Shiba Inu (SHIB) experienced an extraordinary run during 2021. At the beginning of the year, the well-liked pet coin’s market capitalization was so little, it barely registered on CoinGecko’s or CoinMarketCap price data. And yet by OCt., Shib had jumped over Dogecoin to shortly sit in the ninth place by market capitalization. However, Shib Inu has suffered greatly in the recent cryptocurrency downtrend, and its value is now down 75% from its peak.
Most crypto prices have seen major losses recently as a change in the economic conditions make many investors nervous about this risky asset class. Shib and other meme coins were some of the hardest hit, in part because they do not have very solid foundations. With some anonymous founders and some misleading language, Shib is a very speculative investment that has a lot of red flags.
Keeping that in mind, here are three altcoins that have solid use cases and that are much more likely to perform better in the future.
1. Avalanche (AVAX)
Avalanche is a smart contract crypto that has gained traction as an ETH alternative. ETH struggles with high fees and network congestion, which means many other programmable cryptocurrencies have been able to capture party of the market share. Avalanche has already soared over 3,000% during 2021 and is now the 12th-largest crypto by market cap.
Two crucial metrics when it comes to smart contract cryptocurrencies are how many applications are being run on the network and the amount of money that is deposited on its ecosystem, which is known as the total value locked. The coin runs 160 apps on its network.
2. Cardano (ADA)
If meme tokens are at one end of the spectrum in terms of seriousness and utility, Cardano is at the other end. With well-respected and popular leadership, Cardano has a great vision: It wants to use blockchain tech to make the world a better place to live in. It already has several partnerships in Africa, including one partnership with the Ethiopian Ministry of Education to record the academic records of its students on its blockchain.
This crypto takes a slower-and-steady approach to development, which has gotten both criticism and praise. It only released smart contract capability in Sept. 2021 and plans to release a number of applications in the first half of 2022. The largest risk for Cardano is that if it is too slow, it might get overtaken by newer cryptocurrencies before it can fully establish itself.
3. Sandbox (SAND)
Sandbox is a metaverse coin that has surged in value last year on the back of the rebrand of Facebook’s to Meta. Metaverses are virtual worlds where individuals can spend money, hang out, play and work– in fact, people could do many of the same things they would do in the real world.
There are many investors who want to get in on the metaverse game. And that includes Shib, which has recently announced plans to make a metaverse called Shiberse. Given that there is a lot of uncertainty about how the metaverse world could unfold, and which of these myriad projects will have success, it makes sense to stick with the big players like Sandbox that have a proven track record of delivery.