The crypto industry has never had a shortage of tokens. At any given minute, there are thousands of cryptos in the market, and these range from stablecoins to those tied to specific projects and everything in between.
Many investors are always on the lookout for the next big token that might explode in value and generate a ton of profit. An investor getting on board with the right token before it gets big could fetch them several hundred times their initial amount so being able to spot one is a big deal. But how do you tell which token is on track to dominate the market? We break it down in this article:
1. Use Cases
One of the main things that will make a token big in the crypto market is its use cases. When there are a lot of use cases for a token, there will be a lot of demand which, in turn, will drive up its price. Take Bitcoin, for example.
There is a lot of demand for Bitcoin as an investment vehicle, a spending token, on casinos that allow Bitcoin, as a means of saving, and so on. These have kept its price high over the years and have made it the biggest token in the world.
While some of these casinos accept Ethereum, Dogecoin, and a handful of others, lesser-known coins are much less likely to be accepted. The same goes for investments. Sure, there have been a few other coins that increased their value many times over, but there have been far more coins that remained at a value of just a few cents, or fractions of a cent, per cpin.
Whenever you’re considering investing a token, ask yourself what its use cases are. If it has a lot of them, there is potential for it to become the next big crypto. If it has few or no use cases, you might want to be wary.
Readmore: Spot Bitcoin ETF Approval Timelines and Key Dates
2. The Team Behind It
Another thing to consider when it comes to finding the next big crypto is the team behind the token. There are certain people who are known to back innovative projects and their name attached to a new token can be a new sign.
Take Charles Hoskinson, who was a founder of both Ethereum and Cardano, two of the biggest projects in the space. You can bet that if he were attached to a new crypto project today, it would get a lot of buzz.
So, before you invest in a token, take a look at the team behind it. Do they have a track record of successful launches? Are they experts in their field? If you can’t find much or any information about the project’s team, you should be cautious about investing in it.
Read More: Top 5 Best Meme Coins In 2024
3. Current and Possible Future Price
When it comes to looking for a promising crypto token to invest in, you ideally want to go for the lower-priced ones as they could give you the most bang for your buck. Many of the established tokens could cost hundreds of dollars for a single unit while newer tokens can be purchased for pennies. And if they perform well, you’ll get a lot of return on your investment.
Another thing to consider is its possible future price trajectory. If a newer token begins to see its price increase in value, it could be a sign of better things to come. Smart investors will want to get in on such a token while it is on the rise but before they are priced out of the market. At the same time, be wary of possible pump-and-dump scams that unfortunately still permeate the crypto market.
Read More: Top Cryptocurrency Trends to watch in 2024
4. Industry Buzz
One thing about the crypto industry is that it is very community-centered and these communities are vocal about what projects they think are going to be the next big thing. Take a look at crypto Telegram groups, forums, Twitter/X accounts, and so on and you’ll see different tokens being touted as the next big thing.
Not all of these predictions are accurate, of course, but they can help you get an idea of which projects the community is willing to back. Not only will you hear of a so-and-so token that is making waves in the market but also why it is making waves.
Oftentimes, these communities hear of these promising tokens before the media and wide public do. This can be to your benefit as you’ll be able to invest before others do and maybe make a profit. So if you’re looking for the next Bitcoin, tap into the community.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Author
Organic Coverage
How to Find the Next Big Crypto
The crypto industry has never had a shortage of tokens. At any given minute, there are thousands of cryptos in the market, and these range from stablecoins to those tied to specific projects and everything in between.
Many investors are always on the lookout for the next big token that might explode in value and generate a ton of profit. An investor getting on board with the right token before it gets big could fetch them several hundred times their initial amount so being able to spot one is a big deal. But how do you tell which token is on track to dominate the market? We break it down in this article:
1. Use Cases
One of the main things that will make a token big in the crypto market is its use cases. When there are a lot of use cases for a token, there will be a lot of demand which, in turn, will drive up its price. Take Bitcoin, for example.
There is a lot of demand for Bitcoin as an investment vehicle, a spending token, on casinos that allow Bitcoin, as a means of saving, and so on. These have kept its price high over the years and have made it the biggest token in the world.
While some of these casinos accept Ethereum, Dogecoin, and a handful of others, lesser-known coins are much less likely to be accepted. The same goes for investments. Sure, there have been a few other coins that increased their value many times over, but there have been far more coins that remained at a value of just a few cents, or fractions of a cent, per cpin.
Whenever you’re considering investing a token, ask yourself what its use cases are. If it has a lot of them, there is potential for it to become the next big crypto. If it has few or no use cases, you might want to be wary.
Readmore: Spot Bitcoin ETF Approval Timelines and Key Dates
2. The Team Behind It
Another thing to consider when it comes to finding the next big crypto is the team behind the token. There are certain people who are known to back innovative projects and their name attached to a new token can be a new sign.
Take Charles Hoskinson, who was a founder of both Ethereum and Cardano, two of the biggest projects in the space. You can bet that if he were attached to a new crypto project today, it would get a lot of buzz.
So, before you invest in a token, take a look at the team behind it. Do they have a track record of successful launches? Are they experts in their field? If you can’t find much or any information about the project’s team, you should be cautious about investing in it.
Read More: Top 5 Best Meme Coins In 2024
3. Current and Possible Future Price
When it comes to looking for a promising crypto token to invest in, you ideally want to go for the lower-priced ones as they could give you the most bang for your buck. Many of the established tokens could cost hundreds of dollars for a single unit while newer tokens can be purchased for pennies. And if they perform well, you’ll get a lot of return on your investment.
Another thing to consider is its possible future price trajectory. If a newer token begins to see its price increase in value, it could be a sign of better things to come. Smart investors will want to get in on such a token while it is on the rise but before they are priced out of the market. At the same time, be wary of possible pump-and-dump scams that unfortunately still permeate the crypto market.
Read More: Top Cryptocurrency Trends to watch in 2024
4. Industry Buzz
One thing about the crypto industry is that it is very community-centered and these communities are vocal about what projects they think are going to be the next big thing. Take a look at crypto Telegram groups, forums, Twitter/X accounts, and so on and you’ll see different tokens being touted as the next big thing.
Not all of these predictions are accurate, of course, but they can help you get an idea of which projects the community is willing to back. Not only will you hear of a so-and-so token that is making waves in the market but also why it is making waves.
Oftentimes, these communities hear of these promising tokens before the media and wide public do. This can be to your benefit as you’ll be able to invest before others do and maybe make a profit. So if you’re looking for the next Bitcoin, tap into the community.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Other Posts
Related Posts
Organic Coverage
