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
- 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 first 10 hours of 6 January alone, 19 new coins were listed on CoinMarketCap. They were:
- Frog (FROG)
- Tomb Shares (TSHARE)
- Tribe Fighters (F2 NFT) (F2C)
- Meta Capital (MCAP)
- Cino Games (CINO)
- Musk Doge (MKD)
- Doom Hero Game (DHG)
- 2Shares (2SHARE)
- 2OMB Finance (2OMB)
- Phonon DOA (PHONON)
- PoorQUACK.com (POOR)
- Metaland DAO (META)
- Flare Finance (EXFI)
- Elon Goat (EGT)
- 1peco (1PECO)
- XL-Moon (XLMN)
- Gamma Strategies (GAMMA)
- Ricnatum (RCNT)
- Ascentpad (ASP)
These newest crypto coins do a variety of things. For instance, Flare Finance is a DeFi platform based on the Flare Network, while Cino Games allows people to provide liquidity to online casinos and PHONON describes itself as “a community-owned protocol enabling off-chain transfer of digital assets using secure hardware”. 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 coming in 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 6 January it was trading at around 0.000085. 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 Inuversity, it might be worth noting this token as a promising new cryptocurrency.
Lucky Block: Will the gamble pay off?
One of the more interesting new upcoming cryptocurrencies is Lucky Block. In late 2021, this coin announced that it was hosting a presale, which will close on 1 February 2022.
The coin aims to fund a lottery which rewards players with crypto. What it says 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.”
While we do not know what will happen to Lucky Block once the presale is over, the token has been advertising its presale on buses in Manchester and London, which suggests that it is optimistic it can attract more investors from outside the usual people who are interested in crypto.
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 its Novi cryptowallet for a trial run in the United States 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, the head of Nov, 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 suggests that the aim is for Diem to be used as a method of exchange as much as a form of payment or store of value. When the coin, which aims to operate without any transaction fees, will launch is still up in the air, but with Meta's and Facebook’s dominance of the social media space, it will be one to watch if and when it does launch.
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 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. According to Coinopsy, nearly 2,400 cryptocurrencies have failed.
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. To put it another way, 75 cryptocurrencies are now listed as having an end project date of 2021 on Coinopsy. 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.
The answer to this question depends on how you define “new” and how you define “there”. The latest info from CoinMarketCap suggests that there were at least 30 new cryptocurrencies coming into trade between Wednesday 5 January 2022 and Thursday 6 January 2022. According to figures supplied by Statista, between February 2021 and November 2021, there were 3,056 new cryptos launched. This number increases all the time. So how many cryptocurrencies are there? A lot.
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.
According to Coinopsy, nearly 2,400 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 16,476 active cryptocurrencies, that means that nearly a fifth of all cryptos have failed.
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 musts 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.
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.