17 Best Penny Cryptocurrency to Invest in 2024

Penny cryptocurrencies are low-cost digital assets that often trade for just a few cents. Their popularity lies in the opportunity to gain significant returns with a relatively low investment. Investors usually target these low-cost assets in the hopes of finding the next “breakout star” in the vast crypto market.

Trying to find exactly that, our team has done thorough research and analysis, bringing you the best penny cryptocurrency to invest in 2024. We’ll also cover their potential pros and cons and how you can select the right penny cryptos for you and your budget.

  • Exciting new mobile-based play-to-earn meme coin
  • Featuring a fun 2D Doge pet that brings real-life utility to Tamagotchi-style P2E game
  • Supports staking with massive APY rewards currently over 11,000%
Project Launched
May 2024
Purchase Methods
  • BNB
    BNB
  • USDT
    USDT
  • Debit
    Debit
  • Recent Solana meme coin with potential to go viral amid SOL animal token craze
  • Rumored to be from the same team behind SLERF which exploded earlier this year
  • Similar to Slothana which recently raised $15m and has since seen a strong launch
Project Launched
May 2024
Purchase Methods
  • SOL
    SOL
  • Groundbreaking ERC20 token combining two trending niches: Meme and AI
  • Buy and stake $WAI tokens for daily passive rewards up to 1949% p/a
  • Presale has already raised over $350k so far highlighting its 100x potential
Project Launched
April 2024
Purchase Methods
  • ETH
    ETH
  • USDT
    USDT
  • BNB
    BNB
  • Matic
    Matic
  • +1 more
  • Exciting multi-chain meme coin expected to explode during 'DOGE day' in April, also offers staking rewards.
  • Dogeverse offers seamless interoperability with Wormhole and Portal Bridge offering secure navigation between chains
  • Investors can choose their preferred chains that offer lower fees and instant processing times, boosting the trading process.
Project Launched
April 2024
Purchase Methods
  • ETH
    ETH
  • USDT
    USDT
  • BNB
    BNB
  • Matic
    Matic
  • +1 more
  • An exclusive Solana GameFi token hits $300k mark within hours of launch
  • Harnessing the lightning-fast speeds and cost-effective features of the SOL blockchain $DICE offers a unique gambling experience
  • Offers massive airdrops for casino players in excess of $2.25M, as well as NFTs, early-bird bonuses and a referral program
Project Launched
April 2024
Purchase Methods
  • SOL
    SOL
  • ETH
    ETH
  • BNB
    BNB
  • Revolutionary Learn-to-Earn crypto project offering $99BTC rewards when users complete quizzes, learning modules and much more.
  • $99BTC token holders gain exclusive access to advanced trading courses, trading webinars, and VIP community groups.
  • Offers massive staking rewards currently above 120,000% as well as multichain functionality via Ethereum and BSC.
Project Launched
April 2024
Purchase Methods
  • ETH
    ETH
  • USDT
    USDT
  • Debit
    Debit
  • BNB
    BNB
  • +1 more
  • Hot meme coin project with play to earn utility and staking
  • Price has pumped 10x in last month, rumored to be listing on Binance
  • Over 12k holders and growing
Project Launched
December 2023
Purchase Methods
  • ETH
    ETH
  • USDT
    USDT
  • Debit
    Debit
  • Over $500k Raised and 300% Staking APY on Offer
  • AI-Driven, Sustainable Transport Solution Designed to Revolutionize Transportation in Developing Nations
  • Exciting eTukTuk Play-to-Earn Game In the Making
Project Launched
June 2023
Purchase Methods
  • BNB
    BNB
  • Debit
    Debit
  • ETH
    ETH
  • USDT
    USDT
  • +1 more
  • An AI-driven ERC20 token with rewarding presale staking opportunities
  • Buy and stake $KAI tokens to earn up to 30,643% APY rewards
  • Within hours of launching, the $KAI presale has raised over $175k
Project Launched
May 2024
Purchase Methods
  • BNB
    BNB
  • ETH
    ETH
  • USDT
    USDT
  • Debit
    Debit
  • +1 more
  • World's first crypto project that facilitates buying, selling, and trading of luxury cars
  • Invest in luxury vehicles with fractional investments starting from just $10
  • $DCARS holders can earn daily rewards from rentals. Dreamcars presale has already raised over $250k
Project Launched
May 2024
Purchase Methods
  • ETH
    ETH
  • BNB
    BNB
  • A high-stakes battle project where the Wild West meets crypto
  • $SHIBASHOOT holders can buy and stake their tokens for passive rewards
  • Offers a Posse Rewards referral program where players can earn bonus tokens
Project Launched
April 2024
Purchase Methods
  • ETH
    ETH
  • USDT
    USDT
  • BNB
    BNB

Best Penny Crypto List

  1. Dogeverse – Overall best multi-chain penny crypto, $13M raised.
  2. WienerAI – New meme coin with an AI crypto trading bot.
  3. 5th Scape – VR and AR gaming platform offering first-rate VR content.
  4. Sponge V2Renewed penny cryptocurrency, get up to 172% staking APYs. 
  5. Smog – Meme penny coin with a 42% staking APYs and airdrop rewards.
  6. eTukTuk – Eco-friendly crypto token, raised more than $2.3 million on presale. 
  7. KAI – New meme coin offers 7,599% staking rewards, $250K raised.
  8. Dreamcars – Luxury car marketplace on the blockchain with rental income.
  9. Shiba Shootout – Latest dog-themed coin, offering multiple utility ideas.
  10. StellarPenny cryptocurrency with an extended IBM partnership.
  11. Dogecoin – Biggest meme coin in the world, with a $22 billion market cap.
  12. TRON – Crypto decentralizing the entertainment sector, priced at $0.12 per token.
  13. DecentralandA well-established metaverse crypto, offers NFT land ownership.
  14. AlgorandPopular crypto offers an eco-friendly blockchain for a sustainable future.
  15. The GraphCrypto retrieves information from blockchains,  9 billion circulating supply.
  16. 1inch NetworkPopular crypto used in DEXs, $621 million market cap. 
  17. Enjin CoinA PoS blockchain with an easy-to-follow app layer.

Best Penny Cryptocurrency to Buy: Our Analysis

Let’s explore the top penny cryptos that are currently trending in 2024:

1. Dogeverse – Overall Best Multi-Chain Penny Crypto, $13M Raised 

We have picked Dogeverse ($DOGEVERSE) as the best penny cryptocurrency to purchase in 2024. This is a Doge-themed meme coin and the first to be compatible across six blockchains. 

From a total supply of 200 billion tokens, Dogeverse has allocated 30 billion for the ongoing presale. At the time of writing, this penny crypto is priced at just $0.00031 per token. In only a couple of months since the presale launched, Dogeverse has raised more than $13 million. 

Dogeverse presale

Dogeverse has an advantage over other meme tokens because it offers multi-chain compatibility. Using Portal Bridge and Wormhole technology, $DOGEVERSE token holders can connect to the following six blockchains: Ethereum, Solana, Binance, Polygon, Avalanche, and Base. 

Thus, you can seamlessly navigate through the blockchain and optimize on speed and transaction costs. This penny crypto can also be held to generate passive income. Through Dogeverse’s staking mechanism, $DOGEVERSE token holders can stake their holdings and generate up to 70% annual yield. 

Another 20 billion tokens from the total supply will be distributed as staking rewards. Due to the multi-chain access and high staking returns, Dogeverse is one of the top penny cryptos in  2024. For more information, go through the Dogeverse whitepaper and join the Telegram channel

2. WienerAI – New Meme Coin with AI fundamentals

Another penny cryptocurrency that has shown flashes of rewarding the faith of investors is WienerAI ($WAI). The token made it to this list thanks to its appealing humorous narratives that illustrated how an AI-powered canine is gathering a sausage army with the mission to overtake the meme coin and crypto landscape. 

This novelty is fascinating and it has begun to attract committed community members and early movers to the project. Combining AI and memes has opened doors for $WAI to record an outstanding market performance. 

$WAI

Presently in its presale stage, $WAI comes cheaply for just $0.0003045 which makes it a good buy for investors looking for a low cap crypto to invest in. That said, WienerAI has adopted a multi-stage presale model that will see the price of the token increase at intervals during the campaign. 

Additionally, staking rewards attached to the presale will also drop as people are staking the meme coin. Therefore, don’t wait for the price to increase and for the staking reward to drop before gaining exposure to the token. 

For more information, users can interact with the X and Telegram socials of the project.

3. 5th Scape – VR-Based Cryptocurrency Token Launched on Presale With High-Yield APY

5th Scape is a new VR and Ethereum blockchain-based penny crypto that can make you rich in 2024. Its native token, $5SCAPE, powers this new virtual reality gaming ecosystem. 

$5SCAPE token holders get lifetime access to a range of captivating virtual and augmented reality content, including upcoming VR games and access to premium features and discounts on VR products. Among these advantages, 5th Scape will launch its first MMA-themed game – Cage Conquest, following more VR games.

The presale will consist of 12 rounds, with each round having a price increase from $0.00187 in the initial round to $0.0087 in the final round. This marks a staggering 365% price growth solely during the presale phase. The $5SCAPE exchange listing price is set at $0.01.

For regular project updates, check 5th Scape’s whitepaper and join the Telegram channel.

4. Sponge V2 – New Penny Crypto Merging into a V2 Utility Token 

Sponge ($SPONGE), the popular meme token, delivered enormous gains after its launch in May 2023. Now, the token is back with the upcoming launch of Sponge V2 ($SPONGEV2) – a renewed penny crypto with 1000x potential

Sponge V1 tokens can be withdrawn and re-staked into the newly launched V2 smart contract, which will reward holders with an equal amount of Sponge V2 tokens. Once you lock V1 tokens, the tokens will be locked permanently. However, holders can generate APYs for the next four years. 

Sponge V2 Presale

Aside from potential high profits, a new feature of Sponge is an upcoming play-to-earn platform where the top performers can earn $SPONGEV2 tokens.

For further details and updates, check Sponge on Discord, X, and Telegram.

5. Smog – Penny Crypto Offering 42% Staking APYs

We have picked Smog ($SMOG) as the next best penny cryptocurrency. This new meme cryptocurrency conducted its fair launch on the Jupiter decentralized exchange – listing at just $0.001419 per token.

Initially, Smog launched at a $2 million market cap. Within a few weeks, the token’s valuation soared past the $100 million mark. At press time, $SMOG has a market cap of $159 million and is priced at $0.02076 per token. Smog states that it will conduct one of the top airdrop campaigns on the Solana blockchain to reward investors. 

For a meme coin, Smog has a limited supply of 1.4 billion tokens. 50% of the tokens have been set aside for marketing purposes – which can help build hype around the project. Another 15% have been reserved for centralized and decentralized exchange listings. 

Just like Bonk soared post its Binance listing, Smog could offer even higher returns by securing listings on tier-one exchanges. Token holders can also stake $SMOG on the smart contract and generate up to 42% in annual yields. So far, more than 7.8 million tokens have been locked on Smog. Stay updated with this cryptocurrency project by reading the Smog whitepaper and joining the Telegram channel

6. eTukTuk – New Presale Token which will be used to Make Payments at EV Charging Stations

The next best penny crypto to invest in 2024 is $TUK, the native token of eTukTuk. eTukTuk will help TukTuk drivers start using electric vehicles (EVs) by creating charging stations using local manufacturing as well as setting up Electric Vehicle Supply Equipment (EVSE). 

Within the ecosystem, users will be able to contribute to a shared economy by staking the native token, $TUK. The platform will set up a driver’s app through which TukTuk drivers can make payments with $TUK at the charging stations.

eTukTuk homeStaked token holders earn a larger APY and also inflationary rewards as the number of EVSEs and charging stations increases. Tokenomics show an overall supply of 2 billion, of which 12.5% of the $TUK supply will be made available for the presale stages at $0.0285 each.

As a good practice, read the eTukTuk whitepaper and join the Telegram, X, or Discord channels.

7. KAI – New Cat Meme Token, $250K Raised on Presale 

KAI ($KAI) is a cat-themed meme token offering high staking rewards to early presale members. During the ongoing presale round, $KAI is priced at just $0.0041628 per token.

Within a few weeks since its presale launch, this penny cryptocurrency has raised nearly $250K. KAI is a feline creature aiming to compete with the popular Dog-themed tokens in the cryptocurrency space. 

KAI presale

To build a long-standing relationship with its community of investors, KAI will offer passive income through its staking mechanism. Currently, $KAI token holders can stake their holdings and earn an annual yield as high as 7,599%. Once the presale ends, the staking rewards will be added to their respective crypto wallets. 

Staking rewards can help promote long-term token holding, making $KAI a valuable penny token to hold. The token has a total supply of more than 10 billion and is allocating 20% through the presale. 15% will be distributed as staking rewards, while 25% will be used for marketing purposes. 

For more information on this meme token, read the KAI whitepaper and join the Telegram channel

8. Dreamcars – Luxury Car Marketplace With Fractional NFT Ownership

Dreamcars ($DCARS) is a new crypto project that aims to bring luxury car ownership to everyone globally for as little as $10. To achieve that, Dreamcars uses car NFTs – backed by real cars – that you can buy, sell or trade fractions of it. This way, you own a fraction of a luxury car and get rental income without a hassle.

Now, the team has launched their own token, $DCARS, allowing early investors buy the token at a low price before launching on exchanges. At a price of $0.0105, this could be one of the best penny crypto to invest in 2024.

dreamcars token presale

All you need is a crypto wallet like MetaMask and some ETH, BNB or USDT to complete the purchase. Once you have your $DCARS, wait until the presale ends to start claiming them.

As a $DCARS token holder, you can buy the car NFTs on the Dreamcars marketplace when it goes live, and you can vote which cars to buy.

Check out the Dreamcars Telegram channel and follow Dreamcars on X for the latest updates.

9. Shiba Shootout – Latest Dog-themed Coin, Offering Multiple Utility Ideas

Presently up for grabs in its ongoing presale for as low as $0.0187, Shiba Shootout ($SHIBASHOOT) is one of the best penny cryptocurrencies in the market right now. The project has some unique attributes that have attracted early movers to its ongoing presale event. 

Foremost, the project team embraces a transparent and community-centric business model, providing investors with an equal advantage of acquiring $SHIBASHOOT through the adoption of a fair presale. With this model, Shiba Shootout allows investors to acquire the amount of $SHIBASHOOT they desire. 

Shiba Shootout roadmap

With not less than 35% of the token’s supply allocated to its ongoing presale, everyone willing to get involved in the project as early as possible have got enough opportunity.

Buying $SHIBASHOOT during its ongoing presale gives early movers the chance to net lucrative staking rewards. Also, holding the token makes you eligible for its “Lucky Lasso Lottery” program. 

For more information, users can follow Shiba Shootout on X or join its Telegram channel.

10. Stellar – Large-Cap Penny Crypto With a Prolonged IBM Partnership

Those in the market for a large-cap project might consider Stellar as a top contender. Stellar has its own blockchain network that doubles up as a global payment system. It is already being used by IBM and MoneyGram, plus plenty of small-to-medium businesses.

The reason for this is that the Stellar blockchain supports more than 1,500 transactions per second, with each transfer taking less than five seconds to process.

Stellar price

Plus, Stellar transactions cost under a cent to process, regardless of the transfer size or destination. Its proprietary crypto token, XLM, enables companies to settle transactions on-chain.

Established in 2014, XLM’s initial price of $0.0024 surged to an all-time high of nearly $0.9. Currently, however, XLM is trading at just $0.1284 – significantly below its all-time high. Nonetheless, this is still one of the best penny crypto to buy for long-term gains. After all, as more and more companies integrate the Stellar network into their payment processes, this will increase demand for XLM.

11. Dogecoin – Popular Meme Coin With a $21.8B Market Cap

Dogecoin is one of the most popular penny crypto tokens in this space, with more than 3.5 million holders. The project was one of the first to introduce the ‘meme coin’ concept back in 2013.

During this time, Dogecoin was priced at just $0.00030. With that said, it wasn’t until early 2021 that global interest in Dogecoin went viral, and it slowly became the best meme coin to buy.

Dogecoin price

Elon Musk was at the forefront of this sudden spike in interest, with the Tesla CEO tweeting about the meme coin regularly. By mid-2021, Dogecoin hit an all-time high of $0.73. This represented year-to-date gains of over 10,000%. Like many other penny cryptocurrencies, the price of Dogecoin has since declined considerably.

As of writing, Dogecoin can be purchased for $0.1523 per token. If Dogecoin can recover its former all-time high of $0.73, this would yield an upside of over 800%.

12. TRON – Decentralizing the Entertainment Industry via the Blockchain

Founded in 2017, TRON aims to revolutionize the global entertainment industry through web3 technologies. The project has its own native blockchain that supports smart contract agreements. This means that content creators can use the TRON blockchain to sell their works.

As the TRON ecosystem is decentralized, creators can set their own terms. All content sales conducted via TRON are processed in TRX.

TRX price chart

TRON transactions are significantly faster and cheaper than Ethereum. This is why TRON is sometimes described as the ‘Ethereum Killer’.

TRX tokens are currently trading at $0.11, with a circulating supply of over 87 billion TRX and a market cap of over $10 billion.

13. Decentraland – Established Metaverse Project With Virtual Land Ownership via NFTs

Decentraland is an established metaverse project that was founded in 2015. But it wasn’t until 2020 that its metaverse was released to the public.

Decentraland allows users to socialize in the metaverse, play games, and even buy plots of land. Users can also construct virtual buildings on the land that they purchase.

Decentraland to USD Chart

MANA is the utility token of Decentraland and is required to buy land. MANA has been hit hard by the broader bear market, trading at $0.6209 as of writing.  This is far lower than its all-time high of $5.90.

14. Algorand – Near-Carbon-Negative Blockchain for a Sustainable Future

Algorand claims to be the most sustainable and green blockchain network in this industry. The platform also has its own penny crypto – ALGO, with transaction validation under four seconds.

Its network is already achieving near-carbon-negative transactions, which means it requires next to no energy to operate. In comparison, Bitcoin currently uses more energy than many countries on a national level. 

Algorand to USD Chart

The Algorand blockchain is also efficient when it comes to fees and speed. For example, the average transaction fee is just 0.001 ALGO – regardless of how much is being sent.

Trading at just $0.242 as of writing, ALGO is the best penny cryptocurrency to buy for green investors.

15. The Graph – Indexing Protocol Servicing the Future of Web3

The Graph is a powerful decentralized protocol that provides indexing and querying for blockchain data. It efficiently organizes and retrieves data from various blockchains, enhancing the functionality of decentralized applications (dApps) across the ecosystem. 

Not only does the Graph organize blockchain data, but it makes it easily accessible. This enables the respective blockchain to operate in a faster, lower-cost, and more scalable manner.

The Graph

Since GRT is the penny crypto that fuels the Graph ecosystem, it is required to access its indexing protocol, so it has real-world value.

As of writing, GRT tokens can be purchased for $0.37 each with a circulating supply of over 9 billion GRT.

16. 1inch Network – Decentralized Financial Services With 350+ Liquidity Providers

1inch Network solves a major issue in the world of decentralized trading – liquidity. The reason for this is that 1inch Network utilizes over 350 liquidity providers to ensure that traders never lose out to slippage. Moreover, the 1inch Network ecosystem supports multiple blockchain networks.

1inch Network price

This includes Ethereum, Binance Smart Chain, Polygon, Optimism, Fantom, and others. This project has its own governance and utility token – 1INCH.

Currently, 1INCH can be purchased for just $0.53 per token.

17. Enjin Coin – Blockchain-Based Gaming Guild for Play-to-Earn Titles

Enjin Coin is one of the most popular penny cryptos when it comes to blockchain-based gaming and non-fungible tokens (NFTs). It enables third-party developers to build and deploy games on the Ethereum blockchain.

The Enjin ecosystem makes handling cryptocurrencies easy and safe with its Enjin Wallet, while the Enjin Marketplace is a great spot for trading NFTs.

Enjin Coin to USD Chart

Game developers can use the Enjin Platform to integrate blockchain features into games, which can further optimize the gaming experience.

Moreover, all games hosted by Enjin Coin enable players to earn ENJ, the native token backing the project. ENJ has had a good start to 2023, generating year-to-date gains of 75%. But at $0.49 this is still a small fraction of its all-time high of $4.85.

What are Penny Cryptocurrencies?

There is no standard universal definition of penny cryptocurrencies. With that said, the term is generally used to describe the best cryptocurrencies with a value of under $1. This means that penny cryptocurrencies are ideal for investors that wish to buy a larger number of tokens without breaking the bank.

Many penny cryptocurrencies are small-cap tokens that have the potential to generate sizable long-term gains. This requires investors to enter the market early and be prepared to hold for several years.

This buy-and-hold strategy is often the most effective way to approach penny cryptocurrencies. For example, when MANA was launched in 2017, it was trading at just $0.025. When MANA hit an all-time high of $5.14 four years later, this translated into gains of over 20,000%.

Potential Benefits of Trading Penny Crypto 

The most common and noteworthy benefit of penny crypto is simply that it can offer the opportunity for explosive growth as compared to the more established cryptocurrencies. For instance, Doge went from $0.01 to $0.6 between November 2020 to May 2021. A $100 investment would have turned into $6,000. 

But it’s not simply a lower price of entry – that can be found on early stage tokens. 

Penny cryptos, especially meme penny tokens, often have very motivated followers who are passionate about the ecosystem. These serve to increase the price of the token and can act as a form of secondary marketing, posting on sites like Reddit and Tweeting about the benefits of the coin.   

Investing vs Trading vs HODLing Penny Cryptos – What’s the Difference?

While many people use the terms interchangeably, there are differences between investing, trading, and HODLing penny crypto. These differences relate primarily to the time horizons. Generally speaking, a trader will buy/sell cryptocurrencies within minutes, hours, and days. 

An investor would purchase a cryptocurrency for one month up to perhaps three years. A HODLer is in it for the long term, three years and above. Note that the definitions are not the same as for traditional trading. A long time horizon in traditional investment would be ten years, but crypto moves very quickly.

One trader made nearly a 5,000,000% profit after investing $263 into the PEPE penny crypto in 2023. This would be a good crypto to trade as opposed to HODL, because the project lacks the foundations for long term viability (KYC, roadmap, whitepaper, etc). The same applies for the trending PEPE 2.0 token, which has been recently released, and is currently trending.

The following are the three primary benefits of trading penny crypto to take into consideration. 

Potential for Explosive Returns

One of the best reasons to invest in penny crypto is the potential for high returns. Cryptocurrency as an asset class is known for its impressive ROI. Penny crypto compounds this effect significantly because it typically represents increased growth potential. A lot of coins that trade at around $1.5 – $20 now (SOL, AXS, CAKE) were once penny crypto, that went on to skyrocket past the $1 mark. 

Established non-penny cryptocurrencies that have already reached their peak are unlikely to do so again. Binance (BNB), a non-penny crypto, gained 1,300% in 2021. Currently priced at $250, it would have to go up by 13x to meet its previous all time high. In contrast, penny crypto that is just emerging still has the potential to reach these new highs, as opposed to non penny crypto. 

Moreover, they can reach these highs in a much shorter time frame. Pepe shot up 1,000% in just two days, something that is far less likely to happen with Bitcoin, Ethereum, Binance Coin, or any of the other major coins nowadays. While this obviously does not happen with all penny crypto and there are inherent risks, it does offer a shorter road to profitability as compared with more established cryptocurrency. 

Potentially Lower Investment Costs

Though this does not apply to all penny crypto, many of them are currently in the presale stage or in the early stages of growth. Early stage cryptocurrencies often trade for less than their more established counterparts. If you can buy a coin for 20% of the price at an early stage, it could result in vastly increased profits over a longer period of time. 

Solana (SOL) was available for $0.22 in public auction in March 2020. It is currently priced at $18, and is no longer a penny crypto. You would be paying 80 times more to enter today as opposed to in 2020. 

With Polkadot (DOT), the average price in the private sale funding round was $0.288, in 2017. In 2020, the average price for the private sale funding round was $1.2. It currently trades at around $5. The difference between the 2017 early bird price and the current price is nearly 2,500%. Consider that the price of Ethereum (ETH) during its ICO was a mere $0.30. Now the price hovers at $1,800 – a 6,000x multiplier

So it pays to get in early when the price is low, provided the penny crypto is high quality. You can find these low cost presale/early stage investments by utilizing free tools (outlined in more detail below), staying in touch with crypto media outlets, and joining high quality discord groups. 

Hype and Celebrity Appeal

Penny cryptocurrency often has large followings on social media and benefits from a strong community. This can have a powerful impact on the ROI. Shiba Inu gained 40,000,000% in 2021 – a large part of this was due to a Change.org petition urging Robinhood to list the token. The petition was pushed forward by a multitude of loyal followers. 

The r/Shibarmy Reddit page has 480,000 members and is in the top 1% by size. Early on in the tokens development, the anonymous founder “Ryoshi” gave 50% of the coin supply to Vitalik Buterin of Ethereum, who donated it to a Covid-19 relief campaign in India. This was a gigantic sum worth $1 billion at the time. These kinds of activities generate enormous social appeal. 

Elon Musk is also known to regularly increase or decrease the price of the DOGE penny crypto, even claiming that he was the “CEO of Dogecoin”. His Tweets have been shown to increase the price of DOGE by 100%. The Dogecoin Reddit has over 2.4 million subscribers, and, just like Shiba Inu, has a passionate following. 

Lacking any real fundamentals, these coins are driven purely by their communities and celebrity endorsement. But it works very well – Dogecoin is currently the 8th biggest cryptocurrency by market capitalization, ahead of Solana, Litecoin, Tron, Polkadot, and Polygon. 

How to Find the Best Penny Cryptos 

With the number of penny cryptos on the market, it can be difficult to pick out the very best ones that have a chance of reaching their full price potential. You’ll have to take a number of different factors into account to pick the ones that stand out – a coin might look good from one or two angles but there could be other information that renders it a bad buy. 

So use a combination of the following tools to pick out the best ones on the market. 

DEXTools

We are slowly seeing a migration away from centralized exchanges towards decentralized exchanges (though centralized exchanges like Binance and Coinbase remain in very strong positions, in terms of overall trading volume). With the influx of decentralized technology, there has also been a rise in the number of decentralized tools to spot new trading insights. 

One such tool with a great many features is DEXTools. This free tool allows traders to analyze pairs on a variety of decentralized exchanges, swap tokens (provided the Web3 wallet is connected), view the daily losers/winners, and look at statistics on major decentralized exchanges.

Pairs are assigned an overall DEXT score based on five criteria – pool, creation, holders, transactions, and information. Right now, BTC/ETC has a DEXTscore of 98. The platform has its own educational channel on Youtube and is continually listing new pairs. This tool can be used to identify penny crypto that is starting to show signs of positive momentum before a breakout. 

Discussion Groups

Joining discussion groups is another method to gain access to penny crypto before it hits the all time high (ATH). Telegram and Discord are probably the best places to join groups that are designed specifically for trading penny crypto. One of the top resources is Jacob Bury’s Crypto Clan, currently with over 14,000 subscribers. 

On this discord server, educational content is generated regarding the best exchanges to trade and the principles of smart investment, and giveaways are offered frequently. This group is particularly useful when it comes to presale information and penny cryptos, breaking down the coin prices at each stage and even giving estimated ROIs for tokens. 

The ICO Analytics Telegram group, meanwhile, has over 70,000 subscribers and a five-year history. It points out reputable upcoming ICOs and further breaks down analytics on new tokens. Crypto Signals is a useful Telegram resource for finding penny crypto to invest in, enabling investors to copy-trade the positions of professional traders and witness the rationale behind certain positions. Another great Telegram group for crypto investment is Learn2Trade, which also caters to the Forex trading market.  

Crypto Signals Breakdown

Crypto signals are technical indicators that point towards upward or downward price movements for specific pairs. For instance, Crypto Signals indicated in a blog that BTC had peaked at $31,500 on June 27, 2023, outlining their rationale. Within 48 hours, the price had dipped to $30,000. There are too many technical indicators to go into in any detail, but some of the more common ones include:

  • On Balance Volume (OBV) – Measures the tokens buying/selling pressure based on trade volume. An Increasing OBV points to a price rally while a decreasing OBV points toward a price decline. 
  • Moving Average Convergence-Divergence Indicator (MACD) – Highly utilized in traditional trading. A positive MACD points towards an uptrend while a negative MACD points towards a downtrend. 
  • Relative Strength Indicator (RSI) – Like the MACD, this is another momentum-based indicator. A scale between 0 to 100 indicates buying/selling activity.  
  • Crypto Fear and Greed Index – Novice crypto investors could make use of this simple index which is a thermometer between 0 to 100, to gauge market sentiment. As a general rule of thumb, sell when the market is greedy and buy when the market is fearful. 

No one indicator can be taken on its own. But over time, technical indicators can be combined with other criteria (network upgrades, partnerships, regulatory news, macroeconomic data, etc) for a more rounded decision making process, when it comes to crypto investment.

Reddit is another great resource when it comes to finding the best penny crypto. Useful groups include r/ICO (for upcoming coin offerings) and r/CryptoCurrencyTrading (for advanced trading strategies)

Reddit is an excellent resource for penny cryptos. In fact, it is one of the main repositories for some of the highest performing penny cryptos of all time – Dogecoin and Shiba inu. These penny cryptos are driven mainly by Reddit support, where the tokens are discussed and community initiatives are put forward.

Due to the supportive, interactive, and conversational nature of Reddit, it’s easy to post a question about the project and receive an answer, as opposed to reading a whitepaper from an official webpage and deciding what to do on your own. You can become part of the community and see how the penny crypto has developed with time, as well as receiving the latest updates.  

Crypto Media

Cryptocurrency media outlets such as Coindesk are excellent resources for finding out about the latest news in terms of regulation, fundraising, partnerships, network upgrades, and more. Bookmark some top media publications to stay on top of the latest news regarding penny crypto prices. While this is not quite as powerful as getting the information before it becomes publicly available, it’s still important to stay in touch with the wider markets. 

This is due to the fact that an individual project might be doing extremely well, but other factors could send the market tanking. For instance, the SEC lawsuit against Coinbase and Binance led to price and volume declines across the board. MATIC (-27%), SOL (-29%), ADA (-25%), and BNB (-23%) all declined due to the event

Macroeconomic events like the Federal Reserve pausing interest rates (5.0% – 5.25%) after 15 months of hikes will play a role. This is obviously going to have a knock on effect in terms of investors purchasing penny crypto. So bookmark both crypto media and traditional media to stay abreast of as many impactful items as possible. 

YouTube

YouTube is a particularly good resource for three main reasons. The first is because it allows users to learn in a more dynamic manner than reading static text (and there is a lot to learn about how penny crypto behaves). The second is that you can often gain access to key information that is either not available elsewhere, or others have simply not paid attention to. The third is that Youtube happens to be the second largest social media platform in the world, second only to Facebook, according to Search Engine Journal. 

Michael Wrubel’s YouTube channel, for example, has over 300,000 subscribers and 1,800 videos, specializing in undervalued cryptos that have the potential to skyrocket. BitBoy Crypto is another excellent resource, with over 1. 5 million subscribers. This channel is interesting because it often features guest speakers for debate and additional perspectives. Along with a Discord group, Jacob Bury also has a Youtube Channel with key information relating to presales and penny crypto. 

If you want to spot upcoming penny crypto before the crowd, it is definitely worth checking out some of the top YouTube channels, where the experts have dedicated their time to deep coin analysis. 

How are Penny Crypto Prices Determined? 

Penny cryptocurrencies follow the same pricing framework as any other digital asset. Put simply, pricing is determined by market forces. When buying pressure increases, so will the price of the penny cryptocurrency. Conversely, too much selling pressure will negatively impact the price of a cryptocurrency. But a multitude of factors affects this buying and selling pressure. These factors include celebrity endorsements, regulation, and whale movements. 

Celebrity Tweets and Activities

Penny crypto prices can be heavily influenced based on celebrity actions. This had already been demonstrated through moves from Elon Musk (Doge) and Vitalik Buterin (Shiba Inu). Many penny cryptocurrencies that go on to generate huge returns do so simply because of marketing and mass appeal.

Tweets from antivirus specialist John McAffee had the power to move the price of Verge (XVG) in 2017. Just 4 days after his initial Tweet, the price of the token would move up 500%. Low volume penny cryptos are hugely affected by celebrity figures. 

Regulation

Regulation affects the entire crypto market. Practically all cryptocurrencies, including penny crypto, are correlated to Bitcoin. A crackdown on exchanges will severely affect trade volume, and can adversely affect the price of all penny cryptos that trade on centralized exchanges. The SEC lawsuit against Coinbase/Binance led to price declines and a reduction in trade volume. 

And this happens across the board, so it does not matter if it is a high priced crypto or a low priced crypto. It also does not matter if it is a high volume or low volume cryptocurrency. Regulatory concerns affect the entire market, and it largely moves in unison. 

Other major events like the FTX collapse will have implications across the board, sending the entire market reeling. This happened in late 2022, and the overall market took a hit, including penny crypto. 

Whale Positions

A whale is a trader that has a disproportionate amount of influence relative to the overall market capitalization of a crypto. If you have $5 million and the market capitalization of a cryptocurrency is $50 million, you would be classified as a whale. 

In May 2023, crypto whales started to buy the PEPE token after the price dropped. One wallet purchased $2.7 million in PEPE. The token had a $420 million trading volume in a 24 hour period. This demonstrates that aside from just retail investors, there are many large investors focused on the meme token. The purchases took place amidst a 50% price decrease.  

Just like higher priced crypto, whales exert a significant influence on the price of a token. If anything, they have even more of a powerful effect when it comes to penny crypto, because a penny crypto might have a lower market capitalization than an established crypto. A low volume cryptocurrency is more heavily affected by large buy or sell orders, which whales can execute. 

Many traders focus exclusively on what whales are doing, because they have such power over prices. You can track whales across blockchains by using ClankApp or a similar tool. 

Disadvantages and Risks of Trading Penny Crypto

While there is incredible potential for price gains when trading penny crypto, it does come with some risks that need to be stated. When you learn about the disadvantages, you can avoid them in advance. 

The following are some of the pros and cons of penny crypto investment. 

Volatility

The first major risk is that penny cryptos can be extremely volatile. This applies to the entire crypto market but especially applies to low-volume penny crypto. Volume is a strong indicator of volatility and the lower the volume, the more the volatility, generally speaking.  

It is unlikely that all your investments are going to proceed forward in a straight line without any dips, so only invest if you can survive for the long term. If you are investing early, there might also be a lockup period where you can’t sell for a specified period, such as 12 months or 24 months. New penny cryptos might not be easy to exchange due to a lack of liquidity. 

Lock Up Periods in Crypto

Many token offerings have lock up periods for investment. This simply means that you might not be able to sell your crypto for a predefined period of time after the initial investment. This is useful for price stability because it ensures that people don’t invest with the intention of selling all the crypto as soon as the price appreciates. It can help reduce the volatility so a major investor does not come along and dump the tokens as soon as possible.

Lack of Historical Information

If there is a lack of historical trading data, traders are pretty much operating in the dark. With established cryptocurrencies, there is a lot of information from various blockchain scanners, such as dAppradar or Etherscan. It’s easy to find information on the market capitalization, token supply, and trading information. With a new penny crypto, this might not be the case, as no trends and patterns have been established. 

So with a low volume penny crypto you are typically taking on more risk because no information is available. You might not even have access to key information like who the founders are and what the roadmap is. This is a serious detriment to any investment. 

Hacks and Scams

Penny cryptos are very susceptible to many kinds of scams, most notably rug pulls. A rug pull is when a core development team creates a crypto and then runs off with investor money after a fundraising round, such as an ICO.

Many of the ICOs that took place in 2017 had no working product and no significant number of active users. Yet investors poured billions into such products, and later it was revealed that almost 80% of them were fraudulent. 

Most 2017 ICOs were scams

A research report from Satis Group has indicated that nearly 80% of all ICOs that took place in 2017 were scams. The project noted that many of these ICO tokens traded at 4 times the value of the underlying network. Most of the tokens were bullet on Ethereum with transparent addresses for viewing. Practically all of these ICOs started off as penny cryptos, including Ethereum (at $0.30 per ETH in 2014). Remember that there are many ways to spot a crypto scam – you can learn to differentiate between the good and bad tokens. 

There is a long list of tokens that did not make it – so do your research and ensure you avoid failed projects.  

How to Buy Penny Cryptocurrencies 

To buy penny cryptocurrencies with potential, investors first need to assess whether or not the tokens are currently trading on exchanges. They can also trade on decentralized exchanges where accessible, but these tokens may have slightly more risk. 

Presales like Bitcoin Minetrix ($BTCMTX), and Dogecoin20 ($DOGE20) are all currently engaged in a presale campaign. You can purchase direct from their pages before further price increases takes place. Aside from new presales, you can also access traditional penny crypto like DOGE and SHIB, as well as trending coins like Pepe 2.0. 

To buy penny crypto during presales, you’ll need to have a compatible wallet. Metamask.io will allow you to interact with Web3, and it is simple to set up. You will need to have some crypto to trade in the first place – ETH, BNB, USDT, and other options will likely be available for purchase. Of course, you can also purchase penny crypto that trades on exchanges, potentially receiving the token into your exchange account. 

How to Choose Penny Crypto Tokens for a Portfolio: Summary

Here’s a quick recap of how to find a top penny crypto for 2024:

  • Presales: We mentioned above that presales are home to some of the best penny crypto to invest in. Early presale investors get the most favorable entry price and there is often an immediate upside available.
  • Focus on Innovation: The most successful crypto investors are those that focus on the underlying product or service being developed.
  • Stick With Low-Cap Gems:  Penny cryptocurrencies with a low market capitalization offer the most attractive upside. Conversely, the risks are also higher. To counter the risk of loss, consider diversifying across multiple low-cost projects at equal investment sums.
  • Consider Cryptocurrency Penny Stocks: For an even greater level of diversification, consider penny cryptocurrency stocks. These are likely to be micro-cap companies that trade on the OTC markets. When exploring the best crypto penny stocks to buy, be sure to keep stakes sensible.

Conclusion

In our guide on the best penny cryptocurrency to invest in 2024, we’ve looked at the top choices, what makes them stand out, as well as the inherent risks that come with each.

Although the potential for significant returns is alluring, it’s crucial to remember the unpredictable nature of the crypto market. Therefore, always do your own diligent research so that you have a good understanding of what you’re investing in.

Overall, Dogeverse is the top penny cryptocurrency. Currently, $DOGEVERSE is priced at just $0.00031 per token during the ongoing presale stage. This is a multi-chain compatible token, that will bridge with six of the most popular blockchains in the crypto space.

References

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Kane Pepi
Editor
Kane Pepi
Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…