The search for cryptos that could 10x is always on. Indeed, for investors in this sector up to last year, 10x returns seemed all but a foregone conclusion for most projects. The rate at which blockchain technology and the tokens that support it grew suggested the runway for growth was unlimited.
2022 has been less kind to crypto investors. The start of monetary policy tightening, combined with recession worries, has led valuations lower. Whether we’re talking about stocks or crypto, any risk-on trade has been hit hard. Indeed, investors have largely gravitated toward defensive risk-off trades while uncertainty remains.
Of course, long-term investors may look at this near-term volatility positively. Perhaps there’s a buying opportunity baked in here somewhere. For those who are patient, buying growth assets at a discount has been a historically profitable exercise.
So, if you have a long-term time horizon and are looking for cryptos that can 10x from here, these are three options to consider right now.
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Polkadot (DOT-USD) is certainly a high-growth project worth considering. Masterminded by one of Ethereum’s (ETH-USD) co-founders, Gavin Wood, Polkadot’s main purpose appears to be fixing problems with the Ethereum blockchain.
A more scalable solution, Polkadot operates with a “hub and spoke” model. This enables Polkadot to run its smart contracts independently of the main chain. The smart contracts of Polkadot can run on so-called parachains that can be secured by their own token and not only by DOT.
Polkadot recently launched its Polkadot Relayers program. This will help innovators and developers partner to create better Web3 apps. For those bullish on ecosystem growth as a driver of value for DOT, this is a big deal.
Additionally, the developer community has received adequate support from Polkadot. Indeed, the DOT token features among the most used interoperable coins. Thus, Polkadot remains a potentially high-value asset that is worth grabbing for the long term.
Shiba Inu (SHIB)
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OK, now for a highly speculative pick. Shiba Inu (SHIB-USD) is undoubtedly one of the highest-risk cryptocurrencies out there. This dog-inspired meme token surged more than a million percent at multiple points last year, riding the wave of momentum higher. Accordingly, there’s a historical basis for making a 10x call for such a highly speculative token, particularly at these lower levels.
Now, I remain in the bearish camp with respect to Shiba Inu’s fundamentals and growth prospects. Thus, I think this token represents greater risk than most investors care to take (myself included).
However, it has gone on 1,000% runs multiple times over the past two years. A 10x return is not only possible, it’s happened many times before. This is why speculators look to Shiba Inu as an ultra-high-beta way to play the sector.
Whether it’s because of Shiba Inu’s meme status, its historical track record, or the need to do something wacky, investors can find reasons to consider Shiba Inu. As long an investment is made within well-defined risk management parameters and with money investors don’t mind losing, this is a token that certainly has 10x potential from here during the next bull market rally.
XRP (XRP-USD) has been one of the mainstays of the top 10 cryptos in terms of market cap for a long time. Indeed, at the time of writing, it ranked seventh in terms of market capitalization.
Notably, XRP has retained its top-10 status over the years despite a 2020 lawsuit from the SEC. This lawsuit alleged Ripple Labs, the parent company of XRP, engaged in unregistered securities offerings. Along with other tokens that are embattled by SEC-related probes, XRP has certainly not benefited from this cloud of uncertainty.
The matter is still ongoing in the courts, but recent developments suggest the lawsuit could be nearing some conclusion. For investors, the removal of this overhang will undoubtedly be a good thing.
Now, whether or not Ripple and XRP come out ahead in this matter remains uncertain. There’s a chance that Ripple could lose, which could send the token lower. However, for those bullish on a positive conclusion to this saga, this is a crypto that could have 10x potential moving forward.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.