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It's no secret that there's big money to be made in cryptocurrency. In recent years, we've seen the rise of Bitcoin, Ethereum, and a whole host of other digital currencies. But what about some of the lesser-known coins? Today, we're going to take a look at three of them: Dogecoin, Cardano, and Toon Finance.
DOGE live chart from https://coinmarketcap.com/currencies/dogecoin/
Who would have thought that a cryptocurrency originally started as a joke would go on to become one of the most popular digital assets in circulation? Yet, that's exactly what happened with Dogecoin. Originally created in 2013 by Jackson Palmer and Billy Markus, Dogecoin was meant to satire the then-growing popularity of alternative cryptocurrencies. Its name is derived from the "doge" meme, which features a Shiba Inu dog.
While Dogecoin may have started as a joke, it has since become one of the most popular cryptocurrencies in existence. As of May 2021, Dogecoin is ranked #28 on CoinMarketCap with a market capitalization of $893 million. It has also become one of the most traded cryptocurrencies, with over $50 billion worth of Dogecoins changing hands every day. So, what is it about Dogecoin that has made it so popular?
Dogecoin's popularity can be attributed to two main factors: its low transaction fees and fast transaction times. When compared to other popular cryptocurrencies like Bitcoin and Ethereum, Dogecoin boasts much lower transaction fees. For example, at the time of writing, the average transaction fee for Bitcoin is $6.56 while the average fee for Dogecoin is just $0.117.
In addition to having low transaction fees, Dogecoin also features incredibly fast transaction times. While Bitcoin transactions can take up to 10 minutes to be confirmed, Dogecoin transactions are typically confirmed within just 1 minute. This makes Dogecoin an ideal cryptocurrency for everyday use cases like tipping or sending small amounts of money to friends and family.
Dogecoin has seen a tremendous price surge in recent months thanks in large part to Tesla CEO Elon Musk. On April 2nd, 2021, Musk tweeted "Doge Barking at the Moon" alongside an image of a rocket ship taking off towards the moon. This caused the price of DoGEUSD (the US Dollar-denominated equivalent of Dogecoin) to jump by over 30% in just 24 hours.
Musk has continued to tweet about Dogecoin since then and has even gone so far as to call himself the "Dogefather." As a result of Musk's endorsement, major companies like Coinbase and Square have started allowing their customers to buy and sell Dogecoin on their platforms. And on May 5th, 2021, it was announced that DOGE would be listed on Robinhood—one of the most popular trading apps among millennial investors.
Who would have thought that a cryptocurrency originally created as a joke would go on to become one of the most popular digital assets in circulation? Yet, that's exactly what happened with Dogecoin. Thanks to its low transaction fees and fast transaction times, Dogecoin has become a favorite among cryptocurrency users looking for an alternative to Bitcoin. And with the recent endorsement from Tesla CEO Elon Musk, it doesn't look like Dogecoin's popularity will be slowing down anytime soon!
ADA live chart from https://coinmarketcap.com/currencies/cardano/
Cardano is a relatively new coin; it was only launched in 2017. However, it has already surged to become one of the top 10 coins by market cap. Cardano differentiates itself from other cryptocurrencies with its focus on security and scalability. Cardano is currently ranked #7 on CoinMarketCap with a market cap of $32 billion. Let's take a closer look at this young upstart of a coin and see what makes it so special.
One of the primary goals of Cardano is to create a blockchain that is more secure than previous generations. To achieve this, Cardano uses a unique layered approach. The first layer is the ledger of account values, and the second layer is the control layer that runs smart contracts. This separation allows for more flexibility and security as the system can be upgraded without affecting the underlying ledger of account values.
In addition, Cardano uses a Proof-of-Stake consensus algorithm called Ouroboros. With Ouroboros, there is no need for energy-intensive mining like with Bitcoin's Proof-of-Work algorithm. This makes Cardano more environmentally friendly as well as more scalable.
The Bitcoin network can currently handle about 7 transactions per second (TPS). In comparison, Visa can handle 24,000 TPS. Clearly, there is room for improvement when it comes to cryptocurrencies and scalability. Cardano aims to be much more scalable than both Bitcoin and Visa by using a technique called "sidechains." Sidechains allow for transactions to be processed off-chain and then recorded on-chain once they have been verified. This allows for much higher transaction throughput while still maintaining decentralization and security.
Cardano is a young cryptocurrency that is already making waves in the industry thanks to its focus on security and scalability. With its unique layered approach and Proof-of-Stake consensus algorithm, Cardano is well positioned to become a major player in the cryptocurrency space. And with its sidechain technology, Cardano has the potential to vastly outperform both Bitcoin and Visa in terms of transaction throughput. It will be interesting to see how Cardano develops over the next few years!
Toon Finance is a new and exciting project that has just concluded their Stage 1 ICO presale and are on their way to finish Stage 2. The project consists of a great community backed by a great team of developers that have an accumulation of half a century of experience in WEB3 and Finance. They plan on taking on WEB3 with their focus in making a TRULY decentralized protocol that has yet to be made in this space. They are also offering an airdrop of their NFT to all that will participate in their ICO when the token launches which is targeted to be done by Q1 2023. Let's take a closer look at what Toon Finance has to offer.
Toon Finance's mission is "to provide users with access to the best possible financial products and services through the power of decentralization, transparency, and collaboration." Their vision is "to build a decentralized ecosystem of financial products and services that works for everyone, not just the privileged few."
Toon Finance plans on being the first TRULY decentralized protocol in the WEB3 space. They want to provide users with access to the best possible financial products and services through decentralization, transparency, and collaboration. In addition, they are offering an airdrop of their NFT to all that participate in their ICO when the token launches.
The team behind Toon Finance consists of experienced individuals with over half a century of experience in WEB3 and finance. They have been in the industry long enough to see that the space needs change, and they have the correct mindset, passion and experience to do just that. They want to remain anonymous just like how Uniswap still does it to this day. But rest assured that they put their money where their mouth is!
Toon Finance is an ambitious project with the goal of becoming the first TRULY decentralized protocol in the WEB3 space. If they are able to accomplish their goals, then Toon Finance could very well become the go-to protocol for those looking for financial products and services in the WEB3 space. Keep an eye out for them!
Toon Finance is making some big moves with their marketing team. As one of the best in WEB3, Toon Finance has launched a huge billboard campaign across the United States. This move will likely put Toon Finance on the map and make people everywhere aware of its mission. With this new campaign, more people can learn about what differentiates Toon Finance from similar companies, as well as why it's seen as an up and coming player in the finance space.
They are actively taking steps to raise awareness of their product, which could potentially result in increased usage and increased adoption of Toon Finance over other competitors in the industry. It will be interesting to see how this affects sales for Toon Finance moving forward!
If given the chance, it's better to invest in all of them but if you can only choose 1, choose Toon Finance. Aside from a great project with an awesome community, they also have a lot of things going for them in the future. You can check out their website for a detailed roadmap and whitepaper.
So, there you have it—a brief overview of three lesser-known but potentially lucrative cryptocurrencies. Of course, Bitcoin still reigns supreme in terms of market cap and popularity; however, these three coins show that there's still plenty of room for growth in the crypto space. As always, do your own research before investing any money!
Website: https://toon.finance/
Presale: https://buy.toon.finance/
Twitter: https://twitter.com/ToonSwapFinance
Telegram: https://t.me/ToonSwapFinance
CoinMarketCap: https://coinmarketcap.com/currencies/toon-finance/
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
