What cryptocurrencies to watch in May? A daunting question, with the ongoing instability in Ukraine, sky-high inflation, and general investors’ concerns about entering a new recession in the years to come.
Best thing to do in this kind of situation is to take the time to analyse the market and conduct proper due diligence in order to avoid making any decisions that you would come to regret.
This article will cover three cryptocurrencies which can be worth keeping an eye on for this month, one of which is in its presale stage, Mushe (XMU). Keep in mind, these are no investment recommendations, simply some ideas worth considering for future research!
Waves (WAVES) is an alternative Layer 1 project that has made headlines over recent weeks as the price of its native token, WAVES, melted by over 60%.
This selloff was triggered by Neutrino USD (USDN), Waves’ ecosystem stablecoin, losing its peg to the US dollar, which led many investors to lose confidence in the project and dump its native token.
Following this massive drop, WAVES is now trading around $13.70 and regained some strength over the past day with investors buying in again, leading WAVES to increase by around 10% in the last 24 hours. Indeed, Waves remains a solid and ambitious project, suggesting that it may be an interesting time to purchase some WAVES at current prices.
Indeed, Waves still boasts over $1.5 billion in total value locked (TVL), making it a major project in the field. In addition, Waves just announced the launch of its 2.0 version, which features significant network upgrades.
Notably, Waves 2.0 will resort to Practical Proof-of-Stake Sharding (PPoSS), a particular consensus mechanism that is Ethereum Virtual Machine (EVM) compatible. Concretely, this means that the Waves and Ethereum networks will be able to interact and communicate with one another.
This improvement will notably allow investors and developers to easily navigate and transfer decentralised applications (dApps) between both networks.
Waves 2.0 features other ambitious developments such as an accelerator program or metaverse metaverse initiatives, making WAVES an interesting and attractively-valued cryptocurrency to add to your watchlist in May.
STEPN (GMT) is a recently-launched lifestyle and fitness-focused platform that features its own cryptocurrency, Green Metaverse Token or GMT. This project has garnered great attention since its official launch last March.
STEPN developed a “Web3 lifestyle app” that rewards users for doing physical exercise, notably running. Rewards consist in STEPN’s token, GMT, which can then easily be exchanged for other cryptocurrencies on major exchanges like Binance or FTX; and even against fiat currencies, explaining the platform’s explosive popularity.
To start earning GMT, users must beforehand mint an NFT that looks like a pair of sneakers. Then, these sneakers can be used to walk and run around, and generate returns for something everyone can easily do every day.
Only catch is that these sneakers-NFTs remain quite expensive, currently priced at around $1,000 each, purposefully limiting the potential audience but making it look all the more exclusive and attractive to the eyes of the crypto community.
As a direct result, GMT’s price has risen by more than 1,500% since its market debut, now stabilising around $3.22 at the time of writing.
Although you might have missed GMT’s initial explosive growth, the project’s popularity amongst the crypto community makes GMT a cryptocurrency you want to follow in the coming weeks as a new bull run remains a real possibility.
Mushe (XMU) is another project in the launching that is currently holding a presale for its native utility token, XMU. The token is presently priced around $0.022, an important increase from its initial price of $0.005, indicating enthusiasm from the crypto community.
With its public listing scheduled for July 4th, 2022, the Mushe team is in a critical, make-or-break time, and currently targets a listing price of $0.50 for XMU.
Essentially, Mushe aims to disrupt the financial landscape by developing an integrated blockchain-based ecosystem enabling seamless fiat and crypto transactions. Mushe therefore aims to follow the footsteps of established crypto-giants like Ripple (XRP) or Stellar (XLM).
In order to accomplish this objective, the Mushe ecosystem will feature a range of products, including Mushe Wallet, Mushe Swap, and the MusheVerse.
Mushe Wallet will essentially consist of an application that will enable users to purchase, sell, and receive fiat and crypto assets seamlessly. Mushe Swap will be a decentralised exchange (DEX) within the Mushe ecosystem that will enable users to swap cryptocurrencies quickly and cheaply.
Lastly, MusheVerse will be the culmination of the Mushe project, consisting of an all-in-one digital platform gathering e-commerce and banking solutions for users. There, users will be able to perform instant fiat and crypto transactions, as well as access specific financial services such as personal financing, investment management, and more.
Providing that the Mushe team successfully hits its roadmap milestones, XMU could be a great upcoming token that is worth adding to your watchlist.