Ever since this year’s crypto crash, we’ve seen bitcoin drop dramatically along with almost the entirety of the crypto market. Not even stablecoins were safe in this crash as Terra Luna was practically destroyed with its stablecoin depegged.
I am not a financial advisor, and you should know that crypto is a risk, and you could lose your money if you choose to invest. I am not responsible for irresponsible investments and do not take this article as professional advice.
Crypto Crash- My Investment Choices
NFT prices have also crashed with the market as the coins to buy them have lost tremendous value – with this in mind, I believe if NFTs does take off, it is best to invest now. You may have a chance in the future if the market (most likely) crashes badly again. Right now, I believe that for a relatively new investor like myself, I have chosen to invest in CNFTs, which are Cardano NFTs.
During the crash, I made a bit of money from the ups and downs of certain cryptos. Most importantly, Terra Luna when crashed to rock bottom (now Terra Luna Classic). I believed that the Classic version would never rise above a penny, so I waited until it was at least double its value (it went higher) and then sold it. To me, a profit is a profit no matter how much more you can make in the future; at least you don’t lose anything. My decision now that it’s months since Terra Luna has crashed: don’t invest in it. It’s like bytecoin – it’s broken and useless. I see people believe they’re smart by attempting to pump it “to the moon”, but it seems they’re most probably pumping a dead coin which is so inflated in circulation it will never rise. In my opinion, the only way it could rise is if a great burning of its tokens were to take place.
Dogecoin or Shiba Inu?
As with Shiba Inu coming to more of a role in crypto this year, I debated which one to choose. Dogecoin has an infinite supply when mined, meaning its value will likely stay low if mining never gets more difficult. Whereas Shiba Inu has a massive supply, it gets burnt regularly, which decreases the supply and eventually, the token will increase in value over time. If you’re looking to mine tokens, I suggest Dogecoin, as it is relatively easy to mine.
I believe by around 2025, Shiba Inu will be at least double or more in value; with the volatile market, however, it may be much higher or lower.
If you’re looking to mine, though, Ethereum Classic has been good to me. As Ethereum phases mining away, I think that a lot of miners will move to Classic, and therefore, this will stimulate and increase the value of the token. Those graphics cards and ASICs still have to be used and can’t just be thrown away.
Other Cryptos I’ve Invested In
I chose Cardano, its value earlier this year was close to two dollars, and right now, it’s around 50 cents to purchase. If it goes right up, it will quadruple anything I’ve put into it. Alternatively, it can be used to stake in a pool to technically generate new Cardano at interest for a profit. I plan on using it for CNFTs and other future endeavours, so it’s more of a utility coin for myself. In this crypto crash, I can see Cardano rising moderately due to its use in DAPPs and the amount of work the developers put into the project.
Ending this article, the best crypto I could invest in is bitcoin, which is more secure than the other coins. It’s simply the mother of crypto and really charges the market. It will rise from its low value right now, and it’s easy to double.