On Monday, it was revealed that the little-known Omicron Token ($OMIC) had increased 1,000% in value overnight, it isn’t the only cryptocurrency that reached 1,000% increase, the newly released HUH Token also achieved this goal. The difference is that people seemed to only be purchasing OMIC simply because it carried the same name as a new Covid-19 variant.
Cryptocurrency investors seem to like the naming fork effect, by sharing a name similar to something which has already garnered a lot of attention. Bitcoin Gold ($BTG), Ethereum Classic ($ETC), and other lesser known cryptocurrencies appear to generate social sway every few months merely because they share forks and names with their more well-known siblings. With tokens ranging from Mars Inu ($MARSINU) to MetaDoge ($METADOGE) are re-cutting names like “Dogelon Mars” into something new to top the “currently trending” charts.
These forgery tokens are clearly bad long-term investments. Shiba Inu ($SHIB) is the only meme clone to make up into the top 100 cryptocurrencies. However, this hasn’t prevented speculators from dabbling in the game. When it comes to inexpensive coins, choose originals that have yet to break over $1 to counteract the name fork impact.
Many cryptocurrencies with a value of less than one dollar continue to provide excellent value. These under-the-radar coins all have something in common that meme coins do not: they are all unique in some way. Whether they are linked to high-potential enterprises or have a particular place in the hearts of investors, these coins are penny stock equivalents in the cryptomarket that are poised to prosper.
HUH Token is an example of this, it launched this Monday, the 8th of December. In the first 48 hours of it’s journey it 10X’ed, if you had invested $1000 you would now have $10,000. That is a fast profit, not only this but there was a dip in price around 16.00 on the 8th which was eaten in less than 24 hours. HUH Token is now showing a new all time high at $0.000071. This cryptocurrency is doing incredibly well for a launch, this could be accounted to it’s interesting referral system. Allowing those who have purchased HUH Token to recommend others with a code generated on their website. This code is registered with the new holder and when they purchase HUH Tokens ten percent of it is gifted to the original supplier of the code, this also entitles to holder to a reduced sales fee. There are currently over 5,300 wallet holders with a trading volume closing on a million dollars making it into the top 20 cryptocurrencies on Pancakeswap.
Crypto.com Coin ($CRO) is another cryptocurrency that has risen, from 6 cents to 33 cents in January and has entered the Top 50 coins by market capitalization. CRO has since increased 2.5x and seems to be on the verge of breaking into the $1 level.
Crypto trading applications tend to fade into obscurity. Robinhood is presently just outside the Top 200 on the Apple app store. Webull, Coinbase, and other trading platforms have seen similar declines. It’s difficult to maintain momentum in a crowded market.
Crypto.com, on the other hand, has sensibly chosen a different path. Rather than depending only on cryptocurrency trading, the company has shifted to payments to increase income. You may trade $1,000 in Dogecoin ($DOGE) in a quarter, but you could easily spend as much on home costs every week.
Payment margins are also wider. When opposed to the pennies gained via Payment From Order Flow (PFOF) in trading, typical credit card fees vary from 1.5 percent to 2.5 percent. That is why, despite having the same number of people, companies like Visa produce eight times more profit than Charles Schwab. As Crypto.com expands its payment capabilities, it should become a serious competitor to PayPal and Square. And, at 75 cents, CRO is a crypto that may still be a lucrative choice.
Those searching for a little more adventure may be interested in Gala ($GALA). Gala Games was founded by Eric Schiermeyer, co-founder of mobile game developer Zynga, with a simple premise: build blockchain games that people want to play. Most first-generation crypto games aren’t really pleasurable to play, at least not in the conventional sense, in most NFT-based games the gameplay is frequently an afterthought.
Gala Games intends to replicate the popularity of Zynga’s Poker, Mafia Wars, and Farmville games. The company has a great head start in professionalising NFT game creation, with 90+ team members and 1.3 million monthly active players. Of course, success is not assured. As mobile competition heated up, Zynga struggled to build more blockbuster games.
Fears about Cheap Get Cheaper Omicron variants have affected every market. King Floki ($KING) lost 97 percent of its value in 24 hours on Monday. Elonomics ($ELONOM), Baby Meta ($BABYMETA), and BitcoinX ($BCX) were not far behind. These price falls revealed what we all knew: these tokens have zero value to begin with and zero value to finish with. Nonetheless, investors seem to be taken aback when their token investments are depleted. This information is not financial advice and you should always do your own research to avoid this fate.