The cryptocurrency industry is filled with fascinating stories of how someone invested a few dollars into a crypto project and it ballooned overtime to millions of dollars. In 2021, two brothers invested about $7000 into Shiba Inu and this paid off in nearly $ 9 million.
Making such huge returns on investment in the highly turbulent crypto market requires you finding the crypto gems before anybody else. It is possible if remain vigilant and apply different strategies on how to find the next cryptocurrencies before they moon. In this article, we cover some of the strategies applicable to finding the next cryptocurrencies before they moon to 10X, 100X or even 1000X. Let’s dive in!
While some people rely on friends and influencers to hear about crypto gems, the best returns come from finding these coins on your own before they become popular. Here are some of the best places to look for them:
1. New listings on decentralized exchanges (DEXes): When a new coin is created, it needs to be listed somewhere so people can trade it. Listing a coin on centralized exchanges like Coinbase or Binance is costly and time-consuming, so many new coins are listed on DEXes like Uniswap, SushiSwap, and PancakeSwap. These platforms allow anyone to list their coin, making them a great place to find new coins.
2. Price tracking websites: Websites like Coinbtm Coinmarketcap and Coingecko list almost all the tokens out there with at least some trading volume. They’re great for finding undervalued coins, but you’ll need to do some research into the project, team, community, and price development before investing.
3. Group messaging apps: Telegram and Discord are popular group messaging apps in the crypto space. Traders create groups to discuss new coins and send signals, while teams create groups to communicate with their community. These platforms are great for finding out more about new and existing coins and exchanging tips with fellow investors and traders.
4. Twitter and Reddit: Twitter and Reddit are where news surfaces, announcements are made, and OGs discuss everything about crypto. Traders talk about their strategies, teams talk about what they’re working on, and new coins get into trending. Following influencers on these platforms can help you find out about which coins are becoming popular.
5. Social media platforms: Instagram, TikTok, Youtube, and even 4chan are where influencers talk about coins and shill trending coins to their followers. While there is often little substance behind their allegations, paying attention to them can help you find out about.
In conclusion, keeping up with market trends is crucial for staying ahead of the competition. For instance, during the period when Ethereum’s blockchain was grappling with high transaction fees, people flocked to Binance Smart Chain for lower transaction costs. As a result, several projects on Binance Smart Chain that replicated those on the Ethereum blockchain rose in value due to increased adoption. Similarly, when Cardano (ADA) was experiencing rapid growth and achieving all-time highs, ADA-based DEXes such as CardSwap and IDO platforms like CardStarter also saw increased use and valuation.