Which cryptocurrencies proved to be the best investment in October: the month’s results
Last month was a very good period for Bitcoin, with the price of the major cryptocurrency rising about 40 percent to a new all-time high of $67,000. But even this remarkable result pales in comparison to the returns of some of the most popular altcoins over the same period. Many of the small-cap coins have risen hundreds of times, but the most interesting investments are the assets that we will list below. Here’s a recap of the month.
We checked the current data: the cryptocurrency market looks good today. In particular, Bitcoin went up again and even reached the $64K mark last night. Which means the positivity in the coin niche persists.
Bitcoin 15-minute chart
The ranking of the ten cryptocurrencies by market capitalisation looks like this. Note that many of the coins showed good growth on a weekly scale.
Ranking cryptocurrencies by capitalisation
Best investments from last month
The third place in the ranking is occupied by a follow-up project to the famous Dogecoin (DOGE) cryptocurrency called Shiba Inu (SHIB). Since the beginning of October, the value of the token has risen by around 804 per cent, with the rise fuelled by new tweets from billionaire Ilon Musk.
Recall that it was thanks to his PR earlier this year that Dogecoin began to rise sharply in value and spurred the development of the memcoin ecosystem.
Shiba Inu price trend over the past 30 days
As noted by Decrypt journalists, SHIB has managed to overtake DOGE in terms of capitalization. The coin has become so popular that it was even added to the list of trading pairs at Coinbase, the largest American cryptocurrency exchange.
Importantly, SHIB has now been around the same price level for several days, which could signal the depletion of its upside potential. Adding to the negativity to the news backdrop was news of one investor who invested $8,000 in Shiba Inu in August 2020. His investment ended up rising to $4.8 billion. That amount looked like this.
The amount of the crypto investor’s savings
However, the investor got rid of the coins tonight. He did so with several transactions, each of which amounted to the equivalent of $662 million.
Large transfers of SHIB tokens
We believe that we are talking about so-called OTC transactions here, that is, outside of cryptocurrency exchanges. Most likely, the owner of the coins found individual buyers and paid for the coins offline. This way he saved cryptocurrency from collapse, because such volume of SHIB on sale would surely negatively influence price.
Investors, however, reacted to the event. SHIB has collapsed by 7.2 percent in the last 24 hours.
SHIB overnight chart
Second place in the ranking is the altcoin Samoyedcoin (SAMO), which rose in value by 2,388 per cent in a month. It is also a copycat of Dogecoin, but on the Solana blockchain. In fact, the coin does not have any outstanding features other than the fact that it managed to become the most popular of all “dog” cryptocurrencies in the Solana network.
Samoyedcoin price dynamics over the last 30 days
SAMO is currently trading at $0.082. The cryptocurrency has crossed the $250 million threshold, with the project entering the top 300 of the coin rankings in terms of capitalisation.
Finally, the record holder among the most popular coins of October was Dogelon Mars project under the ticker symbol ELON, which is an obvious reference to the head of Tesla. The memcoin has been a big success among investors – in a very short period of time, the cryptocurrency has taken 140th place in the ranking in terms of capitalization, and its price rose by almost 4000 percent in a month.
At the same time, at the peak of trading, its capitalization reached a billion dollars, which means that the asset was very popular as a shell project.
Dogelon Mars price trend over the last 30 days
It is important to note that all of these coins are indeed duds. Technologically, they don’t have any weighty advantages over fundamentally useful projects, so their price growth is kept only by hype. As soon as the trend passes – which can happen at any moment – “meme coins” will quickly start losing value. Therefore, they cannot be called a profitable long-term investment.
We believe this situation demonstrates the limitless potential of the cryptocurrency market. Here, assets can increase in value several times in a matter of days. So it is definitely worth getting involved - albeit as cautiously as possible.
In addition, it's funny that such "joke" investments have outperformed serious projects like Solana, Polkadot and Avalanche in terms of profitability. This means that experienced investors probably have reason to be angry about the unpredictability of the market.
What do you think about it? Share your opinion in our millionaires cryptochat. There we will discuss other important developments related to the world of blockchain and decentralisation.
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