when AMC Entertainment (New York Stock Exchange:AMCAnnouncing that it plans to accept Dogecoin as a payment method, it may seem strange to write about cryptocurrencies for sale. If you bear with me, I will try to do my best to prove my case. It’s not as bearish as you might think.
The crypto market just got a shot in the arm (as if it needed one) from American bank (New York Stock Exchange:buck) last week. In the bank’s “Primary Digital Assets,” he predicted that cryptocurrency was only in the first half and that the industry was “getting too big to ignore.”
Part of the reasons for this bullish outlook come from the interest of institutional investors. In the first half of 2021, “smart money” accumulated more than $17 billion in the cryptocurrency market. That number dwarfed the $5.5 billion it bought in the entire year of 2020.
I am not (currently) an investor in crypto. But if you are, I would welcome an open view of the market. Each asset class has winners and losers. This list can change based on any number of events. So why should it be different for cryptocurrencies? My answer is that it shouldn’t be.
If investors accept the idea of crypto to buy, there is also crypto to sell. And without further ado, let’s take a look at seven digital currencies that may be around for about a year in 2022.
- Currency (CCC:XMR – US Dollar)
- you can see (CCC:TRX-USD)
- Dogecoin (CCC:DOGE-USD)
- Shiba Inu (CCC:gray dollars)
- Excellent lumen (CCC:XLM-dollar)
- SafeMoon (CCC:SAFEMOON-dollar)
- bitcoin gold (CCC:BTG-USD)
7 Crypto for Sale: Monero (XMR-USD)
Topping this list of cryptocurrencies for sale is Monero which is widely used as a privacy currency. Essentially, Monero allows transactions to be processed while keeping the details hidden from view. It doesn’t take a leap of mind to see why it’s getting the attention of individuals who might want to use the money for nefarious purposes.
This means that Monero is in the crosshairs of the administration of President Joe Biden. One of the controversial regulations being put forward by the current administration is the ability of Department of Internal Revenue (IRS) to “peek” into eligible bank accounts for activity that could be interpreted as tax evasion.
The pandemic and associated stimulus payments have helped spur the popularity of cryptocurrency. One reason, and perhaps the only reason for such action, is the concern the IRS has expressed about taxpayers incorrectly reporting cryptocurrency transactions. And they’re putting their money where it is by offering to pay developers to crack privacy coins.
Just two years ago, Tron was cited as the next hot altcoin with price predictions suggesting that the coin could hit $1. If they had predicted 10 cents, it would have been an insightful prediction. In fact, there is at least one bullish prediction that the coin could reach 15 cents.
The logical question to ask is why? And this is where Tron fails to live up to the hype. On the face of it, there is a case for TRON, the token that powers the blockchain-based operating system of the same name. The creators say the network can handle up to 2,000 transactions per second, which may be dwarfed Bitcoin (CCC:BTC-USD) And Ethereum (CCC:ETH-USD).
But there is no indication that performance is driving the current price activity. It simply appears that TRON benefits from being the flavor of the month. But the appetite is changing. I know that cryptocurrencies don’t necessarily need news to move up, but hype – like hope – is not a strategy.
7 Cryptocurrencies for Sale: Dogecoin (DOGE-USD)
I will admit when it comes to selling cryptocurrencies, Dogecoin may fall under the category of wishful thinking. I’ve never been a huge fan of DOGE, but that doesn’t mean anything. A digital currency that has cut its teeth as a social media currency has many crypto investors wag their tails this year.
To be fair, it’s not like there’s no reason to. As I mentioned in the introduction, AMC Entertainment plans to accept DOGE. And Mark Cuban owner National Basketball Association (NBA) The Dallas Mavericks said the team will begin accepting DOGE as a form of payment for tickets and merchandise. Cuban is known for holding a position in Dogecoin. So it makes sense that he wants to do what he can to see the coin succeed.
If Dogecoin develops use cases, it will be a bullish sign. However, when the coin’s creator expressed concern about the $1 billion market capitalization of the coin in the absence of any recent software update, that should be a concern. Now, after an unparalleled wave of hype at the beginning of the year, the coin has settled at a high market cap of $30 billion with no real updates in sight.
Shiba Inu (Chip – US dollar)
People will get away with thinking that I don’t like dogs. Well, I’m a cat owner, but that’s not the point. I don’t like investing in dog-based coins and that’s the feeling I get when I look at SHIB. This might sound like a strange statement since I wrote this during a week in which the value of the altcoin rose 300%.
I can’t get too excited about an alternative coin that could rise in value because Elon Musk posts a picture of his puppy. But that’s where we are. And with Dogecoin recently starting to lose a bit of its luster, another meme coin was needed to replace it. However, while Dogecoin is at least trying to come up with use cases, this does not appear to be the case for Shiba Inu.
Of course, the other main reason Shiba Inu is likely to disappoint investors is that it has an anonymous founder and Ethereum founder Vitalik Buterin “offered” 50% of its supplies as a largely counterproductive publicity stunt.
7 ciphers for sale: Premium Lumens (XLM-USD)
I find it difficult to put Stellar Lumens on this list of cryptocurrencies to sell because I love their use case. However, when I think of the company’s use case, I have to take a critical look. I am a big fan of the unique sale offer. When a company gives investors a reason to exceed the price to buy its stock, (or in this case its coin) that’s a bullish sign.
So how unique is the use case for Stellar Lumens? Stellar Lumens is currently focused on cross-border transactions for the unbanked. This distinguishes it from ripple (CCC:XRP-USD), which is largely focused on cross-border transactions between banks and other financial institutions. However, like my Investor Colleague Brenden Rerick writes, that her outreach to the unbanked is not a very large trench. With Ripple six times larger than Stellar, it seems only a matter of time before Ripple sets its sights on Stellar’s target audience.
Since Ripple is currently embroiled in a lawsuit, this may not happen immediately. But you may want to lock in your earnings with XLM and walk away before you lose that advantage.
While searching for cryptocurrencies for sale, it was easy to put SafeMoon on the list. Although the market capitalization of the coin is close to $1 billion, the value of the coin is exactly zero at the time of writing. And in the world of altcoins, this says something special when SafeMoon claims to have “the fastest growing crypto community on Earth.”
In addition to the lack of obvious interest, the altcoin is difficult to buy and sell. There are more detailed issues about SafeMoon which you can read in the article previously quoted by Investor Author Brendan Ryrick.
The company is still pushing out updates including the beta version of the wallet they promised. I suppose there’s a chance that altcoin will surprise in 2022, but that’s not a bet I’d be willing to take. I’d never pretend to be a crypto expert, but with a cash value of zero, I need to see more of SafeMoon and you should too.
7 Cryptocurrencies for Sale: Bitcoin Gold (BTG-USD)
The last coin in the list of cryptocurrencies for sale is Bitcoin Gold. I have always found the name Bitcoin Gold strange because Bitcoin itself bears the name of the cryptocurrency version of Gold. It is also strange because, apart from having Bitcoin in its name, there is not much similarity with the cryptocurrency.
In fact, Bitcoin Gold, a hard fork of Bitcoin, is a place for developers to experiment while using a protocol similar to Bitcoin. This actually makes the cryptocurrency more similar to Ethereum.
I think this middle approach is what got me confused. It’s not really like Bitcoin. It’s not really like Ethereum. And frankly, these seem like better values. I suppose enthusiasts could say it’s a more eco-friendly version of Bitcoin. But at $71 a coin, investors can find better values in other coins.
At the date of publication, Chris Marcoch did not (directly or indirectly) hold any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, and are subject to InvestorPlace.com’s posting guidelines.
Chris Marcoch is a freelance financial copywriter who has been covering the market for seven years. He has been writing for InvestorPlace since 2019.