Solana-Based Altcoin Gems
Maximizing The Layer 1 Effect
In a previous article, I addressed the layer 1 effect, and how powerful it can be. I also touched on this dynamic in the article entitled, “The Polkadot Ecosystem – A “Silent” Performer In This Bull Market”, which has gained a lot more attention than I had initially anticipated. I guess there are a lot more Polkadot fans out there! Solana, on the other hand, is currently gaining a lot of attention, as are the projects within its ecosystem. Unfortunately, many miss out on these gains, due to solely focusing on Solana.
The layer 1 effect has a way of producing significant gains, and can also be a way to build up capital for a longer-term Solana position. The three projects I have lined up are micro-caps, which makes this list even more exciting, at least in my opinion. All three projects have a market cap of $100 million or less. So, without any further ado, let’s jump into the first potential gem.
Raydium
Raydium is an old favorite of mine. I held it in the previous bull market, and it performed remarkably well. RAY surpassed the $15 mark in 2021 and is currently trading at $0.37. Raydium is perhaps, one of the leading DEXs on Solana and has a market cap of $91 million, at the time of writing. The daily trading volume of $11 million is also extremely healthy for such a small market cap.
Raydium is the largest of the three projects, in terms of market cap. However, it still has enormous potential, in terms of market share and price appreciation. According to CoinGecko, RAY is up by 130% over 30 days, with 98% of that taking place in the past 14 days. The remaining two projects outperform RAY throughout these time frames. RAY is available on the Raydium DEX, Binance, or Gate.io.
Solanium
This is one that I should have closed in on earlier. I began monitoring SLIM at approximately $0.09, and today it briefly touched $0.173. A correction from BTC could however soon provide some great buying opportunities. BTC appears to be struggling to hold the $37K level. Even a retracement to $35K would provide a few great discounts. Either way, it’s still early days, and in hindsight, these will be seen as excellent levels of entry.
Solanium is a multichain launchpad and currently has a market cap of $16 million, which is tiny. With $3.6 million in daily trading volume, it seems to be garnering some attention. SLIM has surged by a whopping 380% over the past 30 days and could be about to offer a few discounts. SLIM is available on Raydium and MEXC. I would be happy to grab a few SLIM below $0.13.
Decimated
My final pick is actually from a sector I don’t currently have any direct exposure to… gaming. Decimated is a post-apocalyptic survival game with elements of cyberpunk. It appears to be exceptionally packaged and the DIO token is currently trading at $0.021 with a market cap of $9 million. DIO has also been on a bit of a tear, fueled by the Solana rally. The DIO token has a daily trading volume of $160K, which is not too bad, considering the niche and market cap.
DIO has surged more than 300% over 30 days and is also looking to correct. As I mentioned, a sudden dip from BTC will most likely create several opportunities. There are several other Solana-based projects that I am still monitoring. However, I am yet to make a call on any of them. Considering that these projects have been receptive to the Solana rally, I would envision further correlation, at least to some degree. DIO is available on Gate.io.
Final Thoughts
It’s important to consider that these projects have all rallied significantly over the past month, and are most likely on the verge of a serious correction. Perhaps, a good opportunity, provided you DYOR. Furthermore, the micro-cap sector is inherently risky, so ensure you have done your due diligence. That’s it for this one. Catch you in the next one!
Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.