In a relatively new market, crypto has experienced several sudden crashes over the years. 2017 saw one of the most shocking moments for established cryptocurrencies such as Bitcoin which dropped in value by 65%. Despite this, Bitcoin remains the number one ranking cryptocurrency on CoinMarketCap, maintaining its position as the most valuable cryptocurrency. Therefore, the question remains, what blockchain networks can help the crypto market rise again in 2022? Here are three currencies that have the potential to do so.
The New Meme Coin – Big Eyes (BIG)
Big Eyes (BIG) describes itself as a community-driven coin that plans to divert affluence into the decentralised finance (DeFi) ecosystem. The blockchain network also plans to protect a vital part of the world’s ecosystem by donating 5% of its earnings into a charity wallet, which would go towards causes based on conserving the ocean and sea life. BIG does not only target specific charity organisations but also aspires to participate in what they believe to be a ‘billion-dollar industry’ by having a distinct mascot. This mascot is a manga/anime-inspired large-eyed kitten.
Having a kitten as their figurehead significantly contrasts with the common norm of meme coins, with many traditionally basing themselves on a canine which is inspired by viral images or memes. As stated in an article published by Analytics Insight, the institution gives credit to the cat itself being the founder and developer of the Big Eyes platform, a unique approach that creatively entices people while adhering to the typical anonymity concept that centres around crypto. Other distinguishing features of BIG include a dynamic tax system, community governance and tax-free fees. Thus, this is an extremely promising project which could help not only contribute to the revival of the bear market but also elevate meme coins to a new height.
Second in Crypto – Ethereum (ETH)
Ever since its arrival into the crypto market in 2015, Ethereum (ETH) rose to prominence quickly due to its capability that allows more than just financial transfers between entities. It is a decentralised computing outlet that is capable of running multiple applications such as using DeFi services and applications. Ethereum is mainly known for its smart contracts, a feature that enables a diverse ecosystem of applications to run on Ethereum. Some of these decentralised applications (dApps) are even stablecoins which are pegged to the dollar via smart contracts.
Additionally, Ethereum plans to eradicate the use of ‘mining’ in crypto and plans on replacing it with the ‘proof-of-stake’ function which allows the processing of transactions and creation of new blocks in blockchains. This upgrade has been dubbed ‘Ethereum 2.0’ by crypto enthusiasts and is scheduled to occur in August 2022. Having a solid market capitalisation of near $133,506,007,831 and an increased volume of 4.13% within the past 24 hours according to CoinMarketCap – ETH has conveyed its ability to recover despite the crypto crash affecting it (At the time of writing.).
The Speedy Crypto – Solana (SOL)
Solana (SOL) is one of the most profitable cryptocurrencies in existence, gaining itself a solid reputation due to its high-speed transactions that do not sacrifice decentralisation. Similar to Ethereum, Solana is a cryptocurrency and a flexible platform that runs decentralised applications. It has been titled ‘The Ethereum Killer’ by crypto experts mainly for its ability to process approximately 50,000 transactions per second while incorporating the proof of history consensus, which is currently considerably more than Ethereum (ETH).
It achieves this speed through the mechanism Proof of History (PoH) which allows for the blockchain to cryptographically verified the passage of time between two events. Due to Solana’s high transaction speed, its fees and congestion remain low – with their developers hoping to compete with centralised payment processes like Visa. SOL has shown no sign of slowing down and undoubtedly has the capability to help uplift crypto out of a bear market.
Want to find out more about Big Eyes (BIG)? Look no further: Hot Crypto Predictions: Is It Time To Buy Ethereum (ETH) and XRP (XRP) OR Should You Wait For Big Eyes (BIG) Release?
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