You might remember penny stocks, made famous outside of the financial world thanks to the biopic movie, the Wolf of Wall Street.
While penny stocks do still occupy a space in the trading world today, they are now becoming the beacon of the trading dinosaur. Exit penny stocks, and enter penny cryptocurrencies…
You’ve most likely by now already heard of Dogecoin, the half-meme, half-serious cryptocurrency that has skyrocketed in value over the past year. Started as a satirical joke, but backed up by a functioning payment system in 2013, Dogecoin has developed a cult following of retail millennial traders.
Its recent spike in popularity has been driven largely by social media hype and celebrity Twitter activity. Among Dogecoin’s most vocal supporters is Elon Musk, CEO of Tesla and all round visionary of the future.
Dogecoin and its imitators have commonly been referred to as “meme coins” by the financial and mainstream media. However, their low per-unit value twinned with the fact that they do actually function legitimately as active crypto currencies has led to the coining of a new term – “penny cryptos”.
Given that Dogecoin, now being lauded as the original penny cryptocurrency, has surged 12000 percent over the past year, the hunt is now on for the next big penny stock. Dogecoin’s initial social media hype-driven spikes were largely thought to be mere crazes, however it’s a growing phenomenon that just doesn’t seem to be going away.
The hunt is now on for the next big penny crypto to follow in Dogecoin’s footsteps, with Oxen being pitted as the most likely contender.
Oxen is a functioning cryptocoin that currently trades at $0.84 per unit – around $0.50 higher than Dogecoin. Originally named Loki, investors believe that Oxen offers more potential for real-life utilization than Dogecoin and therefore has the potential to gain traction. Oxen’s overall market value currently stands at $46 million.
Another reason that Oxen is thought to have the potential to explode is privacy. While bitcoin and other popular cryptos are widely believed to offer privacy just because they are decentralized, many experts argue that they are actually somewhat transparent by nature.
Oxen keeps its users more private by having ten ring signatures, instead of just one – meaning nine of them are decoys, making the user more difficult to trace. Additionally, Oxen uses “stealth addresses” to hide the users real address and deploys a RingCT protocol, which hides the volume of the transaction – showing only that it is greater than zero.
Dogecoin was created as a joke and was never intended for serious financial purposes – meaning it was never really meant to get to where it is today. Oxen on the other hand, was purpose built with the function of increased privacy in mind, making many experts believe that this could be a penny crypto worth investing in for the future.