects.
The Investor’s Strategy – To go Long or Short?
Depending on your instincts or what you feel works for you, you could adopt a long or short-term investment strategy.
The cryptocurrency market is notoriously volatile, and some investors look to take advantage of the short-term price adjustments. This approach takes a lot of work, requiring you to monitor the hourly changes in market prices. Often, you’ll need a wide-ranging crypto portfolio to make the best of the situation. You may even require extra tools like trading bots and APIs.
The short-term approach has its benefits. If you make enough strategic deals, you could be making small profits, albeit consistently. On the other hand, the long-term approach works differently. Rather than focusing on the continuous market fluctuations, there’s more emphasis on identifying a good project. After the project is identified, the next step is to make market moves and purchase the tokens and HODL (hold on for dear life).
This strategy isn’t advantageous in the short term. In fact, the chances are that your select token will initially take massive hits and suffer plunging values before it finally achieves its potential. If you’re an investor who prefers to rake in profits regularly, you might want to take a different approach.
The long-term strategy is arguably the more beneficial of the two, as the rewards of steady perseverance often outweigh its hurried counterpart. This begs the question of how one identifies the best projects to invest in in the long term. Here are two factors to consider:
The most promising projects are ones that offer more than the average token. A cryptocurrency that does not offer utility beyond being a means of digital payment cannot have its value rise profoundly (except Bitcoin).
If you’re looking for a crypto project to hold for the mid-to-long term, you should choose only the ones that offer some unique features.
ICO (Initial Coin Offering)
With cryptocurrency, speculation goes a long way. New tokens launch to public offerings known as ICOs. Suppose the project developers can muster “massive” interest in the token to draw angel investors and other enthusiasts into purchasing the token. In that case, it’s probably a sign of big things to come in the future.
The Top 3 Cryptocurrencies Set to Explode in 2023
Now that we’ve seen the required criteria for choosing a promising project, it’s time to provide you with recommendations for the top three cryptocurrencies set to explode in 2023:
Ethereum is one of the biggest names in the blockchain industry, with a market cap second only to Bitcoin’s in the entire cryptocurrency market.
Like many other cryptocurrencies at the time, its native token, ETH, peaked at nearly $5000 in November 2021, a period that also saw Bitcoin smash the $60,000 ceiling. However, this period was the climax of arguably the biggest boom cycle in the history of cryptocurrency.
Since then, ETH has tailed off to a meager $1200, hovering between $1,000 and $1300. This price crash has seen many investors sell off ETH assets in a bid to cut their losses. Despite the profound setback, ETH remains well-placed to explode big-time in 2023, and here’s why.
If Bitcoin is the king and global standard for digital payments, then Ethereum is the flag bearer of decentralized finance (DeFi). Unlike Bitcoin, Ethereum was built as a DeFi ecosystem to provide a platform for blockchain developers to build and test decentralized applications (DApps). This feature gives it utility unlike any other. In fact, many other blockchain ecosystems are powered by Ethereum’s DeFi network, showing the extent to which it’s valuable.
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 a switch to a more energy-efficient model, ETH will be in greater demand in the future and has laid the foundation for a massive boost come 2023.
Utility is one of the primary hallmarks of a crypto project that’s well-placed to boom in the long term. TAMA takes utility to a whole new level unprecedented in the meme coin industry. To put TAMA’s exploits into better perspective, its major competitors in the meme coin sub-niche are traditionally 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 gaming system utilizes the NFTs purchased with TAMA, with users earning credits for interacting with the digital pets. There’s a ranking system and TAMA incentive for users who interact and spend more time using the NFTs.
These features combine in a unique metaverse known as the Tamaverse. Additionally, the project’s developers have promised further integrations with other metaverse ecosystems in the future. TAMA has a market supply capped at 2 billion tokens, of which half have been sold in a record-breaking $10 million presale. At the time of writing this article, TAMA is worth $0.03+.
Overall, TAMA is a promising, unique crypto project that combines fun and utility, providing extra incentive for users to immerse themselves in its metaverse and buy NFTs.
IMPT’s approach is quite unique. It taps into the carbon offset market to help businesses and individuals offset their carbon footprints securely and efficiently.
IMPT provides everyone with a chance to play their part in environmental conservation and make positive change. Users can purchase carbon credits on the official website or while doing regular shopping. IMPT tokenizes these carbon credits, transforming them into transparent, unique, trackable, and tradeable NFTs.
IMPT has an online widget through which users can purchase products from its partner brands. Subsequently, users get the sales margin in their wallets as IMPT tokens. The allocated sales margin percentage is determined by each individual brand, allowing users to focus more on their shopping while simultaneously helping the planet.
There’s also a great deal 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 activities for retiring carbon credits and shopping on the platform.
The cryptocurrency market is fiercely competitive, and it can be difficult to identify genuinely worthwhile projects. Indeed, many cryptocurrencies will never have their values rise. Some will eventually go out of existence, while others will flatter to deceive. The trick is to know which is which.
However, the cryptocurrencies we’ve identified in this article are sure to bloom in the long term and are thus excellent investments. Thus, you can consider diversifying your portfolio with Ethereum, TAMA, and IMPT today!