Alternative cryptocurrencies, known as altcoins, have seen a surge in popularity amid recent fluctuations in the crypto market. These shifts have provided both investors and enthusiasts with a tumultuous yet opportunistic journey. Conventional wisdom suggests that every market downturn opens doors to new ventures. As Bitcoin navigates its short-term variations, many are turning their focus to the broader horizon, especially with the approaching Bitcoin halving event. This significant event has not only triggered a buying spree among savvy investors but has also redirected attention to promising alternative cryptocurrencies. Let's take a look at the top 5 altcoins to buy before Bitcoin halving.
1. Cosmos
The Cosmos community has agreed to a proposal that will limit the inflation rate of the ATOM token to 10%. Currently, the inflation rate is around 14%, and the upper limit was previously set at 20%. When implemented, this change will decrease the number of new ATOM tokens entering the market. However, it will also lower the annual percentage rate (APR) for staking ATOM tokens from about 19% to approximately 13.4%.
The proposal was based on research indicating that the Cosmos Hub blockchain is spending too much on its security. Supporters argue that reducing ATOM inflation could benefit decentralized finance protocols and money markets within the Cosmos ecosystem.
The voting process was intense, with the "Yes" option receiving 41.1% of the votes. The "No" option garnered 31.9%, the "Veto" option got 6.6%, and 20.4% of voters chose to abstain. Notably, this proposal had the highest voter turnout ever recorded in the history of the Cosmos ecosystem.
2. Solana
The Solana blockchain is at the center of the current surge in meme tokens. Its low fees and easy-to-use setup make it a top choice for people who want to invest in new meme tokens through decentralized exchanges. Tokens like Dogwifhat and Bonk have caused a frenzy by quickly increasing in value, inspiring other new meme tokens to try and do the same.
In March, the trading activity on decentralized exchanges using Solana reached nearly $3.8 billion in a single day, as reported by DeFi Llama.
3. Dogecoin
Meme coins remain a popular and dynamic sector within the cryptocurrency and blockchain industry, with strong trading volumes and new entrants emerging daily. While Solana currently dominates this meme coin frenzy, Dogecoin (DOGE) has also shown impressive performance, gaining 114% in March.
Compared to newer meme coins, Dogecoin's upside potential may not be as explosive, but it also carries less risk (relatively speaking). Many meme coins are associated with rug pulls and significant price swings, whereas Dogecoin offers exposure to the meme coin sentiment while potentially avoiding these major risks.
Recently,DOGE surpassed $0.20, reaching its highest price levels since December 2021. The derivatives market for DOGE has also gained momentum, with DOGE futures boasting $2 billion in open interest according to Coinglass data.
4. Shiba Inu
The team working on the Shiba Inu project wants to get the .shib Top-Level Domain (TLD). TLDs are like .com, .org, .net, and .io, and they help organize websites based on categories like use case and location.
To secure the .shib TLD, the Shiba Inu team is teaming up with the web3 domain project D3. Getting .shib added to the global Domain Name System is more than just creating cool websites. D3 explains that current crypto domain names like .crypto don't work well across different platforms, but .shib aims to work smoothly with everyday services people use. If Shiba Inu succeeds, this could mean websites, usernames, and email addresses ending in .shib.
Approval for the .shib TLD depends on ICANN (Internet Corporation for Assigned Names and Numbers). Even if approved, it could take 3 to 5 years for the new TLD to become official. So, the partnership between Shiba Inu and D3 will take time to show results.
