In the cryptocurrency space, 10x altcoins have become the norm, with small cap projects even showing 100x or 1000x returns. However, these pumps are also susceptible to dumps, with retail traders often left holding only the bag.
This is even more evident during our current bull run, where many of the top 20 coins have already pumped. So, how do normal people like you and I find a good project with maximum upside while protecting ourselves from dumps?
Altcoins and their past returns
Altcoins are widely categorized as any cryptocurrency besides Bitcoin, and depending on who you ask, can even include Ethereum. This can range anywhere from top 10 projects such as Solana to coins outside the top 100 by market capitalization.
Though we may speculate that large cap projects may have already reached their ceilings, top projects have shown their ability to multiply your wealth, with $BNB and $SOL putting in spectacular returns in recent history.
Of course, bigger gains can be made from smaller cap coins, albeit requiring more work to find. Here’s how you can begin to identify the next 10x altcoin:
1. Keep up with the news
The easiest first step to take for finding hidden gems is simply reading news articles and gathering information on the cryptocurrency space. Though it may seem obvious enough, many neglect to keep up with new projects and get tied up to their current bags.
With traditional media outlets not usually covering the space, these cryptocurrency news outlets can help by providing insights into market moves — useful in making your next big investment.
Popular sites to get you started are CoinTelegraph and CoinDesk, with finding even more cryptocurrency news sites being inevitable. While these sites often cover larger macro news, they often have sections that cover smaller cap coins with potential and predict price movements of various trending coins.
Alternatively, there are tons of YouTube channels that offer market updates in a video format if you prefer. However, always approach these with a pinch of salt as some of these “influencers” are being paid to shill coins to unknowing viewers.
2. Social media
Social Media is also another common method to look for good potential projects. Following public figures and projects in the space can have two main benefits.
First, they may showcase potential projects they have found which you can sponge off. Second, you may be able to catch breaking news and announcements and enter a good position for a coin that is about to moon.
For example, the Solana official twitter page often retweets interesting projects like $COPE, and smaller cap projects building on its blockchain that have the potential to return massive gains.
Axie Infinity also released live update on their staking on their twitter first, resulting in their native token $AXS climbing from USD$74 to more than USD$150 in just a few days.
Social media is also a great place to stay up to date with new NFT drops, which can also easily be 10x or more assets.
The more active social media spaces for cryptocurrency are Twitter and Reddit and are filled with bundles upon bundles of information on projects that you could explore forever.
3. Coin Market Calendar
If you are getting confused by all the projects going on and find it hard to differentiate them from one another, tracking upcoming events may be more your thing.
Coinmarketcal.com is the best place to track upcoming events, with events being tracked all the way to 2024. The site also tracks popular news and has a free weekly newsletter that can be cancelled at any time.
You can also sort by trends and categories such as governance, Defi capabilities and listings, which usually trigger large price moves.
However, the site does not guarantee 100% reliability on its events and usually offer no insights on them. CoinmarketCal can instead be a good reference point to identify a new project or space with potential, from which you can track with other methods such as social media.
4. Find a community
The last way is to find like-minded individuals who you can bounce ideas off and discover projects together. After all, two brains are better than one!
While having friends that are into cryptocurrency would be great, those of us not as fortunate can look online in search of such a community. While these can be found on social media sites such as Twitter and various SubReddits, an easier way is to join a Telegram group!
Though there are many large Telegram groups dedicated to individual projects, popular influencers or even traders, it may be better if you are searching for a 10x Altcoin to join a general group and learn from one another.
For example, did you know that we have our very own Chain Debrief Telegram group where you can discuss anything cryptocurrency-related? The friendly community often points out exciting new projects and their views on various cryptocurrencies (NFA of course).
It can also be fun to just engage with others involved in the space and could just make your journey 10x more enjoyable.
Featured Image Credit: Chain Debrief
Also Read: Want To Earn Yield By Lending Your Crypto? Here Are The Pros And Cons