Which are the most undervalued Cryptocurrencies? 5 Most Undervalued Cryptocurrencies

The cryptocurrency markets are heating up. Some alts have been blowing people's expectations out of the water, and it doesn't appear like the market will cool down anytime soon. That's why we're going to discuss five potential crypto moonshots with particularly ambitious use cases that could see explosive development at some point during the bull run. I was on the lookout for unusual use cases, and I came across some.

First Crypto

Moonbeam crypto
pic credit: moonbeam.network

Moonbeam is first on the list. Moonbeam recently won a Polkadot crowd loan auction. In comparison to other projects competing for ongoing Polkadot parachains, Moonbeam has a very unique use case.

What are Polkadot Parachain Auctions

If you're not familiar with Polkadot parachains, they're basically auctions in which companies like Moonbeam borrow DOT in order to compete for a parachain slot on the platform. In effect, these auctions are designed to be competitive in order to promote the best possible outcome for the Polkadot ecosystem. 

If the auction is won, the project will be able to build on the Polkadot blockchain. It's similar to crowdsourcing in that you gain early access to projects before they go on the open market.

What is Moonbeam?

Moonbeam is a platform that enables applications created on other blockchains to migrate to Polkadot. Other projects are also attempting to accomplish this, however, Moonbeam's use case is unique in that it is EVM compatible. 

Applications established on the Ethereum blockchain can be transferred to Polkadot thanks to EVM compatibility. This means that protocols like Uniswap and Aave will be able to use Moonbeam to deploy their applications on Polkadot without needing to learn Substrate, the Polkadot blockchain's programming language. 

Polkadot will not sure desire access to the user bases of dApps on other blockchains, therefore this is a good use case for Moonbeam.

Why do we think this will work well?

Why do we think this will work well

Moonbeam's sister network, Moonriver, has also performed well on Kusama, Polkadot's canary/test network, in the parachain auction. Those that loaned their Kusama to Moonriver parachain auctions were paid handsomely. 

This is especially true now that Moonriver has been listed on exchanges and Moonbeam has recently won the auction and will be listed on several exchanges shortly, so keep a watch on this one. This bull season, I see Moonbeam and other Polkadot crowd loans as a good opportunity to make a big profit.

Second Crypto

Kadena crypto
pic credit: Decrypt

Now, for the second item on this list, I'd like to discuss Kadena, a project that I'm very new to. It appears that a choice has been taken in crypto, which is that proof-of-stake consensus is the way to go for keeping blockchains functioning effectively; even Ethereum, the most popular general-purpose blockchain, is expected to merge to proof-of-stake at some time in the future. 

Some people believe, however, that proof-of-stake is the only way to get a large transaction throughput, which is just not true. Proof-of-work doesn't have to be as sluggish and expensive as Bitcoin, as we're witnessing with some newer blockchains like Kadena. Bitcoin, I'm sorry, but I still love you. 

And this is what drew my attention: Kadena was founded in January 2020 by Stuart Popejoy and Will Martino, who were former J.P. Morgan employees. Stuart Popejoy was the main engineer on JP Morgan's Juno, the company's first public blockchain. With a team with such impressive credentials, Kadena piqued my attention even further.

More secure?

Stuart is also the creator of the PACT Smart Contract language, a Kadena-native programming language that they believe is more secure than solidity. Kadena has effectively constructed a parallelized proof-of-work consensus method in order to scale proof-of-work. 

This, according to Kadena, allows them to achieve throughput and scalability previously unattainable in other proof-of-work blockchains while keeping the integrity and security of Bitcoin. So Kadena's use cases, as well as the team's expertise and experience, have really pleased me.

One thing to think about regarding Kadena is its recent price increase. For almost a year, this project's price has been quite stable, and it's presently near an all-time high. As a result, a pullback is a possibility. 

As a result, I'll be keeping a careful eye on this project to see where the pricing goes in the near future. I mean, crypto is still very new, and there will be lots of opportunities to catch a project before it explodes, including a few in the remainder of today's post.

Third Crypto

SuperFarm network
pic credit: medium

I'd like to discuss a project called SuperFarm that I recently discovered about. So, SuperFarm is an ecosystem that combines a multi-chain farming platform with easy access to NFTs. They allow people to create their own NFT farm on SuperFarm without needing to know any programming. 

NFT farming can be thought of as a way to get a return on your NFTs in the shape of a yield or a benefit. One of the most difficult aspects of cryptocurrencies, in general, is providing utility to coins, and SuperFarm is on a mission to assist almost any cryptocurrency in doing so.

Consider it this way: Prior to the invention of DeFi protocols, which allowed holders to yield farm tokens, holders could only do one of two things: purchase or sell. You wouldn't be able to make money with your own money. 

DeFi, on the other hand, is an issue. Increases in a token's supply via DeFi are often inflationary, meaning that other tokens in the ecosystem are now worth significantly less as new tokens are added to the blockchain. 

SuperFarm is a platform that combines NFT farming with crypto-to-crypto farming, and it's so simple to use that even retail investors who have never used a dApp before can figure it out. That is, after all, their goal.

NFT Goals

But it's the fact that SuperFarm is creating an ecosystem that incorporates all of the top NFT capabilities into a single platform that truly appeals to me. As we can see, SuperFarm NFTs are capable of far more than any other NFT platform. 

SuperFarm facilitates NFT Farming, an NFT multiverse video game, crypto farming, and ERC-20 generators in addition to what typical NFT platforms can do. 

coinmarket chart
pic credit: coinmarketcap

Looking at the one-year chart on CoinMarketCap, I see that SuperFarm is presently selling for around $2, along far from its all-time high of $4.50. So this tells me that there's strong support and not too much sale pressure at these price levels, making this purchase slightly less risky with a potential greater ROI.

That's not to say you should buy anything that's far below its all-time high. However, if you look at the people behind the project and see that they're working on huge things behind the scenes, you can tell if you're looking at a decent investment at a low price or just a token that's dead and not coming back. 

In the case of SuperFarm, it appears that the founders have put a lot of effort into the project, and I wouldn't be shocked if we see some significant profits from the current bull market. However, there are risks to be aware of. 

NFTs are still incredibly popular, and we have no way of knowing what the future holds for them. Of course, this is still a modest and risky endeavor in and of itself. So be cautious at all times.

Also Read: Is it better to invest in Bitcoin or Ethereum? Bitcoin Or Ethereum For Long Term

Fourth Crypto

pic credit: medium

Next, we have Arweave, a token that I'm really excited about. Arweave is a blockchain that houses the Permaweb. The Permaweb is an area on the Internet where individuals claim they can save their data without fear of censorship. 

What truly interests me about Arweave is that they provide a data storage solution that practically the whole Internet relies on. So, here's the issue. If the host of your data removes it for any reason, such as because a monthly fee was not paid, the content may be gone forever.  

In the case of NFTs, Arweave's answer is that users can pay a one-time fee and save their files on Arweave indefinitely without worrying about losing their cherished JPEGs. Arweave is already down from an all-time high of $86, but despite its relatively large market value, I feel we might still see some significant price appreciation here, especially after the market catches on. So, they offer a very unique value proposition in a world where crypto storage services make a lot of sense.

Fifth Crypto

Shiden Network
pic credit: youtube

Shiden Network is now at number five on the list. Shiden is another coin that has recently piqued my curiosity, and I saw it was trending on Twitter since there was talk about it being listed on Binance. So I decided to check at it further. 

I performed some investigation, but I couldn't find any evidence to back it up. However, given Shiden's use cases, I believe the current price is a steal. Shiden is a scalable, multi-chain platform on which Kusama developers can build. 

They have a comparable use case to Moonbeam, which we described earlier and which Polkadot will most likely be launching soon. 

So I went to their website and saw that Shiden offers a toolkit for developers who are familiar with Solidity to port their Ethereum-based dApps to Kusama, and I went to their Twitter feed and saw Shiden has been working on some pretty cool stuff for their community recently. Shiden Network released its most significant update to date just last month.

The concept that seems interesting

Developers will be able to develop on the Shiden network while also earning staking benefits using a new tool called dApp Staking. As a result, developers can build on the Shiden Network and earn $SDN tokens. 

This indicates that if developers continue to build on Shiden, the price of Shiden could skyrocket at present current levels. Shiden is now trading at a significant discount to its all-time high of $8. 

However, I wouldn't be surprised if Shiden performed well, particularly if the bull market continues. However, as usual, perform your due research on your end as well.

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