Speculation has been a big part of the success of crypto coins, given that a lot of investors enter the market trying to make a lot of money in a short time. This has, in turn, given rise to the success of a large number of coins that would otherwise not have found any success in the market. For investors who are looking to get in on the action, here are the top 3 speculative crypto coins that should be on your radar.
Dogecoin (DOGE) has been around for quite a while now and is even older than some of the largest cryptocurrencies in the space. The meme coin was made as a joke back in 2013 by a group of friends, staying in the background for most of its existence until it caught the eye of billionaire Elon Musk.
Musk had taken to posting about the meme coin on his Twitter page with more than 100 million followers. The cryptocurrency quickly grew from below $.002 to a new high of $0.7 before falling to its present trading value of $0.06.
DOGE trending at $0.06 | Source: DOGEUSD on TradingView.com
However, the interest in Dogecoin has not died down, and it is now an asset that draws in investors who are looking for some speculative actions. Most recently, the altcoin had risen more than 6% after Twitter announced it was sticking to its original deal with Elon Musk. This makes it a good option when looking into speculative cryptocurrencies to invest in.
Shiba Inu is another meme coin that rose to prominence during the 2021 bull rally, and it did so by riding the coattails of Dogecoin. Tagged the “Dogecoin killer,” SHIB would grow exponentially during this time, garnering more than 1.2 million holders.
SHIB would actually take it one step further and implement utility like the SHIB Eternity game that is being released on Thursday. This takes it a bit out of the realm of just a meme coin, but the asset still maintains a lot of speculative qualities with price movements triggered by hype or the lack of it.
This makes Shiba Inu a good contender when it comes to investing in speculative altcoins. Its price has mostly evened out but is still subject to large fluctuations, making it just right for such investments.
LUNA Classic (LUNC)
The collapse of the Terra network had led to one of the largest losses of value that the crypto market has ever seen, but it left in its wake a very interesting trading market. Even though the price of LUNA Classic (LUNC) had crashed to below zero, investors had refused to let go of the coin, continuing to trade in the digital asset.
The wide fluctuations in the price served as an enticing feature for traders especially, but even some investors who were looking to hold the cryptocurrency were not left out. LUNC has now essentially turned into a gambler’s dream coin, causing more people to sink money into the digital asset in the hopes of making quick gains.
LUNC falls below zero after Terra collapse | Source: LUNCUSD on TradingView.com
This high volatility that is associated with LUNC makes it arguably the most enticing speculative asset in the crypto market. It sees hundreds of millions of dollars in daily trading volume due to the highly speculative trading activity. So for traders looking for good speculative crypto, LUNC has proven to be just right.
Caution When Buying Coins
Now, while these coins are popular due to the promise of high rewards, it also makes them incredibly risky. All of these digital assets have made their own fair share of millionaires but have also seen their own fair share of investors losing all of their money.
Given this, it is always advisable to carry out extensive research before investing in such highly speculative assets and practicing proper risk management to minimize losses due to their high volatility. Investing in these altcoins is akin to gambling. So the chances of losing your investment are high.
Featured image from Dash News, chart from TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…