Shiba Inu had an incredible 2021 as the meme token skyrocketed by 20,000,000% over the 12 month period. That’s a ridiculous return and perfectly illustrates how exciting the crypto world can be. But after peaking in late October, the Shiba Inu has lost nearly 70% of its value and now has a market value of about $13.5 billion.
Looking ahead, I think there are better ones Cryptocurrencies to Invest with more favorable long-term prospects than Shiba Inu. Here are two to consider.
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1. Cardano
Cardano (CRYPTO:NO) is attracting a lot of attention in the developer community, thanks in large part to its programmable blockchain that enables smart contract functionality or self-executing computer programs. Cardano was started by ether Co-founded Charles Hoskinson in 2017, which adds to its credibility in the crypto community.
Cardano uses a research-based approach to network updates, a process in which proposed changes are reviewed by computer scientists and cryptographic experts around the world. This ensures that errors are minimized. Cardano’s development is divided into five phases and is currently in the basho era where scalability is the main goal. Cardano hopes to be able to process an incredible 1 million transactions per second (TPS).
What separates Cardano from Shiba Inu is the hope for real-world use cases. In addition to the potential for decentralized applications (dApps) running on its platform, Cardano is already being used in sectors ranging from healthcare and agriculture to financial services and education. In 2021, Cardano led all cryptocurrencies with the highest daily active developer activity, a leading indicator that more innovative projects are on the horizon.
Over the past three months, Cardano has lost more than 40% of its value due to a sell-off in the broader crypto market. As a result, this could be one good time to buy. It now has a market cap of around $40 billion. Cardano is currently the sixth largest cryptocurrency.
2.Solana
Another promising cryptocurrency that could crush Shiba Inu is Solana (CRYPTO:SOL). Like Cardano, it enables the use of smart contracts and is therefore a direct competitor to Ethereum’s dominance.
Founded in 2020 by two ex-Qualcomm Solana is known for its proof-of-history consensus mechanism. This innovation allows timestamps to be built into each block of the blockchain, speeding up throughput. It’s a major step forward in the crypto industry.
Solana has become a prominent blockchain for non-fungible token (NFT) Projects – unique digital ownership claims to artworks, videos, and game items. Solanart and Solsea are two NFT marketplaces built on Solana’s network. According to Solana’s website, it is the fastest blockchain in the world and has more than 400 active projects.
As I mentioned earlier, attracting developers is critical to the continued success of a blockchain. Solana seems to excel in this department.
Currently, Solana can process over 1,300 TPS at a fraction of a penny per transaction. Because of that speed and affordability Bank of America Analyst Alkesh Shah said earlier this month that Solana could become one Visas the digital asset economy. That’s certainly not a bad endorsement, but it still has a lot to prove, particularly in terms of usability.
Over the past three months, Solana has fallen almost 40% along with the industry as a whole. It now has a market cap of $37 billion. Solana is currently the seventh largest cryptocurrency.
This article represents the opinion of the author, who may disagree with the “official” endorsement position of a Motley Fool premium advisory service. We are colourful! Challenging an investing thesis — including one of our own — helps us all think critically about investing and make decisions that help us be smarter, happier, and wealthier.
