3 undervalued cryptocurrencies to watch out for in 2023
Undervalued coins can sometimes yield big returns for investors seeking new ways to generate passive income. At prevailing market conditions, analysts are convinced that investors can start exploring the markets. Some of these undervalued digital assets are currently trading at relatively low prices and may have a higher chance of recovering, possibly returning higher profits as the months go by.
Among the many crypto assets in 2023, analysts propose investors consider digitoads, algorand, and polygon. These coins have been making strides alongside other crypto assets in the metaverse and across the crypto scene. Increasingly, more crypto enthusiasts and beginner cryptocurrency investors are renewing their interests and exploring their respective ecosystems.
Let’s explore why the above undervalued cryptocurrencies are being closely monitored:
DigiToads’ play-to-earn game
DigiToads is a crypto platform whose on-going presale is generating interest. TOADS, its native token, is a utility meme coin that aims to transform the crypto market. TOADS could be one of the best cryptocurrencies an investor can consider because it allows holders to earn passive income.
The play-to-earn (P2E) game is also another addition to DigiToads that helps the project draw interest. TOADS is a virtual currency in the platform’s P2E game. Holders earn rewards whenever they participate. This feature could be a reason for digitoads to be considered by investors. Token holders are presented with passive income opportunities, increasing the project’s uniqueness.
More than $1.8m has already been raised in ongoing presale, signaling demand for the native token and confidence in the project’s prospects. As observed, DigiToads’ presale is attracting seasoned and beginner cryptocurrency investors, some of whom are looking to diversify their portfolios.
Polygon helps scale Ethereum
Polygon is a stack of protocols designed to solve Ethereum’s shortcomings. Like Ethereum, a smart contracting platform; it uses a proof-of-stake consensus mechanism to process on-chain transactions. As an Ethereum-compatible blockchain, Polygon exists as a sidechain for processing transactions, reducing Ethereum’s network load.
MATIC, which is Polygon’s native currency, allows users to interact with distributed applications (dapps) in a scalable environment.
Polygon is a four-tier system made up the Ethereum layer, a security layer, a polygon network layer, and an execution layer. It is designed to address limitations observed in networks like Polkadot and Cosmos.
With its multi-pronged approach to scaling, MATIC could post more growth in the future.
Algorand offers a new approach to solving blockchain transactions
Algorand is a platform designed to overcome some limitations, such as slow transactions processing and high fees, of legacy blockchain systems. It is a self-sufficient, peer-to-peer (P2P) network that supports various applications, powering a democratized and efficient block generation and verification process.
The network’s native cryptocurrency is ALGO is used to incentivize users who support the blockchain. In 2022, Algorand announced a $10m grant to bridge to Ethereum. The goal is to attract more liquidity and strengthen the decentralized finance (DeFi) ecosystem in Algorand.
Investing in quality but undervalued cryptocurrencies can sometimes translate to higher yields. In 2023, experts propose investors consider emerging projects such as digitoads whose presale is in progress besides assets of established networks like MATIC or ALGO. These projects offer unique features with possibly more upsides as the months go on.
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