Back in 2008, when Bitcoin was launched, not many knew what it was. Those who knew, most of them did not care enough. The cryptocurrency, the first of its kind has now grown into a trillion-dollar digital asset.
Even the other cryptocurrencies that came much later, like Ethereum and Solanum, are also worth billions of dollars. This is a testament to the idea that you can’t be too late to the party of a wildly crucial technological breakthrough.
In this article, I will list down five relatively new cryptocurrencies with large upside potential. I will discuss their unique features, utility, and economics. Let’s jump in without any further ado.
1. Sui Network ($SUI)
Sui is a new layer 1 blockchain with support for smart contracts. The protocol boasts fast transaction times thanks to its parallel execution feature. Recently, the Total Value Locked (TVL) on the Sui Network crossed $600 million, making it a top-ten DeFi ecosystem.
The platform has seen significant migration of developers from Ethereum. Sui hosts DeFi apps, NFTs, and gaming universes.
The platform is powered by the SUI token which serves multiple functions within the network, including staking. Sui Network follows a Delegated Proof-of-Stake (DPoS) consensus mechanism, which allows token holders can delegate their tokens to validators to secure the network and earn rewards.
The token is also the default means of transaction for gas fees in the network and holders can vote on decisions regarding its future.
2. Ethena Stablecoin (USDe)
Ethena takes a groundbreaking approach to stablecoins with, what they call, a synthetic dollar or the USDe. While traditional stablecoins keep the fiat reserves in their treasury, USDe operates as a non-custodial cryptocurrency.
The stablecoin is developed and managed by Ethena Labs. USDe achieves price stability by hedging the delta of spot assets and backing the token during its minting stage.
USDe is highly scalable and is securitized with ETH in spot and derivative markets. The stablecoin is also separated from the traditional banking system, operating in a trustless environment.
USDe offers an impressive 33.3% annualized yield fueled by the ETH reserves.
3. Slothana (SLOTH)
Slothana is a meme coin operating on the Solana blockchain. The token came into prominence in 2024 along with other Solana-based meme coins like Dogwifhat and Bonk. Amidst the speculations that the highest-rated Solana meme coins are going to be listed on Binance, the price of Solana and these meme coins are on the rise.
SLOTH can be currently purchased through the presale, and interested parties can swap SOL tokens for SLOTH. For every SOL token, 10,000 SLOTH tokens will be offered. This will be followed by an airdrop in the wallets to which SLOTH has been transferred.
Slothana has so far raised over $2.5 million in the pre-sale. $SLOTH is expected to shoot up in price near the Bitcoin halving event and Dogecoin Day celebrations due on the third week of April.
4. Sponge V2 (SPONGEV2)
Sponge V2 is a cryptocurrency launched in 2024, except it isn’t. It is a refreshed version of the SPONGE token, which, at its peak in 2023, had a market cap of $100 million. Owing to the success of its predecessor, Sponge V2 is expected to become a major meme coin on the crypto market.
Sponge V2 operated in the Stake-to-Bridge model, which allows original SPONGE holders to transition to version two by staking their V1 tokens. This approach ensures a smooth shift to the new platform. Sponge V2 has a total supply of 150 billion tokens.
5. Ordinals (ORDI)
ORDI is a Bitcoin-native token and it uses the Ordinals protocol. The platform uses a new method of inscribing data directly onto individual satoshis.
Bitcoin’s Taproot upgrade led to the development of the Ordinals project development, improving the mainnet’s scripting capabilities, privacy features, support for complex data types, and programmability.
ORDI tokens were minted by marking each satoshi with unique data and essentially turning them into NFTs. The Ordinals platform marks a leap in the utility of the Bitcoin chain outside of financial transactions.
Conclusion
Crypto markets remain turbulent with new tokens appearing every other day. However, the ones that get traction are those with a high-utility platform or those that manage to organize a loyal community base.
All said, it is important to note that crypto assets are highly volatile and the return from crypto investments are subjected to market conditions. The reader is advised to exercise prudence before putting their hard-earned money into such ventures.
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