Highly Liquid Penny Cryptocurrencies for Effortless Trading
Investors in penny cryptos are primarily concerned with liquidity, which refers to the ease, speed, and price at which an asset can be swapped for other investments. The article suggests that there are two ways to judge the liquidity of penny cryptos: by 24-hour trading volume and bid-ask spread. The article identifies three penny cryptos with high liquidity: Shiba Inu, Dogecoin, and Cardano. Shiba Inu, which trades for fractions of a penny, has a 24-hour trading volume of approximately $190 million, but lacks utility. Dogecoin, which trades at around 8 cents, has a 24-hour trading volume of more than $550 million and is seen as the king of this highly-speculative market. Cardano, which has similar liquidity to Dogecoin, is fundamentally different as it utilizes a proof-of-stake consensus mechanism and adheres to an evidence-based research process. While Cardano may be a more viable project long-term, it lacks the speculative appeal of Shiba Inu and Dogecoin. The article concludes by suggesting that economic uncertainty and fear over the state of financial markets could trigger volatility and spark distrust in the economic system, paving the way for crypto to gain ground.