Are you interested in the best penny crypto to buy now but don’t know where to start? Let’s help you out with that!

Penny cryptocurrencies are low-priced cryptos that are often the perfect investment for crypto newbies and investors on a budget. They are worth a fraction of a dollar, and crypto fans see them as opportunities for large gains. 

In this guide, we’ll look at the best penny cryptocurrency to invest in 2024, as well as delving into what they are, how to buy them, and the pros and cons of these penny cryptos.

Best Penny Cryptocurrency to Invest In 2024

Let’s take a quick look at some of the best penny cryptos that will explode in 2024:

  1. PlayDoge — New P2E penny crypto coin with in-game rewards utility
  2. WienerAI — New meme AI potential at $0.000303 with over 3400% staking rewards in presale
  3. Sealana Promising South Park-inspired SOL meme coin, where 1 SOL = 6,900 $SEAL
  4. Base Dawgz — The must-have gaming crypto with a phenomenal presale
  5. Mega Dice Elevating GameFi on Solana, presale priced at $0.075
  6. 99Bitcoins — A learn-to-earn token launched at $0.001, serving as a reward system with staking opportunities
  7. Sponge V2 — A play-to-earn game and penny crypto with a strong 30,000 community
  8. eTukTuk — The best penny cryptocurrency for crypto gamers whose current price is $0.033 per token
  9. Shiba Shootout — Penny crypto that raised almost $4,000 in less than 24 hours
  10. SpacePay — Get this revolutionary new coin for low prices while it’s in presale
  11. Lingo — Platform fees contribute to the RWA pool that powers Lingo’s rewards ecosystem
  12. COINDEXER — Get it for just $0.00156 per token during hot new presale
  13. BitNance — BEP-20 token that aims to revolutionize value storage on the Binance Smart Chain
  14. Doge Uprising — Doge-themed penny crypto offering staking rewards and airdrops
  15. Chiliz — Penny crypto for sports and entertainment tokenization, where users can engage in the blockchain
  16. XRP — A payment protocol that processes international money transactions using blockchain technology
  17. Shiba Inu — A low-cap penny crypto that burst onto the scene in late 2021 following the rise of Dogecoin

A Closer Look at the Best Penny Crypto to Buy Now

Now that we’ve listed our top penny cryptocurrencies, it is time to explore them a bit more.

1. PlayDoge — New P2E Penny Crypto Coin With In-Game Rewards Utility


Current price: $0.005
Blockchain: Binance Smart Chain

PlayDoge is a mobile play-to-earn (P2E) game featuring the famous Doge meme as a virtual pet. The game requires you to care for your Doge by engaging with it as you would with a real-world pet!

Currently, these tokens are available in presale for just $0.005. However, as long as you keep your Doge happy and play mini-games, you can get $PLAY tokens for free. If you neglect your pet, the game will be reset.

Of course, the game is reminiscent of Tamagotchi. PlayDoge brings a nostalgic experience back but with a modern twist — blockchain integration. With the rise of meme coins and the growing video game market, PlayDoge combines beloved virtual pet gameplay with real-world earning potential.

After the presale, the app will be available on Google and Apple stores. PlayDoge aims to capture a significant market share in the P2E gaming space, making it a fun and profitable venture for players and investors.

best penny cryptocurrency - playdoge

Pros

  • Play through Tamagotchi-style games to earn $PLAY tokens
  • $PLAY is designed to have value both within the game and in the broader crypto market
  • Fostering engagement as players strive to maintain their pet’s happiness and health

Cons

  • Not available on ETH

2. WienerAI — New Meme AI Potential at $0.000303 With Over 3400% Staking Rewards in Presale


Current price: $0.000303
Blockchain: Ethereum

WienerAI is a new penny cryptocurrency that combines blockchain technology with artificial intelligence to create a cybernetic wiener dog. This coin has the potential to exceed its competitors such as Dogecoin, Shiba Inu, and Bonk in value.

Moreover, it is built on Ethereum, using the chain’s broad reach and strong security. 

The token’s total supply is 69 billion dollars, of which 30% is reserved for presale, per WienerAI’s whitepaper. If you’re looking for the best crypto under a dollar, $WAI is priced at $0.000303, which will gradually increase. Only days after its launch, it raised over $230k.

You can use ETH or USDT to buy it and also earn staking perks, as the moment you buy your tokens, they are automatically staked with a high APY. 

 WienerAI says that using AI, it will develop modular technological upgrades to compete with the best meme coins in the market. 

To learn more about the project’s updates, check its Twitter and Telegram handles. 

Wiener AI Best Penny Cryptocurrency

Pros

  • Meme coin merging innovative AI technology and blockchain
  • Early investors can enjoy high-staking rewards
  • The presale price for it is as low as $0.000303

Cons

  • High-risk high-reward cryptocurrency
  • No info about the team

3. Sealana — Promising South Park-Inspired SOL Meme Coin, Where 1 SOL = 6,900 $SEAL


Current price: 6,900 $SEAL = 1 SOL
Blockchain: Solana

Sealana, a Solana-based meme coin, started its presale on May 1st, 2024,  and in just a few days, raised over $265k. The coin is inspired by the characters from South Park, Gamer Guy, and Fat Computer Nerd. Many people are investing in the $SEAL project due to the FOMO effect created around it. SLOTH, another Solana-based meme coin, raised over $15 million during its presale due to a similar hype. Some crypto analysts believe that SLOTH’s buzz could also benefit $SEAL.

Might be considered the best crypto under $1, Sealana’s presale offers a single tier. The tokens will be sold at a fixed price of 6,900 $SEAL tokens for 1 SOL. After the presale, purchased tokens will be airdropped to facilitate the claiming process.

The total supply of Sealana tokens has yet to be disclosed, but enough tokens are available for everyone.

You can find Sealana’s presale wallet address at DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c

Check the Sealana Telegram channel and Twitter account for the latest project news.

sealana best penny cryptocurrency

Pros

  • Raised over $270k in just days, showing strong investor interest.
  • Inspired by characters from South Park, attracting a dedicated fanbase.
  • Low entry point, priced at 6,900 $SEAL tokens for 1 SOL

Cons

  • Unclear total supply

4. Base Dawgz — The Must-Have Gaming Crypto With a Phenomenal Presale


Current price: $0.00479
Blockchain: Ethereum, Avalanche, Solana, BNB Chain, Polygon

Base Dawgz ($DAWGZ) has the potential to become the best penny crypto to buy, so keep reading. The project has had an amazing presale, raising around $215,000 on the first day of the presale launch.

One of the first things about this project worth mentioning is its multichain functionality. You can manage the token on several blockchains: Ethereum, Avalanche, Solana, BNB Chain, and Polygon.

Base Dawgz uses breakthrough technologies for seamless interactions and transactions throughout the blockchains. Moreover, the team behind the project puts a strong emphasis on security, subjecting its smart contracts to rigorous audits. 

Another amazing feature is Base Dawgz’s share-to-earn option. We’re talking about its campaign Be Social for Airdrop, in which users can participate by writing and sharing content about the project, thus gaining real tokens.

best penny crypto - base dawgz

Pros

  • Top-notch technology
  • Share-to-earn feature
  • Multichain functionality

Cons

  • Still in its early stages

5. Mega Dice — Elevating GameFi on Solana, Presale Token Priced at $0.069


Current price:$0.069
Blockchain: 
Solana

Mega Dice is an online crypto casino that offers sports betting. Recently, the casino launched its own native token, $DICE, which can be purchased at a discounted price through Telegram. Penny crypto with a limited supply of only 420 million tokens raised over $300K within hours of launch, thanks to its existing casino community.

Mega Dice has allocated 35% of its token supply to the presale. The $DICE token price is $0.069, and it is one of the best cryptos under $1. However, the price will increase once 14,700,000 tokens are sold. Over 6.2 million tokens have been sold.

This platform offers early investors bonus $DICE tokens and daily rewards based on casino performance. 

This project attracts investors with its $2.25 million airdrop, which consists of three sessions. Additionally, its developers will reward selected $DICE token holders with limited edition NFTs.

mega dice Best Penny Cryptocurrency

Pros

  • Potential for price stability and rewards.
  • Flexible staking options and High APYs
  • Daily rewards, and priority access for early investors

Cons

  • Lack of risk information for investors

6. 99Bitcoins — A Learn-to-Earn Token Launched Serving as a Reward System


Current price:$0.00101
Blockchain: 
Ethereum (later BRC-20)

99Bitcoins is a promising player in the crypto world with its unique Learn-to-Earn platform. The crypto project lets users earn $99BTC rewards by completing quizzes, learning modules, and more. 

As pioneers in the Learn-to-Earn concept, 99Bitcoins is shaping the future of rewards, giving enthusiasts a chance to grow in the crypto space. 

Early birds can also take advantage of an attractive $99,999 bitcoin giveaway. Investors can delve into BRC-20 tokens, understand Bitcoin halving, and receive expert trading signals. Moreover, they can join a thriving organic community of over 700,000 members. 

The presale is currently underway, offering $99BTC tokens for $0.00101. The soft cap for the presale is $5,353,425, and the hard cap is $11,070,675. You can easily participate in the presale by making purchases through ETH or BSC. Investors can claim Ethereum ERC-20 tokens and then switch to a low-fee platform-friendly BRC-20 $99BTC token later. Additionally, investors can enjoy high staking rewards of over 2900%.

99bitcoins Best Penny Cryptocurrency

Pros

  • Join a community with longevity and integrity
  • Innovative learn-to-earn model with dynamic rewards
  • A $99,999 airdrop for early investors

Cons

  • It may take time to roll out all the features from the roadmap

7. Sponge V2 — Best Penny Crypto to Invest In 2024 With an Engaging P2E Game and a Min APY of 40%


Current price: $0.001121
Blockchain: Ethereum

If you’re wondering which penny crypto will explode, Sponge V2 might be the right answer. It is the evolved form of the $SPONGE token, targeting listings on prominent crypto exchanges like Binance and OKX.  This upgrade follows the impressive growth of the original $SPONGE meme coin, which grew from a market cap of $1 million to over $100 million in 2023. 

A major highlight of Sponge V2’s rollout is introducing a new racing game featuring a play-to-earn mechanism. Participation in this game requires holding $SPONGEV2 tokens, enabling players to earn more tokens through gameplay.

Currently, obtaining $SPONGEV2 tokens is possible through trading in V1 tokens. Investors who purchase V1 tokens and stake them now will receive a corresponding bonus in $SPONGEV2 tokens. This time-limited offer provides an exciting opportunity for investors to get their holdings in Sponge V2 ahead of further exchange listings.

SpongeV2 Best Penny Cryptocurrency

Pros

  • A new rollout of a very successful token
  • 30k social followers in days
  • Great rewards for early investors

Cons

  • A very new penny cryptocurrency

8. eTukTuk — Eco-Friendly penny crypto that promotes sustainability through its P2E game


Current price: $0.033
Blockchain: 
Cardano

eTukTuk, the next penny cryptocurrency to boom on the Cardano blockchain. Its mission is to revolutionize the transportation industry with a carbon-neutral solution. I.e., eTukTuk combines electric vehicles (EVs) and blockchain to transform Sri Lanka’s traditional TukTuk landscape.

eTukTuk’s native token, $TUK, is in the whitelist stage, marking an essential step in its journey before it hits the exchanges. Investors will be able to earn this token by playing eTuk Tuk’s P2E game. This mobile game will be available on iOS and Android devices. In this 3D game, players will act as Tuk Tuk drivers, which means that they‘ll transport passengers to various locations while avoiding collisions with other vehicles.

Its gameplay is reminiscent of the arcade game Crazy Taxi, which is why this project attracted a large number of investors. On that note, so far its developers have managed to raise over $3.4M, which shows that this penny crypto could end its presale on a high note. At the time of writing, the price of the $TUK token is $0.033. However, once this token gets listed on DEXs and CEXs, its value could reach $0.7.  

Best Penny Cryptocurrency - etuktuk

Pros

  • Raised over $3.4 so far
  • Players can earn free $TUK tokens
  • Staking rewards come with an annual rate that goes up to 82%

Cons

  • Still in its evolution stage

9. Shiba Shootout — New Meme Coin Whose Initial Price Is $0.0186 per Token


Current price: $0.0186
Blockchain: Ethereum

Shiba Shootout is a dog-based penny coin that runs on the Ethereum network. This coin can be described as a Wild West version of the SHIB token. That said, this project launched its presale on April 9, 2024, and in less than one day, it managed to raise nearly $4,000. What makes this penny coin profitable? Its staking rewards system.

On that note, anyone who buys and stakes $SHIBASHOOT tokens during the presale will be able to earn staking rewards with an annual percentage yield that is currently 158466%. Staking rewards will be distributed at a rate of 125.5 $SHIBASHOOT tokens per ETH block over 2 years.

In addition to that, token holders will be able to earn extra rewards by participating in Shiba Shootout’s Lucky Lasso Lottery and referral program. 

Shiba Shootout’s roadmap will contain 3 stages during which its developers will try to generate 100,000+ holders by listing the $SHIBASHOOT token on CoinGecko, Coinmarketcap, CEXs, and T1 exchanges.

At the time of writing, the price of the $SHIBASHOOT token is $0.0186.

shiba shootout Best Penny Cryptocurrency

Pros

  • Its initial price stands at $0.0186
  • Managed to raise nearly $4,000 in less than one day
  • Staking rewards go up to 158466% per year

Cons

  • Its presale is still in the first phase

10. SpacePay — Get This Revolutionary New Coin for Low Prices While It’s in Presale


Current price: $0.00147
Blockchain: Ethereum

SpacePay is a payment software solution. Its goal is to facilitate crypto transactions within retail environments. On that note, this platform utilizes a decentralized terminal-agnostic payment protocol to reduce volatility risks for merchants. It’s also compatible with 325+ crypto wallets. Its key features include multiple crypto options, zero waiting times, instant settlement, and volatility protection. During 2024, SpacePay should launch on over 4.5 million devices.

With that in mind, its native token, $SPY, is a penny crypto to watch in 2024. This token has multiple use cases. Its holders will be able to use it to vote, earn a share of SpacePay’s revenue, and get early access to private features and loyalty airdrops. This is one of the reasons why this crypto penny managed to raise $750,000 from private investors.

This project is currently in its presale phase. Its total supply is 34 billion tokens, of which 20% will be distributed towards the presale. At the time of writing, the $SPY token trades at $0.00147. However, once its presale ends, it will get listed on CEXs, which will automatically increase its price.

Best Penny Cryptocurrency - spacepay

Pros

  • Its starting price stands at $0.00147
  • Raised $750K from private investors
  • Compatible with 325+ crypto wallets
  • Will launch on more than 4.5 million devices

Cons

  • Merchants will have to pay a 0.5% transaction fee

11. Lingo — Platform Fees Contribute to the RWA Pool That Powers Lingo’s Rewards Ecosystem


Current price: N/A
Blockchain: Solana and Base

Lingo is a new crypto project backed by former advisors from Binance, Google, and Kraken. It leverages gamification and real-world assets to build an RWA-powered rewards ecosystem for Web3.

Anyone who buys $LINGO tokens will receive loyalty points that can be redeemed for rewards across 3000+ brands, such as Nike, Netflix, and Spotify. Token holders will also contribute to the RWA pool. I.e., 2.5% of the platform fees will go towards Lingo’s rewards.

The $LINGO token will run on the Solana and base blockchain. It will primarily be a utility token, which will become a governance token at a later stage. This penny cryptocurrency uses the same strategy as other popular socialFi airdrop projects, like Portals, Beyond, and Param. This means that $LINGO holders will also get a chance to participate in Lingo’s airdrop campaigns.

At the time of writing, investors can get the $LINGO token by participating in Lingo’s whitelist campaign. Once its presale ends, this ERC-20 token will be listed on tier 1 CEXs and DEXs. Follow Lingo on X (Twitter) or join its Discord group to learn more.

best penny cryptocurrency - lingo

Pros

  • Reward token backed by real-world assets
  • Get rewards across 3000+ brands
  • Gamified airdrop campaigns
  • The $LINGO token will be listed on tier 1 CEXs and DEXs

Cons

  • Still in its early development stage

12. COINDEXER — Get It for Just $0.00156 per Token During Hot New Presale


Current price: $0.00156
Blockchain: Ethereum

$COINDEX is a penny cryptocurrency that’s suitable for those who prefer investing in crypto exchanges. With that in mind, COINDEXER is a platform that bridges the gap between decentralized and centralized trading. How? By merging the trading features of CEXs with the security features of DEXs. 

In other words, this platform provides basic trading tools, from limit and stop-loss orders to margin trading and risk management tools. It also audits its smart contracts through third parties and provides multi-signature wallets.

Its native token has a total supply of 5 billion, of which 50% will be reserved for the presale, 30% for project funds, 10% for staking, and 10% for liquidity.

The $COINDEX token is currently in the presale phase, which will take place in several rounds. Its current price stands at $0.00156. Once its presale ends, this penny crypto will get listed on major crypto exchanges, which will automatically increase its price. 

Presale buyers will also be able to earn passive income by staking their tokens. At the time of writing, staking rewards come with an APY of 3087%.

best penny cryptocurrency coindexer

Pros

  • It bridges the gap between DEXs and CEXs by merging their trading and security features
  • 50% of its total supply will be reserved for the presale
  • Staking rewards come with an APY of 3087%

Cons

  • Not enough information about its community expansion

13. BitNance — BEP-20 Token That Aims to Revolutionize Value Storage on the Binance Smart Chain


Current price: $0.375
Blockchain: Binance Smart Chain

The $BTN token is a store-of-value coin that runs on the BNB chain. It is also unique because it uses a community-focused and governance-secured model. This means that its holders will have the main say when it comes to voting on its future development. In addition, this is a fully decentralized token, which means that its founders will not have control over its contracts.

The main goal of this project is to balance scarcity and accessibility. This is why this penny crypto has a low total supply of 10.5 million. Moreover, only 7,750,000 will be allocated towards the presale, while 2,750,000 will go towards DEXs and CEXs. This token allocation model should increase its demand and stimulate its growth.

$BTN token is one of the best penny cryptocurrencies to invest in this year since this project could reshape the future of DeFI. During its presale, early investors will be able to buy 1 $BTN token at a price of $0.375. 

You can learn more by visiting its X profile and Telegram channel.

best penny cryptocurrency - bitnance

Pros

  • Fully decentralized token
  • Serves as a modern store of value
  • Aims to balance scarcity and accessibility

Cons

  • Only 2,063 tokens have been sold so far


Current price: $0.000015
Blockchain: Ethereum

The next top penny cryptocurrency on our list is Doge Uprising ($DUP). This new meme cryptocurrency is a Doge-themed project that offers staking utility, NFT buying opportunities, and airdrop rewards

The Doge Uprising platform comprises its own manga series – which outlines the project’s narrative. The Doge Uprising movement is set in the year 2045 when a clan of Doge Mechas are rising to take on the evil reign of the lizard king. According to the Doge Uprising roadmap, users will be able to leverage $DUP to purchase Doge Mecha NFTs. 

The platform will also incorporate a staking mechanism through which token holders can generate passive income and rewards. From a maximum supply of 450 billion, 10% of the tokens will be offered through airdrops to loyal community members. At the time of writing, $DUP is priced at $0.000015 per token. Doge Uprising Presale

Pros

  • Audited smart contact
  • A growing community
  • A policy of openness and fairness

Cons

  • Cryptocurrencies are not regulated assets

15. Chiliz — Best Penny Crypto to Buy for Sports and Entertainment Tokenization


Current price: $0.09146
Blockchain: Chiliz Blockhain

Chiliz is a subsidiary of Mediarex Group, a multinational sports and entertainment company created in 2006. After almost two years of innovation and development, the team minted 8.8 billion Chiliz tokens in October 2020. At the time of writing, Chiliz has a market cap of around $540 million, making it one of the cryptos with the highest potential. The CHZ token price is currently $0.09146.

Chiliz is probably the best penny cryptocurrency to buy for people who want to invest in sports tokenization. The Chiliz team created the Socios platform, which is based on the Chiliz blockchain architecture. It is on this platform that the native Chiliz token runs. This sports fan interaction platform contains a variety of polls that deliver the most up-to-date information while also bridging the gap between sports teams and fans.

For operation, it has its own mobile application. All you have to do is download the app from your Android or iOS app store and you can swap Chiliz tokens for Fan Tokens. You will also be able to vote in polls run by teams using them

Pros

  • Very transparent
  • Great user-experience
  • Low transaction fees

Cons

  • It’s not accepted on many platforms

16. XRP — An Established Large-Cap Penny Crypto For International Payments


Current price:$0.5256
Blockchain: XRP Ledger

Ripple’s native cryptocurrency, XRP, was launched in 2012 and is one of the best penny cryptos to buy right now. Prior to its launch, 100 billion XRP tokens were created. Ripple put 55 billion XRP into an escrow. It also set up smart contracts to release 1 billion XRP each month. At this time, this popular penny crypto has a market capitalization of around $37.5 billion and a price of $0.5256.

Ripple can sell as many tokens as it wants when they’re released to raise funds, and unsold tokens will be placed in a new escrow. The XRP cryptocurrency employs a consensus system to verify transactions. Validators check proposed transactions against the most recent version of the XRP ledger and accept the valid ones.

For a transaction to be confirmed, it must be accepted by the majority of XRP validators. A typical XRP transaction takes five seconds to complete. As a bridge currency, XRP tokens can be utilized by financial firms to exchange currencies at a lower cost and use XRP instead of fiat currencies.

Pros

  • Low transaction fees
  • It’s backed by large financial firms
  • Fast and secure

Cons

  • Very centralized

17. Shiba Inu — Best Penny Crypto to Invest in 2024 with ‘Meme Coin’ Potential


Current price: $0.000009387
Blockchain: Ethereum

One of the best low-cap crypto gems on the market is Shiba Inu (SHIB). Most crypto investors will have heard of this token as it burst onto the scene in late 2021, following the incredible rise of Dogecoin. Like Dogecoin, SHIB was designed to appeal to retail investors – yet ended up catching the attention of the mainstream media.

Between September and October 2021, the SHIB price rocketed by nearly 1,400% as it gained traction on various social media platforms. Although the coin couldn’t maintain these heights, Shiba Inu still has huge backing on Reddit and can often provide double-digit returns on certain days due to its low price.

The main thing holding Shiba Inu back is a lack of real-world use cases, although this looks to be rectified by the launch of ShibaSwap, the company’s native DEX. This marketplace offers token swapping, liquidity pools, and even an NFT trading platform.

Pros

  • Impressive trading volume
  • Shibaswap decentralized exchange
  • Very cheap crypto

Cons

  • Lack of regulation

Why Should You Invest in Penny Cryptos?

The best penny cryptocurrencies to invest in today offer unique use cases, which makes them appealing. Other penny coins are highly speculative based on social hype and volatile price histories. However, the common denominator when it comes to investing in penny cryptos is that they’re cheap.

But what are the reasons that some beginners choose to invest in penny cryptos? Let’s explore some of the motivating factors.

  • High potential for positive ROIs—The key motivating factor for investing in penny cryptos is the high ROI potential over the short and long term. While investing in new penny cryptocurrencies comes with a risk, it also provides traders with an opportunity to earn huge profits that wouldn’t be possible with longer-existing cryptocurrencies. 
  • You can buy penny crypto on a limited budget—One of the most obvious advantages of buying penny cryptocurrencies is that you don’t need a big account balance. Imagine investing in a penny crypto with 1000x potential and banking on that. That’s exactly what penny cryptos deliver. The opportunity to invest small amounts while still maintaining the chance of earning big returns.
  • Diversifying your investment portfolio – As well as the cost-effective nature of buying penny crypto, you can also minimize risk by not allocating hundreds or thousands of dollars to a single speculative asset. For example, with a $100 investment, you could create a diversified portfolio consisting of a wide range of penny cryptos. The benefit of doing this is that you can invest across a multitude of use cases with each penny crypto offering a different business plan to the other.

How to Find the Best Penny Crypto to Invest in Today?

Uncovering the next penny cryptocurrency to boom is easier said than done, which is why we’ve summarized several key methods for finding penny cryptos today.

  • Online discussion forums such as Reddit and Discord usually cover all the latest trending penny cryptos on the market. You 
  • Popular crypto YouTube channels and Telegram groups can be a great source of information when searching for penny cryptos.
  • DEXTools gives investors useful insights and information on token pairs across a range of blockchains and DeFi protocols.
  • The recently added and trending tabs on Coinmarketcap.com can be worth exploring, as most of the top new penny cryptos are listed on this site.
  • Keeping updated with the latest trends and hype on social media and reputable crypto news outlets can help keep you ahead of the game when it comes to finding the best penny crypto with 1000x potential.

Are Penny Cryptos Safe?

Everyone loves finding a bargain, and cryptos under a penny certainly appear like bargains. With cryptos like Bitcoin and Ethereum costing $26.4k and $1.8k, respectively, buying penny cryptos can be an enticing option to earn big profits in a relatively short time frame. Nevertheless, penny cryptos generally have a reputation for being incredibly volatile.

Some recent examples of penny cryptos that have seen significant price swings include Pepe coin, which has dropped by -49.34% in the last month alone, and DOGE, which has fallen by -14.82% in the last four weeks.

Earning huge profits from penny cryptos is possible, as seen in the Pepe coin example which returned a trader over $5,000,000% in profits. But typically, it’s better to spread your investments in a range of financial assets to mitigate the risks that come from extreme market volatility.

Risks Involved when Trading Penny Cryptocurrencies

Penny cryptocurrencies are very popular due to their general ability to provide huge opportunities for short-term profits compared to other well-established coins. However, this means that they come with greater risks.

Firstly, most new penny cryptos have virtually no price history that can be used for technical analysis. The majority of penny cryptos witness acute price fluctuations before plummeting in price, meaning if traders don’t time the markets right, they could end up losing more money than they put in.

Additionally, some penny cryptos fall victim to pump-and-dump schemes. These typically involve social media influencers who are paid to shape public opinion by persuading their followers to invest in a particular cryptocurrency to boost its value.

As soon as the value increases, the scammers sell their crypto holdings and pocket the profits, while the victims witness a drop in the value of their investments.

How Did We Vet and Rate These Penny-Cryptos

All the penny cryptos features in this article have been through a stringent vetting process by the market analysts over at Business2Community. All key metrics have been factored in, such as:

  • Looking into the purpose of the project, its use cases and its target market;
  • Looking into and evaluating the team behind every penny-crypto;
  • Considering every penny cryptocurrency’s transaction speed and security features;
  • Analyzing the market size and potential growth;
  • Analyzing the community behind the crypto coin, as well as looking for dApps, alliances, or network integrations;
  • Looking into regulatory compliances;
  • Understanding past performance and historical trends;
  • Understanding market sentiment and current trends;
  • Weighing potential risks, since penny cryptos can often be more volatile and riskier.

Conclusion

Identifying the best penny cryptocurrency to invest in requires careful consideration of market trends, project viability, and long-term potential. While penny cryptos offer an affordable entry into the investment world, they also come with higher risks. Always conduct thorough research and consider your risk tolerance when exploring these options.

In our view, the best penny crypto to buy right now is PlayDoge. It offers a high staking APY of over 40% to early stakers alongside an engaging P2E game.

FAQs

What is the best place to buy penny cryptos in 2024?

How do I buy penny cryptocurrencies?

Which penny crypto will reach $1?

Which penny coin will explode in 2024?