Several altcoins appear in the crypto space, with the intention of becoming the “next big thing.” But not all manage to succeed in that aspect. A few alts however, have not only created a blockchain network but also have diverse functionalities, and a loyal community following. Chainlink, Basic Attention Token, and Dogecoin can be considered to be in that league.
Can they make it big?
Looking at their price action, it becomes apparent that they have had strong support from the market this last month. DOGE rallied by 99%, LINK rose by 108% and BAT managed to hike by 91%.
However, in the last 10 days as the market began to correct, these coins also fell by 9% – 20%. Moving forward, it appears that they will continue to move sideways.
Dogecoin’s price action dipped by 20% | Source: TradingView – AMBCrypto
But more than the price it’s the use cases that make these tokens and networks stand apart. Chainlink is known for the data oracles which are meant to feed real-world data, to smart contracts. Basic Attention Token, on the other hand, makes use of the Brave Browser, to change the advertising model for content creators and consumers.
Whereas Dogecoin is turning into a viable method of payment. This is drawn from the fact that the Mavericks’ Mark Cuban has come up with merchandise based on the crypto, that can be purchased using DOGE too.
But are they worthy of your investment?
The three altcoins have been displaying some strong volumes as of late with BAT’s volumes rising by 16% in 24 hours, reaching $300 million. Their volatility is in a good spot as well, sitting in the lower 90% zone for DOGE and in 60%-70% range for BAT and LINK.
Additionally, thanks to their strong correlation with Bitcoin, all three altcoins make for an attractive investment.
Basic Attention Token’s volumes | Source: Intotheblock – AMBCrypto
Network performances slightly differ as BAT and LINK continue to exhibit strong development activity. Active developers stand at 22 for Chainlink. Here, Dogecoin fails to make an impact with its low dev activity.
LINK, DOGE and BAT’s active developer count | Source: Santiment – AMBCrypto
From an investment perspective, LINK and BAT are good options since they are unique in their fields. DOGE, on the other hand may not turn out to present a good investment opportunity.