As May is approaching, which cryptocurrencies should you watch?
May and the following months are traditionally a period of lower trading activity and have historically generated lesser returns. Parody news…
Although cryptocurrencies remain an asset of their own kind, particularly in terms of volatility, this period is a crucial one to optimise your exposure and potential returns by carefully selecting your investments.
This article will give you three watchlist ideas, one of which currently in its presale, Parody Coin (PARO).
STEPN (GMT) is a recently released lifestyle and fitness-focused project that generated a great deal of interest from the crypto community since its official launch last March.
STEPN’s “Web3 lifestyle app” is all about gamifying sport and rewarding users for going out and walking – an easy opportunity to increase your passive income by doing something you would be doing either way.
Anyone who joins the STEPN platform can mint NFT-based sneakers that can be used to run around and generate returns in the form of STEPN’s native currency, Green Metaverse Token (GMT).
Only catch is that these NFT-based sneakers remain quite pricey, presently accessible for around $1,000, an amount not everyone is able to spare. This made these NFTs very exclusive, contributing to STEPN’s explosive market launch.
In the previous month, GMT’s price increased by more than 1,500%, including 40% in the last 7 days alone, showing just how popular this young project has become in the crypto space.
GMT is currently trading for $3.12, lower than its all-time high but still trending towards the high end of its (recent) historical average.
Although you may have missed a portion of GMT’s meteoric launch, its short trading period may indicate that there is still opportunity for additional upward movement for this cryptocurrency.
Uniswap (UNI) is one of the leading Ethereum-native decentralised exchanges (DEX) today. Essentially, Uniswap facilitates the trade of decentralised tokens that usually cannot be found on main centralised exchanges such as Coinbase, Binance, Kraken, etc…
Uniswap is Ethereum-native, meaning that it was originally launched on the Ethereum (ETH) blockchain in late 2018, making it a relatively recent project. However, Uniswap remains one of first projects to have launched in the emerging DeFi space, and has now grown into a proper blue-chip with over $8 billion in total value locked (TVL) across its ecosystem, making it the first DEX and leading DeFi protocol by a clear measure.
More recently, last December, Uniswap decided to expand and deploy on the Polygon (MATIC) blockchain, in order to offer significantly faster transaction speed at a near-zero cost for its users by leveraging Polygon’s Layer 2 (L2) network.
Indeed, the Ethereum blockchain has been increasingly criticised for its decline in transaction speed and increasing cost and latency resulting from the surge in users. Uniswap therefore aimed at providing a solution to these issues.
Uniswap’s native coin, UNI, is the best way to gain exposure to this project’s strong growth. Besides, UNI has been trading significantly lower than its historical average, indicating an attractive valuation and the possibility for stronger returns given DeFi’s early phase and revolutionary potential.
Parody Coin (PARO)
Albeit risky, investing in presales can be a lucrative strategy as the token’s price increases steadily throughout the different presale rounds, creating the opportunity for above-average returns. If the project is solid and undergoes a successful market launch and exchange listing, it can reward early investors generously.
As with everything, high potential rewards equals higher risk, hence the need to conduct thorough due diligence beforehand.
Precisely, the presale of Parody Coin (PARO) is currently underway. PARO will be a deflationary asset, meaning its supply will reduce over time. Another interesting feature of the Parody ecosystem will be the ability to mint and exchange parodies of popular existing NFTs such as CryptoPunks.
The Parody ecosystem will be based on Binance Smart Chain (BSC) and include other interesting features:
- Parody Bridge, enabling users to transfer PARO tokens to external blockchains;
- Parody Swap, a DEX allowing users to exchange various cryptocurrencies easily;
- Paroverse, Parody’s metaverse initiative which will let users access virtual universes through specific NFTs;
- “Paroflection mechanism”, which will reward existing PARO token holders with extra tokens as an incentive mechanism for the PARO community.
300 million PARO tokens have already been pre-mined on PancakeSwap, and the token is now available for purchase on Parody Coin’s official website for $0.002, making it an easily accessible token.