The cryptocurrency market continues to experience volatility in 2022, with most major cryptos falling by more than 16% over the past seven days and more than 40% since December 2022. One of the reasons for the global sell-off is the continued escalation of tensions between Russia and the United States over Russia’s reported military actions towards Ukraine.
Historically, investors will tend to sell risky assets with the chance of something as economically disruptive as war, and there is no riskier market than cryptocurrencies.
However, smart investors will know that buying stocks and cryptos at huge discounts is the best way to find value in the market, and the potential for gains when the dust between Russia and the US settles is massive. That is why, at the moment, I believe the best cryptocurrencies to buy are Solana (SOL), Ethereum (ETH), and HUH Token (HUH) – all of which are currently at excellent discounts.
Developers are flocking to the Solana blockchain, and for a good reason. Transactions on Solana are extremely inexpensive and take only a few seconds to complete. In comparison to Ethereum, the world’s largest blockchain for smart contracts, transactions can cost up to $100 and take several minutes to complete. Due to the low development costs, developers can create disruptive products quickly and inexpensively.
Solana Pay was recently announced, allowing customers to pay merchants on the Solana blockchain using Solana or a stablecoin such as USDC — which is pegged to the US dollar. The fees are negligible, posing a threat to more expensive financial networks like Visa (NYSE:V) and Mastercard (NYSE:MA), which charge between 2% and 3% on each transaction.
Non-fungible tokens (NFT) are also thriving on Solana, enabling developers to fund projects in a variety of ways, including through games and decentralized finance products.
We have no idea what developers will build on top of the Solana blockchain. Still, given the low transaction costs and fast transaction speeds, the possibilities are virtually limitless, which is why I am bullish on Solana.
Although Ethereum (ETH) is the market leader, the cryptocurrency is in for a difficult year. Ethereum is where the smart contract money is, as it is where NFTs first gained traction, with companies such as Opensea now processing billions of dollars in monthly NFT sales. Ethereum’s proof-of-work structure, on the other hand, results in high transaction costs and a slow network, which will be a hindrance unless rapidly improved.
Ethereum 2.0 is a series of upgrades aimed at transitioning Ethereum to a more affordable proof-of-stake protocol. If everything goes according to plan, this will lower the cost of Ethereum and speed up transactions, enabling it to compete more effectively against Solana. Given the financial investment and momentum already behind Ethereum, its proximity to Bitcoin in terms of cost and speed may be sufficient to keep it atop the list of blockchains that support smart contracts.
Huh Token (HUH)
HUH Token (HUH) debuted with a bang in December 2021, surging more than 6000% in the first 24 hours. Following its initial success, the self-dubbed “utimeme” fell victim to the general market trend in December and early 2022, losing more than 60% of its value.
However, HUH Token has plenty of potentials, and its creators have launched an aggressive marketing campaign that is beginning to find its feet. A successful influencer campaign in January resulted in a nearly 70% increase in price. HUH Token has onboarded thousands of top social media influencers to promote the crypto and flexed this strategy in January to great effect.
However, this is only the beginning, as HUH’s creators have launched the MetHUH app, which is available on Android and soon to be available on iOS. The MetHUH app will connect influencers, and their audiences in a much more dynamic way than traditional social media platforms, as these influencers and artists will be able to monetize their content using HUH Token through the platform. This would directly monetize content in a way that can’t be achieved via traditional social media platforms. It seems to be the perfect blend between crypto and social media.
HUH Token is available on both the Ethereum blockchain (via Uniswap) and the Binance Smart Chain (via PancakeSwap), making it easily accessible. With the onboarding of top social media influencers, HUH Token may have found the recipe to disrupt traditional social media and create new streams of revenue for artists and celebrities.
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Photo credit: The feature image has been done by Gorodenkoff. The image in the body of the article is owned by HUH Token and was provided for press use.
Editorial notice: Risk is an essential part of investing so please be careful with your funds and what you do with them. No matter where you put your money, make sure to read the fingerprint and make due diligence checks.