Steemit Crypto Academy – Season 2 - Week 6 - Post for @pelon53

Penny cryptocurrencies

When it comes to cryptocurrency investment, there are factors that need to be paid attention to before making any investment decisions and to make the most profit from the investment. Penny cryptocurrencies are basically cryptocurrencies that are 1 cent ($0.01) or less than 1 cent (<$0.01). In the cryptocurrency space, penny cryptocurrencies are usually very undervalued because of a lot of factors, either because they are new or they haven’t gotten the much-needed exposure to attract investors. As far as cryptocurrency investment is concerned, penny cryptocurrencies are considered high-risk investments because but at the same time a mouthwatering opportunity for huge profit returns.

Because of the high risk that is involved in investing in penny cryptocurrencies, it is considered the great opportunity for risk-capital investments. Every good investor always try to create a portfolio and divide the investment capital into different sections that includes high-risk-high-reward investments. Penny cryptocurrencies offers high-risk-high-reward. Because of how cheap penny cryptocurrencies are, it is easier to attract a lot of investors which can skyrocket the price and lead to highly profitable investment. Also, a lot of the penny cryptocurrencies fall under the mid cap or low cap category and have a massive room for price increase.

Advantages of penny cryptocurrencies

Incredibly high-profit returns

This is one of the main advantages of penny cryptocurrencies. Because they are relatively cheap, there is a greater chance of making huge profit returns from the investment

Great for risk-capital investments

Penny cryptocurrency is considered a high-risk, high-reward investment which is great for risk-capital investments or funds set aside for risky investments.

Massive price increase potential

Penny cryptocurrencies have the potential of doing 10x, 50x, 100x and sometimes even more than 1000x in a very short time frame

Requires a very little amount of capital to acquire a large number of coins

This is another advantage of penny cryptocurrencies because it does not require large amount of capital to acquire a large number of coins which can bring in high profit returns in a very short time.

Great for short term investment

Because of the high-risk involved in penny cryptocurrencies, they are great for short term investments and quick profits

Disadvantages of penny cryptocurrencies

They are considered very risky investments

One of the main disadvantages of penny cryptocurrencies is that they are considered very risky investments. A lot of penny cryptocurrencies are in the low marketcap region which makes them a very risky to invest in. Also, a lot of penny cryptocurrencies have a very large supply which means that there is a possibility that the price can dump down to nothing in a very short time thereby leading to loss of investment capital.

Investment capital can be lost in a very short time

Because penny cryptocurrencies are very cheap especially at the early stage, and has a tendency of increasing in price in a very short time, a lot of people can accumulate a large amount of coins at a very cheap price, and once the price increases or does a 5x or 10x, they dump all the coins in the market which causes the price of the coin to crash leading to loss of investment capital for people who bought at the top.

Very volatile

Another very big disadvantage of penny cryptocurrencies is that they are very volatile. The prices of penny cryptocurrency fluctuate a lot and can increase and decrease in a very short time. Also, when there is a correction in the overall market, penny cryptocurrencies tend to decrease even more.

Best Penny Cryptocurrency to invest in this 2021

Shiba Inu (SHIB) and Reason why I chose Shiba Inu

For me I consider Shiba Inu is one of the best penny cryptocurrencies to invest in at the moment. Meme tokens has been on a massive rise since the beginning of this year and has gotten a lot of attention. At the moment, there are a lot of meme tokens that have been created but not many are good enough to last for a very long time. Shiba Inu is one of the meme tokens that was created few months ago and went on to enter into the top 30 cryptocurrencies on coinmarketcap at some point. Shiba Inu is one of the cryptocurrency projects that initially came out as a meme token launched on the ethereum blockchain.

Shiba Inu was created as a meme token to compete against dogecoin, however, it grew so big above the expectations of people that Shiba Inu has grown past being just a meme token but an ecosystem with multiple applications to launch soon and a huge community behind the project. The most anticipated is the Shibaswap and is expected to launch soon. Even though Shiba Inu has already done over 10x in price, there is still a lot more to come from it as the Shibaswap hasn’t launched yet and there are still more exciting news to come. In my opinion, Shiba Inu is still very much in its early stage, which makes it one of the most penny cryptocurrencies with huge potential. SHIB is the token of the Shiba Inu ecosystem, an ethereum-based token which can be stored in any wallet that supports ethereum-based tokens.

From the screenshot, you can see that the price of SHIB has gone down due to the crash in the cryptocurrency market at the moment, so for me, this is a good time to buy SHIB because it still has a huge potential of doing a 3x from its current price in a short term and can do more than that in the long term. Because of the sentiments surrounding Shiba Inu and the competition with Dogecoin which is backed by Elon Musk, there is a big possibility that SHIB will also increase in price when Dogecoin increases in price as well. Also, Shiba Inu has a very large community with a lot of holders, which is great for the project and shows that the project has a huge growth potential.

Shiba Inu (SHIB) Statistics

Looking at the current statistics on coinmarketcap, SHIB token has a current martketcap of $2,850,693,011, Fully diluted marketcap of $7,326,555,444, Circulating Supply of 394,796.00 Billion SHIB, Total Supply of 1,000,000,000,000,000 SHIB.

SHIB Markets/Exchanges

Shiba Inu (SHIB) is one of the top meme tokens out there with a large trading volume, and have attracted the listing on some of the biggest crypto exchanges. At the moment, SHIB can be traded on Binance, Kucoin, Uniswap, Huobi Global, Poloniex, Bittrex, OKEx, Bilaxy, Bithumb, Gate.io and even more.

Ripple (XRP) Analysis

Ripple XRP is basically a cryptocurrency project that has been around for a while now since 2014. Ripple is without a doubt one of the top cryptocurrency projects with a large market capitalization and has gained a lot of popularity over the years. At the moment, XRP is one of the highest ranking cryptocurrencies based on market capitalization, sitting in the top 6 on coinmarketcap. Ripple and XRP are basically two different things. Ripple is basically company behind a global payment platform that is known as ripplenet and XRP which is the blockchain platform with XRP as its native cryptocurrency.

There have been a lot of sentiments surrounding Ripple and XRP over the past years concerning their vision and mission. Some people see Ripple XRP as going against the overall idea of cryptocurrency as they are working in close terms with the centralized banking system. However, even though Ripple XRP has received its own share of negative sentiments, it hasn’t stopped ripple from doing well and remaining in the top 6 on coinmarketcap. Ripple XRP aims to become a global cryptocurrency solution to the current fiat currency for users to be able to send and receive money faster anywhere in the world.

At the moment and looking at the current statistics on coinmarketcap, XRP has a current martketcap of $44,635,395,297, Fully diluted marketcap of $96,753,718,244, Circulating Supply of 46.14 Billion XRP, Total Supply of 99,990,461,026 XRP and max supply of 100,000,000,000 XRP.

For this demonstration, I will be making use of only technical analysis to try to predict the price of XRP and determine whether it is a good investment to make right now. For this, I will start by looking at the XRP charts on coinmarketcap to have a general understanding of the XRP trend in the past 14 days.

XRP Statistics on Coingecko

XRP Chart on Coinmarketcap

In the last 7days, On May 14, the price of XRP was around $1.43

In the last 14days, On May 7, the price of XRP was around $1.59

XRP/USDT pair on tradingview

Using EMA on tradingview, we can see that XRP is on a downtrend with a current price of $0.97. For me, this is a good time to buy XRP because there is a big probability that XRP will go back to the previous 14days price. I would invest in XRP right now because there is a big chance that we will see the price increase in few days time. The market has been in a downtrend in the past few days but will most likely not remain in a downtrend for long.

Investment of 5 penny crypto assets

Shiba Inu SHIB

Shiba Inu is the first on my list because of the massive growth potential it has. Shiba Inu is one of the meme tokens that was created few months ago and went on to enter into the top 30 cryptocurrencies on coinmarketcap at some point. Shiba Inu is one of the cryptocurrency projects that initially came out as a meme token launched on the ethereum blockchain. Even though Shiba Inu has already done over 10x in price, there is still a lot more to come from it as the Shibaswap hasn’t launched yet and there are still more exciting news to come. In my opinion, Shiba Inu is still very much in its early stage, which makes it one of the most penny cryptocurrencies with huge potential. SHIB token has a current martketcap of $2,850,693,011, Fully diluted marketcap of $7,326,555,444, Circulating Supply of 394,796.00 Billion SHIB, Total Supply of 1,000,000,000,000,000 SHIB. For this, I made use of the higher highs and lower lows indicator to have an overall view of the direction the prices of has gone

SHIB/USDT pair on tradingview

Bittorrent BTT

The second coin on my list is Bittorrent because of the growth potential of the cryptocurrency. Bittorrent is basically a project that runs on the Tron blockchain. Bittorent is a very popular torrent platform with millions of users all over the world. Bittorrent platform allows users to share and transfer files to other users in a more decentralized peer-to-peer way. In my opinion, torrenting is basically the main origin of decentralized peer-to-peer file sharing and transfer before blockchain technology came into existence. If the millions of Bittorrent users begin to adopt BTT on the tron blockchain, it could be massive for BTT which could see the price skyrocket in the future. For this, I have chosen BTT as a very good penny cryptocurrency to invest in. BTT currently has a marketcap of $2,580,514,915, a circulating supply of 659.95 Billion BTT, a total supply of 990,000,000,000 BTT. For this, I made use of the higher highs and lower lows indicator to have an overall view of the direction the prices of has gone

BTT/USDT pair on tradingview

WINkLink WIN

WINkLink WIN is another project and platform that is built on the tron blockchain. The tron blockchain has proven to be a home for entertainment and gambling based projects because of the low fees and speed of the tron blockchain. WinkLink acquired JustLink which means that Winklink are now focusing on a different direction which is building the best oracle on the tron blockchain ecosystem. WIN is a trc-20 the token of winklink on the tron network. WinkLink can be used to feed trusted price data to paltforms that base on Decentralized Financed. Also, Winklink can be used to accelerate the tron ecosystem building because of the capability of the winlink smartcontracts which can access any data. WIN currently has a marketcap of $157,178,277, a circulating supply of 313.61 Billion WIN, a total supply of 994,855,928,116 WIN. For this, I made use of the higher highs and lower lows indicator to have an overall view of the direction the prices of has gone

WIN/USDT pair on tradingview

Panda Dao PDAO

Panda Dao PDAO is another very promising penny cryptocurrency with a huge growth potential. Panda Dao PDAO is basically a project that focuses on DeFi products built on the Binance Smart Chain. The Panda Dao platform is an Incubator which focuses on building DeFi products that rewards its users. PDAO is the utility token of Panda Dao that runs on the binance smart chain. PDAO is also a governance token of panda dao used for voting in the ecosystem. For this, I made use of the support and resistance levels to determine the possible price growth

PDAO chart on coinmarketcap

Dent DENT

Dent DENT is another penny cryptocurrency that makes it into my list. DENT has been around in the blockchain space for a long time now. One of the things I like about DENT is that they are trying to utilize blockchain technology in the telecom industry which is great because they are one of the major players in that area. DENT is an ambitious project which makes it more appealing to me because if they can pull off their ideas, the project could skyrocket in the future especially now that blockchain is growing massively. Dent is basically a blockchain based platform that focuses on creating innovations in mobile and telecommunication industry. DENT currently has a marketcap of $337,893,231, a circulating supply of 98.00 Billion DENT, a total supply of 100,000,000,000 DENT. For this, I made use of the higher highs and lower lows indicator to have an overall view of the direction the prices of has gone

DENT/USDT pair on tradingview

Investment Made on Penny Cryptocurrency

I will be showing the investment I made on Shiba Inu. I decided to invest in Shiba Inu some days and weeks ago using the Bilaxy exchange. To purchase SHIB on Bilaxy exchange,

• I Signup and log in to the Bilaxy exchange account

• On the homepage, I searched for “SHIB” in the search box

• Clicked on the SHIB/USDT pair to go to the exchange

• Selected the price I wanted to buy and inputed the amount of SHIB tokens I wanted to buy
• Clicked on buy now to buy the SHIB token

The Buy Order completed and successful. I can decide to hold the token for a long term or to sell when the price goes up. SHIB Inu is an amazing project that has gone beyond just a meme token, in my opinion, it has a huge potential.

@pelon53