Analysis: 3 Potentially Explosive Algorand Tokens to Buy in 2023
The last year has been rough for the crypto markets, including Algorand and the tokens built on top of it (also known as
ASA's). During times of uncertainty investors don't favor volatile investments, even less so cryptocurrencies outside of the top 10 market cap.
Despite the current turmoil in the world, filled with high interest rates and uncertainty, the investment case for Algorand hasn't changed. It's still as technologically advanced, fast, and secure as ever before.
While the Algorand NFT market has been on the quieter side, the
Algorand ecosystem is constantly expanded with new additional projects. In this article we take a look at 3 potentially explosive Algorand tokens to buy in 2023.
1. Algo-Casino ($CHIPS)
Algorand Casino launched in early 2022 and it's the largest gambling dApp in the Algorand ecosystem. Users can play games such as poker, blackjack, and more using the $CHIPS tokens. In addition, they offer sportsbetting and staking possibilities through their platform.
In the last couple months $CHIPS has seen a staggering 3x increase in price. Whays more, Algo-Casino's TVL has grown to almost
$1 million USD. In fact, it's currently the taking number one position of highest TVL in the Algorand ecosystem, showing that users are engaged and using the platform.
The market cap of $CHIPS is estimated at around $2.6 Million USD, and the the circulating supply represents about a third of the total minted volume of tokens.
2. Dharma Network ($DHARM)
The Dharma Network aims to solve the problem of rewarding teams transparently inside organization which have a high percentage of remote workers (known as 'distributed organizations').
Their platform uses Algorand and it's blockchain technology, combined with the advantage of DeFi systems, in order to create a fair and democratic reward system that is sustainable over a longer period of time.
Organizations can use Dharma to easily keep tabs on multiple projects and teams spread across the globe, automatically tracking developers activity and metrics on Github, Gitlab, and so on. Developers are able to earn rewards based on their performance and project completion.
Their $DHARM token was released only in November of 2022, and for most part the project as been flying under the radar. The price has been relativity stable, showing little action in the trading of $DHARM. It might be a good buy, especially before the their
planned product launch in Q1 of 2023.
Current market cap is only at around $100,000. That said, 90% of tokens has not been minted yet, so keep that in mind.
3. Opulous ($OPUL)
Opulous is a unique Algorand platform, which allows people to mint Music Fungible Tokens (MFTs). MFTs gives users the possibility to invest in music by offering a share in the revenue from an artists work, be it a single, EP, or album. Opulous changes both how musicians access funding, and how they connect with their fans.
$OPUL has recently been doing very well, seeing a price increase of over 400% in just a couple weeks.
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This price surge came after Opulous announced that they would unveil new artists on a weekly basis, starting from February 1st. In addition, they would begin offering early access to certain MFT drops through their staking pools ($OPUL ASA). Recently, Opulous also announced their new chief financial officer.
Still, $OPUL currently has a market cap of only $35 Million USD, in an induatry that is estimated to be worth almost $26 Billion USD. In other words, there is potentially a lot of room for growth.
Disclaimer: The information provided in this article is not to be considered financial advice. Cryptocurrencies and tokens are highly volatile. Always proceed with caution before
