Cryptocurrency is increasingly becoming popular in Nigeria, and some people want to invest but don’t know which one to buy. Today, we will share with you the top 5 cryptocurrencies to buy invest in Nigeria. There are limitless opportunities to make money with cryptocurrency in Nigeria, but as an investor, you need to be patient and do more research before buying any crypto asset.
The crypto assets we are suggesting below are assets that we own, and we have witnessed a tremendous return of investment over time. Cryptocurrencies are volatile, meaning the price is not stable. It is best to invest money that you can comfortably lose, even though it is tough unless you invest in a rug pull. There are a lot of technical terms involved with cryptocurrency, and in our upcoming articles, we will cover them all. you can also check out this article.
Most of the cryptocurrencies listed below are available on top crypto exchanges like Binance and Kucoin. So you can trade them quickly, but enough of the long talk, let’s get down to business.
Top 5 Cryptocurrencies to Invest in Nigeria
1. Shiba Inu (SHIB)
Shiba Inu is a meme coin that was created to rival dogecoin, and in 2021 it witnessed a tremendous price increase that made a lot of Nigerians millionaires. Even though the price has dropped, it still can rise again.
The team and community behind Shiba Inu are fantastic, and they have been working on some projects that will give the digital asset utility. They are currently working on a metaverse project and a liquidity pool for staking Shiba Inu.
Shiba Inu currently has a market capitalization of over 13.2 billion dollars at writing this article. Over 5.4 trillion SHIB is available, with 50% of the total coins locked on Uniswap. Furthermore, the founder of Ethereum, Vitalik Buterin, backs the project, holding a substantial amount of the crypto token. This further gives me more confidence to invest and have Shiba Inu for a long time.
2. Solana (SOL)
Solana is termed the Ethereum Killer, and last year, Solana witnessed a massive jump in price because of the high gas fees on the Ethereum blockchain. On the other hand, many investors and developers started building their dApps on the Solana blockchain because of its low transaction fee. Solana was launched in 2020 to provide decentralized finance solutions and solve the scaling problems associated with Bitcoin, Ethereum, and other blockchains.
They adopted the proof of history concept instead of the proof of stake method adopted by other blockchains. The project has attracted a lot of investors because it processes transactions fast and lets developers build decentralized applications, smart contracts, and games quickly. The blockchain also supports the creation of NFTs, and it’s available on a lot of exchanges.
Solana currently has a market capitalization of over 26.9 billion dollars at writing this article. Over 319.7 million SOL in circulation with a total supply of around 511.6 million SOL.
3. Hedera (HBAR)
After researching how it works, I recently stumbled and started investing in Hedera (HBAR). If you see this here, invest because the project can increase value. It doesn’t rely on blockchain technology like other crypto assets. Instead, Hedera uses what is known as an Acrylic Graph designed to process over a hundred thousand transactions in one second.
It supports NFTs, and I have started exploring Hedera NFTs because they are affordable and have the power to 10x in value and price. The project also has a governing body like Ethereum, and Google is one of the governing body members with about 39 members. They are responsible for regulating the network, approving protocol changes, and appointing sub-committees that handle the project.
Developers can also deploy dApps on the network without relying on smart contracts. It was Leemon Baird and Mance Harmon and had the backing of prominent investors like CMCC, and Multicoin Capital. Investors can also stake their HBAR and get returns while maintaining the integrity of the network.
Hedera has a market capitalization of over 3.8 billion dollars when writing this article. There are also 18 billion HBAR in circulation with a maximum supply of only 50 billion HBAR.
4. Terra (LUNA)
Terra is a blockchain that aims to make global payments easy by using the LUNA token to stabilize the price of its native Stablecoins. The blockchain was launched in 2019, and as of September 2021, it offered stable coins pegged to the value of a dollar, and Korean won; they also plan to launch more stable coins in different currencies. LUNA also serves as a governance token, and holders can vote and submit governance proposals. Many Asians use the blockchain as a form of payment for business and services, getting more significant. Therefore, it should be among the top 5 cryptocurrencies to invest in Nigeria.
When writing this article, Terra has a market capitalization of 19.7 billion dollars, and we have 308 million LUNA tokens in circulation.
5. Decentraland (MANA)
Decentraland is a metaverse play-to-earn game, and this list won’t be complete if we don’t suggest a play to earn cryptocurrency. Gamers are rewarded with the MANA token if they play Decentraland. Since Mark Zuckerberg announced Facebook’s rebranding to Meta, most metaverse tokens have appreciated. The game is built on the Ethereum blockchain, and it allows users to create experiences and monetize them using NFTs. For example, users can buy lands build on them and sell them.
Over 1.4 billion MANA tokens are in circulation, with a total supply targeted at 2.8 billion MANA. It has a market capitalization of 4.6 billion at the time of writing.
Conclusion – Top 5 Cryptocurrencies to Invest in Nigeria
I know some of you will be like, why didn’t I list Bitcoin and Ethereum, those two are not affordable, and as a starter, it is better to invest in affordable projects. After making a lot of profit from trading altcoins, you can buy Bitcoin because it is a store of value and the Alpha of all crypto assets.
This is not investment or financial advice because I am not a licensed financial expert. It is just information, and I expect you to carry out more research before you invest.
