Watch out for these 4: Algorand, Ripple, Dogecoin, Shiba
Watch out for these 4: Algorand, Ripple, Dogecoin, Shiba
Crypto

Watch out for these 4: Algorand, Ripple, Dogecoin, Shiba

By Stefano Capaccioli - 14 Oct 2022

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Algorand

Algorand is a blockchain-based cryptocurrency that aims to be secure, scalable, and decentralized. The Algorand platform supports smart contract capabilities and its consensus algorithm is based on proof-of-stake and the protocol defined byzantine agreement. It was founded in 2017 by a professor at MIT Boston, Silvio Micali, although it has been operational since June 2019.

It is one of many blockchains such as Cardano, Avalanche, and Solana, which are sustainable, cheap, and scalable and which had a real boom last year with the explosion of the Defi and NFT market. Some say the Algo asset, the cryptocurrency that powers the entire blockchain ecosystem, could be one of the most attractive assets in the coming months from an investment perspective.

A few months ago, predictions for Algo saw it exceed $3, and some even ventured that it would reach $5 

The Algorand Foundation also recently appointed a new chief financial officer, Harpal Singh, to foster major new growth in blockchain in the coming months.

After his appointment, Singh stated:

“The Algorand ecosystem is poised for continued expansion because it is backed by industry-leading, fast, safe and sustainable technology. I am excited to make this value proposition evermore visible to a global audience.

Moreover, it is fulfilling to join an organization that prioritizes the core purpose of blockchain technology, solving socioeconomic issues worldwide.”

Dogecoin

A few days ago the eccentric founder of Tesla, Elon Musk, released on the internet, more as a provocation than as a real business, a new perfume of his, and at the same time he communicated via Twitter the possibility to buy it also with the Dogecoin meme coin. On the other hand, the story of this meme born in 2013, as a provocation of the crypto world, a decade ago, has become famous and reached the top ten of the most capitalized cryptocurrencies in the world, thanks precisely to the promotion of it by Elon Musk, a great admirer of this meme, via Twitter.

Meme coins are precisely coins inspired by a joke to an internet trend or a particular cartoon character. Dogecoin can rightfully be considered the progenitor of the genre and the one that certainly has the highest visibility, value and consideration among investors. It currently capitalizes about $7 billion. It has been close to $0.5 and now in recent weeks has shown good dynamism gaining about 10%, to $0.06.

After the Merge carried out by Ethereum that allowed Vitalik Buterin’s blockchain to switch to the proof of stake consensus system, Dogecoin is the second most capitalized cryptocurrency, after Bitcoin of course, to still use proof of work. In these days, thanks to its rises, Dogecoin has returned after months to the tenth place of the most capitalized cryptocurrencies

Shiba Inu

Alongside Dogecoin, and in some ways considered by many as its main rival given that at the time of the boom they had created a very fierce competition in the ranking of the most capitalized cryptocurrencies, there is certainly Shiba Inu, created in 2020 by a mysterious founder who a few months ago seems to have abandoned the project, the second most important meme coin in the market, occupying the 14th place in the ranking among the most capitalized cryptocurrencies.

Like Dogecoin, Shiba too has made important strides over the months in terms of adoption and trust as a digital tool, such as that of AMC, the largest owner of cinemas and theaters in the United States, which decided to authorize payments with this coin in its theaters or like Robin Hood the largest US trading app, which decided in April to include it among the exchangeable coins on its platform.

Shiba, however, in contrast to Doge, seems to be suffering a rather delicate moment in the market, since it would be, according to analysts, close to a key support, the breaking of which could lead to a new negative phase, despite the announcement of its forthcoming inclusion in the important Bitmex exchange, and the launch of the virtual card game Shiba Eternity linked directly to its token. In the past seven days, however, it has recorded an increase in trading volume of 121%, a tangible sign that a major move in one direction or another is evidently just around the corner, according to the thesis of many analysts.

Ripple

When talking about Ripple, the sixth-largest cryptocurrency by capitalization with over $25 billion, one cannot refer to the news of its very lengthy lawsuit with the SEC, which accuses Ripple labs and its founders of selling securities without having authorization. In recent weeks, the lawsuit finally seems to be turning toward a positive resolution for the crypto company, which has asked the judge for a summary judgment.

In brief, Ripple is a real-time funds transfer system, a kind of network for exchanging currencies and sending remittances, created in 2012 by Ripple Labs, then OpenCoin. It is also widely used by the traditional banking system, and is considered one of the most interesting projects in the entire crypto landscape. The lawsuit with the SEC has somewhat clipped the wings of the stock and the project itself, but now it seems that with the positive resolution of the dispute the token could bring great satisfaction to investors.

According to many analysts, the graphical configuration of the stock also indicates ample scope for gains from the current $0.48. Many projections see the stock aiming for the target of $0.6820/6920, where strong resistance would exist.

Certainly as also recently stated by its CEO, Brad Garlinghouse, the likely positive outcome of the court litigation with the SEC, expected very early next year, will have a very positive impact on Ripple, but probably also on the entire crypto market.

Stefano Capaccioli

Accountant based in Arezzo, Italy. Statutory Auditor, Publicist, Fellow @ University of Milan, founder of Coinlex.it, author of monographs, essays and articles on bitcoin, cryptocurrencies, crypto assets and precious metals, trainer and conference speaker.

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