In the era of global historical inflation, investors are seeking assets that could act as a store of value but wouldn’t cost them an arm and a leg to purchase.
Last year, the global market suffered a significant decline in purchasing power, with the UK reporting 41-year-high inflation and the US recording a rate that hasn’t been seen in 40 years.
This has birthed the need to embrace asset classes that could hedge against losses in cash value in 2023, and one of such option is cryptocurrency.
Although the major investable crypto-assets are beyond the reach of lower and middle-class households, Bitcoin and Ethereum attain the status of assets reserved for persons with deep pockets as they trade above $1,600 and $22,900 respectively.
However, when you look beyond the major household names, you will realise there are still a handful of cryptocurrencies below $1 to help safeguard against the rampaging inflation, protect your purchasing power, and grow wealth.
Below are four affordable cryptocurrencies that can act as a store of value for your earnings.
Cryptocurrencies you can buy below $1 to grow your wealth
Oduwacoin (OWC) is a digital currency that improves your investment value. The acceptance of OWC has grown the crypto’s total market valuation to $1.23 million.
OWC currently trade on VinDAX and BankCEX at a worth of $0.29 per coin, making it affordable for investors seeking to add crypto-asset to their investment portfolio without paying an exorbitant price.
Oduwacoin is similar to bitcoin, as it bets on scarcity and investor greed to grow investment, as a result, there are only 21 million OWCs available in the market.
Aside from being a store of value, OWC also serves as a form of payment for cross-border transactions, as well as take the place of paper money at the African free trade zone. It is also accepted as digital cash by ecommerce platform, DollarStore.
Shiba Inu (SHIB) is one of the cheapest crypto-asset in the cryptocurrency market, trading at around $0.00001189 – yes it’s that cheap.
SHIB is known for tremendous gains, having hit an all-time high of $0.00008900, and could also unlock a steep decline during crypto winter, which usually affects Bitcoin and Ethereum.
Recently, the crypto asset launched in 2020 grabbed media headlines after an investor acquired $228 million worth of Shiba Inu to buy the dip and position for growth returns.
Before this investor, SHIB had also seemingly enjoyed support from the former richest man, Elon Musk, when the businessman got a Shiba Inu puppy and tweet it on social media, an action that sent the value of SHIB through the roof – although Musk is not known to own any SHIB coin.
The support Shiba Inu enjoys from the SHIB community has seen its market valuation hit $6.97 billion, as investors seek to earn interest on the Doge-killer – You can buy Shiba Inu on Binance exchange.
Dogecoin is a cryptocurrency that started off as a mockery of digital currency, however, it has grown into a household name and now acts as a store of value, which can be purchased on Coinbase.
Even the second richest man in the world, Elon Musk, has invested in Dogecoin by making it a form of payment for Tesla’s merchandise.
Dogecoin trades at $0.08, with a market valuation of $11.8 billion. It has a supply limit of 100 billion coins and can be mined by anyone with a smartphone. For the mining effort, the miner is handed 10,000 Doge per block.
This means you can hedge inflation with Doge, profit from it, engage in commerce with it, and also be rewarded for mining the crypto.
Cardano is a household name, but it trades below $1 despite being a third-generation blockchain behind Bitcoin and Ethereum, both of which are first and second respectively.
The crypto-asset, priced at $0.37 per coin, is also scalable, using one hand to offer investors profit and the other to keep inflation away.
Cardano ADA can be purchased on Coinbase. So far, over 30 billion coins have been issued to the crypto market since it was launched in 2017. It has a market capitalisation of $12.9 billion.
Note: Despite the gains cryptocurrencies offer, they are also volatile and unpredictable like other investable assets such as stocks and gold, so invest and trade with caution.