The success of Bitcoin (BTC) has triggered the search for the next big cryptopcurrency that could follow in its footsteps and generate massive results in terms of investment and adoption. In this regard, five cryptocurrencies worth considering include XRP, Cardano (ADA), The Graph (GRT), Decentraland (MANA) and Shiba Inu (SHIB).
XRP is often referred to as the “global cryptocurrency”. The digital asset has earned a great deal of attention due to its role in cross-border payments, with major financial institutions and banks beginning to use the Ripple network. It has also seen a rise in adoption and its ongoing legal battle with the Securities Exchange Commission (SEC) is set to define its future. By press time, XRP was trading at $0.48 and had risen by over 3% in the last 24 hours.
Cardano (ADA) intends to become a major contender in the Decentralized Finance (DeFi) landscape, taking on prominent players such as Ethereum (ETH). On-chain development is progressing in the Cardano ecosystem and GitHub activities involving the token have been increasing steadily. Currently, ADA is trading at $0.35, down by 2% in the last 24 hours.
The Graph (GRT) has been catching on with the wave of excitement surrounding artificial intelligence (AI) technologies, with the success of the ChatGPT chatbot leading the way. The Graph is a leading cryptocurrency by market cap and is positioning itself at the forefront of the blockchain data organization and access sector, with its native token used for staking, payments and earning fees via a bonding curve. By press time, GRT was trading at $0.14, with weekly losses of 10%.
Decentraland (MANA) is a metaverse token that has been attracting investor attention due to its unique features. MANA allows users to shape their virtual environment and control how things are done. In addition, Decentraland’s existing virtual community gives it a competitive edge against other digital companies in this sector. MANA is trading at $0.58 and has suffered a 7% loss in its value in the past seven days.
Shiba Inu (SHIB) has been garnering interest despite initial criticism for lacking utility. Developers of the token have implemented growth strategies to make it competitive with more established assets, burning SHIB in the process. Additionally, the network is increasingly being leveraged for payments, having received support from celebrities such as Tesla’s CEO Elon Musk. SHIB was trading at $0.00001047 and had gained over 1% in the last 24 hours.
Business executive and Bitcoin entrepreneur Elon Musk has been heavily involved in the cryptocurrency market, namely through his support of the meme-based Shiba Inu token. Musk has influenced the embrace of cryptocurrencies by voicing his opinion publicly via Twitter, helping to catapult projects such as Dogecoin to mainstream attention. Musk’s engagement with the crypto market stands as an example of corporate endorsements potentially having a huge impact on adoption and investment.
The Ripple network is dominated by the financial services provider of the same name, which is among the most influential entities in the cryptocurrency market. Ripple is known for its work around cross-border payments and banking, having launched the Open Payments Coalition earlier this year. Additionally, Ripple is committed to advancing the digital asset space and has been providing support for key industry initiatives such as the Crypto Standards Consortium.
