The Best Crypto Coins to Buy

Photo from Reuters.com.

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With the rise of “meme” coins, there are too many scam crypto coins, but there are some still worth investing in. They are the coins that have formidable blockchains, built on data security. For this reason, some cryptocurrencies are worth investing in because their underlying blockchains solve real business-to-business and consumer challenges.

The Best Crypto Coins Versus Meme Coins

A Quick Note on “Meme” Coins

You hear influencers say, “Invest in crypto,” but there are thousands of coins to choose from and not all coins are made equal. On that note, let’s discuss meme coins before moving on to the real crypto coins.

A “meme” coin is a crypto coin with no real intrinsic value, usually based on a pop culture idea or meme. Think about the quizzical dog on the DOGE coin that was a meme long before it was associated with cryptocurrency. Meme coins are essentially saying, “Got cha. This coin is worthless.”

Creators of meme coins like $Trump or $Melania often rely on heavy promotion or celebrity marketing in order to get more buyers so they themselves can exit with a handsome return, leaving later investors broke. This is the opposite of what investors want to invest in. But there’s a better way.

1. Solana

Over the past year, the Solana coin has grown over 19 percent in value. Additionally, it is currently below $200. If you haven’t heard of Solana, it’s been a credible cryptocurrency since 2017, and it has a strong blockchain. A blockchain is a record of transactions or data. It helps to prevent fraud by maintaining a public record of transactions or data that can’t be changed under any circumstances. Considering the price of other cryptocurrencies like Bitcoin and Ethereum, Solana might be a steal in the making.

Moreover, some companies use Solana for smart contracts that automatically execute once conditions are met. This makes the process of signing contracts faster and more secure. Even gaming companies are getting in on it.

Developers are now creating blockchain-based games that benefit from high transaction speeds. Through Solana Pay, these fast, low-cost transactions are facilitated. The inexpensive costs makes it ideal for gamers who want to get things done quickly for less. Solana is also turning out to be a good investment.

Five years ago in 2020, Solana was a fledgling coin worth only about $2.42. With the current price being just under $186, this means Solana has grown in value by over 7,500 percent since 2020. As far as growth, Ethereum has a ton of that as well.

2. Ethereum

Trading at just over $3,870 a coin at the time of this writing, Ethereum has grown over 48 percent in value over the past 12 months. Since 2020 when it cost about $370 a coin, it has increased over 900 percent in value. This coin has been live since 2015 and also has a strong blockchain.

Just like Solana, Ethereum’s blockchain is also used for smart contracts and games because of quick, low-cost transactions. Furthermore, developers build other apps on Ethereum for various uses, such as decentralized finance, gaming and social media. Users need Ether to engage with these applications which offer more privacy and less censorship. Still, Ethereum and Solana can be pricey coins, so there are others to consider.

3. Some Affordable Cryptocurrencies

SUI coin launched in 2023 and is currently trading at $2.52 a coin. Over the past year, it has grown in value by over 22 percent. Pm the other hand, the Hedera coin costs even less at $0.1695 at coin, and it has experienced over 200 percent growth this year. These coins may be a little riskier, but remember that Bitcoin, Ethereum and Solana all started out at very low price points. Look where they are now.

If You Buy Crypto

If you buy crypto as an investment, vet the coins before you buy them. Ask yourself questions and find the answers. If they don’t make sense, don’t buy. That goes for the coins mentioned in this article as well. The value of crypto coins is not guaranteed to increase, and losing money is a real possibility. Reduce that possibility by doing your own due diligence.

Ask yourself, how long has this coin been around? Is it a fly-by-night coin, or does it have some longevity? Beware of coins that seemingly popped up out of nowhere.

To secure yourself even more, keep note of where you found out about the coin. Getting information from Reddit groups or certain YouTubers can be counterintuitive. Some people are promoting coins they themselves have created and are now trying to commit a “rug pull” or “pump and dump,” as others call it.

Another point to consider is the coin’s blockchain and its usefulness. Does it have its own blockchain, and is it valuable? Securing data, contracts and apps is a part of the business that blockchains facilitate. This is what gives the coin its additional value, as all transactions on a coin’s blockchain are conducted in its native currency for the most part. The previous features give people and businesses a reason to use the coin.

If you are stuck wondering about what cryptocurrencies to trust or invest in, do some more research. Go to websites like The Motley Fool and Investopedia for information on crypto. These sites are great resources for building your crypto knowledge, and they’re reputable.

The Takeaway

There are a multitude of scam coins, but there remains some strong cryptocurrencies to invest in. Beyond being used for payments, these coins support underlying blockchains that facilitate faster, low-cost payments, provide secure contracts and host apps. When you invest in crypto, you’re investing in more than the coin. You’re investing in the proprietary technology of the blockchain. This is what separates scammy “meme” coins from legitimate, strong cryptocurrencies that work well as investments. Before investing, do your research and get your information from reputable sources.

FOLLOW the author Jermaine Reed, MFA on X @Jermaine Reed, MFA for his controversial but real hot takes.