Newest cryptocurrencies: What’s starting up in 2022?
New cryptos are popping up daily. What’s new, what’s upcoming and how can I start my own?
- The newest cryptocurrencies in 2022
- The story of FLOKI
- Hot in 2022: Lucky Block, will the gamble pay off?
- The ongoing saga of Diem
- Setting up your own cryptocurrency
- A final warning
In the world of cryptocurrency, it seems new coins are being launched every day, and everyone wants to ride their own crypto rocket to the Moon. What are the newest cryptocurrencies? What do they look like? How are they meant to be used? What might happen to them? Here are some of the latest examples.
The newest cryptocurrencies in 2022
There are many cryptocurrencies currently making their way onto the exchanges. If we were to investigate all the new ones created in 2021, and 2022 so far, we would be here a very long time.
For instance, in the past 24 hours on 7 March alone, 18 new coins were listed on CoinMarketCap. The new cryptocurrency releases include:
- CryptogerClub (CTOGER)
- Sheeba Inu (SHEEB)
- Degen Finance (DEGEN)
- Food Bank (FOOD)
- Code7 (CODE7)
- Flying Colours (OURS)
- Local Terra (LOCAL)
- 5table Finance (5TABLE)
- Baby Vizsla Inu (BABYVIZSLA)
- LordToken (LTT)
- POPKON (POPK)
- Meta House (META HOUSE)
- Dark Knight (DKNIGHT)
- Peace Doge X (Peace doge X)
- DShares (DSHARE)
- Zoro Inu (ZORO)
- DeltaFi (DELFI)
- Hearts (HEART)
These newest crypto coins do a variety of things. For instance, DeltaFi describes itself as “the world’s most efficient and user-friendly intelligent automated market maker (AMM) powered by Solana”.
Conversely, “BABYVIZSLA is a fully decentralised peer-to-peer (P2P) digital currency on Binance Smart Chain. Baby Vizsla Inu is a token that aims to have a huge positive influence on the (hungarian) philanthropic culture while also making something valuable through the power of the crypto world.”
These are all very new coins, so it might be difficult to predict which are the newest cryptocurrencies to watch, let alone which to invest in.
The story of FLOKI
The year 2021 was quite a ride for crypto, with several of the multitide of new coins garnering wide attention from investors. One of the most interesting of the newest crypto is Floki Inu (FLOKI). This “third generation” dog coin caught people’s eyes both inside and outside the crypto space when it ran a series of adverts in major cities in the autumn of 2021. This advertising blitz seems to have had some success, with Floki reaching an all-time high of $0.0003437 on 4 November that year.
However, things have not been plain sailing since then. The contraction of the crypto market, brought about in part by the rise of the omicron variant of Covid-19, hit the token pretty hard and, as of 7 March it was trading at around 0.00003059. Nevertheless, with memecoins having become big business and Floki promising to launch a gaming system called Valhalla, an NFT and merchandise market called FlokiPlaces, and an educational content platform called Floki University, it might be worth noting this token as a promising new cryptocurrency.
Hot in 2022: Lucky Block, will the gamble pay off?
One of the more interesting new upcoming cryptocurrencies is Lucky Block (LBLOCK). In late 2021, this coin announced that it was hosting a presale, which was originally set to close on 1 February 2022. However, early investors snapped up all of the reduced-price tokens over two weeks before its conclusion. Lucky Block then raised nearly $6m in funding, which will be allotted to the platform, helping the network to expand and develop additional features. In total, there is a maximum supply of 100 billion Lucky Block tokens but 37.23 billion (37%) have already been sold.
The coin aims to fund a lottery which rewards players with crypto. What makes it different from other online crypto-gambling platforms is that it does not limit its users by geographical location but, instead, the game can be played worldwide.
As the Lucky Block’s white paper says: “The internet has created a demand for online gambling, with companies offering easily accessible online wagering. So, it’s hardly surprising these websites are fast-growing and highly profitable.
“Lucky Block envisions a worldwide lottery with players using blockchain protocols, operating on the binance smart chain.
“We believe the lottery should not be bound geographically or tied to local financial systems. Instead, our focus is to develop further transparency and fairness in gaming, creating a lottery where every player has better win odds while providing a solid investment strategy for token holders while contributing to the community.”
The ongoing saga of Diem
Another upcoming crypto is Facebook owner Meta Platforms’ much-vaunted Diem. This stablecoin has been in the pipeline for some time now. In October 2021, Facebook/Meta launched the Novi cryptowallet for a trial run in the US and Guatemala. What drew some people’s attention was that it did not use Diem but, instead, a separate stablecoin called Pax Dollar (USDP).
The important thing to note here is that USDP is separate from Meta’s project, which could lead to some doubt as to when Diem will come out. Considering the original launch date of the Facebook crypto was due to be in 2021, the long wait – which Facebook puts down to a delay in getting regulatory approval – might be a concern.
However, in a blog post written in August 2021, David Marcus, who was then the head of Novi, wrote: “The goal for Novi has been and always will be to be interoperable with other digital wallets, and we believe a purpose-built blockchain for payments like Diem is critical to deliver solutions to the problems that people experience with the current payment system.”
This suggested that Diem’s aim was for it to be used as a method of exchange, as much as a form of payment or store of value. The coin aimed to operate without any transaction fees, but considering Meta and Facebook’s dominance of the social media space, it became a source of concern for legislators. After buckling to ongoing resistance from regulators, Facebook’s parent, Meta, and its partners in the Diem Association pulled the plug on the cryptocurrency project.
Silvergate Capital Corp purchased the Diem Payment Network’s intellectual property and assets for $182m. Aptos is also eyeing a $2bn valuation for its bid to bring the Diem blockchain into users’ hands, sources told CoinDesk in an article written on 24 February.
So although Diem might be over for Meta, we have yet to see what it might come back as in the future.
Setting up your own cryptocurrency
Starting your own cryptocurrency is fairly straightforward. It is not necessarily easy, but it is simple to explain. To set up your own coin, you take an existing coin and just change its code. You then have your very own coin. You need strong coding skills, however, if you want to do that.
If you are minded to start your own token, the process is different. You can, in theory, use some open-source code on top of an existing blockchain and piggyback on the chain’s success. But if you are going down the token route, you need to launch an initial coin offering (ICO). The idea behind this is to raise money to create liquidity, as well as make money from your new crypto. You need to write a white paper, telling people what your token is going to do and how it works. Then you need to advertise it, so people know about it and hopefully get involved.
Be aware that there is currently little regulation of ICOs, so governments are starting to take a real interest. Make sure everything you do is legitimate and above board.
A final warning
While you might be interested in, and excited by, the range of new cryptocurrencies, you do need to proceed carefully.
First, there is always the potential for getting caught in a scam. Make sure what you are looking at is legitimate.
Second, it is more than possible that the coin may fail, despite being set up in a well-thought-out, legal way. This happens more than you might think. Coinopsy has recorded 2,404 failed projects so far.
One of the most notable failures in crypto history was that of the DAO coin. This was set up in 2016 in conjunction with a DAO, or decentralised autonomous organisation, which is a system designed to help people promote and raise money for their start-up apps on the Ethereum network.
Unfortunately, there were security problems. This meant the DAO collapsed, despite intending to “blaze a new path in business organisation for the betterment of its members”, and despite “existing simultaneously nowhere and everywhere and operating solely with the steadfast iron will of unstoppable code”. This failure took the DAO coin with it.
Other failures have not been quite so spectacular; they either ran out of investors or never even got off the ground. Some of these will have been new, promising cryptocurrencies before they died. We do not know which of the newest cryptocurrencies in 2022 will survive, let alone thrive.
How many new cryptocurrencies are there?
The answer to this question depends on how you define “new” and how you define “there”. The latest info from CoinMarketCap suggests there were 18 new cryptocurrencies coming into trade between 6 and 7 March 2022.
According to figures supplied by Statista, the number of cryptocurrencies worldwide in February 2022 stands at 10,397. Coinmarketcap suggests there are 18,037. In 2017 there were only 1,658, which demonstrates how quickly the industry is developing.
How to create my own cryptocurrency?
This depends on whether you want an actual crypto coin, or whether you want to set up your own crypto token. If you want a coin, you need some coding skills to change the code and set your own variable with your own blockchain. If you are looking to create a token, you can get some open-source code and make use of an existing network.
How many cryptocurrencies have failed?
According to Coinopsy, 2,404 coins have officially failed. Whether it was because they ran out of investors, they were targeted by hackers or they were just a scam, they are no longer in circulation. When you consider that the latest figures suggest there are around 18,037 active cryptocurrencies, that means that more than one in 10 of all cryptos have failed.
How often do new cryptocurrencies come out?
The short answer is, all the time. As we have seen, there are dozens of new cryptos being released every week, if not every day. That said, the truth is that only a handful of these cryptos will blossom and thrive in today’s over-crowded market. If you want to invest in a new crypto, you must do your own research, remember crypto prices can be highly volatile and will go down as well as up, and never invest more money than you can afford to lose.
Where to find new cryptocurrencies?
New cryptocurrencies are added all the time on exchanges, such as Currency.com. Crypto aggregator sites like CoinMarketCap also collect and list the newest coins by date.