THOUSANDS of cryptocurrencies are in circulation with interest in the market booming this year.
New types of virtual currencies are being released all the time – but only a few make it big time.
New cryptocurrency releases 2021
BitClout is an open source cryptocurrency project and social media platform.
Users are able to buy and sell “creator coins” – based on their reputation.
For example, when they do something positive, the coin gains value.
When the coin hit the market in June, it started trading at £129 but this plunged to £50 in August.
Polkadot is one of the newer cryptocurrencies to hit the market – and it’s proved popular with investors.
Its value has fluctuated so far in 2021, but it’s as of September it was up since January 1.
The Polkadot project was founded in 2017 and it allows cross-chain transfers of any type of data or asset, not just tokens, making a number of blockchains interoperable with each other.
In essence, it’s an interchange and translator between multiple blockchains – most of which weren’t built to communicate with others, Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun.
He added: “To put this into context, developers have a choice from a variety of blockchains to build applications on – each with their own strengths and weaknesses that they have to mull over when deciding where to develop.
“Polkadot aims to solve that problem by enabling interoperability between chains.”
Landshare coin premiered on August 2.
It was initially priced just over £2.60, rising to £4.10 on August 14.
The market cap is now more than £1million.
Landshare is a DeFi platform on the Binance Smart Chain.
It offers a hassle-free alternative to traditional real estate investments.
SafeMoon launched in March and attracted a lot of attention after its price rocketed in April.
It technically isn’t a cryptocurrency but a DeFi token, according to its website.
DeFi stands for decentralised finance token. They are very complex but essentially aim to disrupt the finance world to enable people to follow and lend in peer-to-peer networks, without needing a bank.
Like Bitcoin they use a complicated method called blockchain technology.
SafeMoon claims it will reward people who buy and hold onto the cryptocurrency.
While those who sell the currency will be slapped with a penalty.
Dogecoin first hit the cryptocurrency market in 2013 as a joke but has really taken off this year.
It has the image of a Shiba Inu dog as its logo.
The image became a popular internet meme called doge, and it features the dog surrounded by text in the comic sans font with words like “much wow”.
Dogecoin’s value has soared this year after receiving backing from celebrities including Elon Musk and Snoop Dogg.
EverGrow is expected to be the next cryptocurrency to explode this year.
With every transaction, it distributes eight per cent of the transaction to all token holders directly to their wallets.
The process is is fully automatic and each holder will get a share in proportion to the amount of coins they own.
An additional one per cent is applied to all the sales to lower the volume of swing trading.
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