As the blockchain industry starts gaining strength again, there has been a surge in the demand for underrated cryptocurrencies. Investors have been constantly searching for that one token that could give massive returns when the bull market is finally here. However, the bearish sentiments in the market seem to have a bigger effect on the market.
BTC, which had corrected from its all-time high of around $67500 back in 2021 to the current levels of $20,000 has been struggling to break resistance. As the crypto winter shows no signs of ending anytime soon, a majority of the investing citizenry has been stocking up on these digital assets.
While several popular tokens have been picked up by the masses, a few projects that are still not that famous in the community too are now being added to several watchlists. One of these projects that have made way to investors’ attention is Syscoin.
What is Syscoin?
Founded in 2014 by the creators of Blockchain Foundry, Syscoin is an open-source and decentralized project. Through rollups, Syscoin supports a cutting-edge Web 3.0 ecosystem with ultra-low fees, decentralized Layer-1 security, and Layer-2 scalability to provide economies of scale.
Syscoin is a cryptocurrency designed to support smart contracts in a wide variety of use cases, such as Metaverse, IoT, Smart Cities, and future interplanetary economies. As part of its roadmap, ZK-Rollups, Optimistic Rollups, Validium, and DAOSYS are being implemented. DAOSYS is a new type of DAO that provides governance-free treasury management and self-sovereignty for all participants.
Using Bitcoin’s Proof of Work and merged mining, the project enables smart contracts and Rollups to secure transactions. In addition to Finality, Syscoin provides chain locks, which are secured by quorums of incentivized masternodes (full nodes).
While maintaining the Nakamoto consensus and Proof of Work, this Finality provides a safer Defi, effectively reducing the risk of 51% attacks and long-range miner extractable value (MEV attacks) that Ethereum remains vulnerable to. In short, the token is built on core fundamentals that promise great potential.
SYS, the native token of the Syscoin ecosystem plays a vital role in the functioning of the platform.
A decent pump
SYS reached its all-time high back in January this year when the token was worth around $1.2. However, the project did manage to accumulate a huge user base within this period. The various social media handles that were kept completely active alongside a consistently building infrastructure made this possible.
While the token has corrected immensely within the last 8 months, where it lost its value by almost more than 80% due to market conditions, it still managed to garner popularity. The token had been working through the crypto winter, hoping to take a position among some of the top cryptocurrencies.
With major developments and a recent partnership, SYS managed to rise in price and saw a decent pump last week. The token that was previously trading around $0.13 managed to touch the $0.16 level before correcting. However, the price is now back to the $0.15 range, with investors expressing bullish sentiments on social media platforms.
The token currently holds a market cap of more than $98 million with a circulating supply of around 659 million tokens. With more than 171,000 followers on Twitter and a dedicated community, Syscoin has been staying active in sharing achievements and development within the project. This may help the token grow further in the future.
As an underrated project, it is important to find tokens that also boast actual utility. The most sought-after projects are those which feature utility along with massive popularity potential. One such project that has been launched recently is Tamadoge.
Tamadoge is a blockchain P2E gaming platform that combines the popularity memecoin status brings with a fundamentally strong infrastructure. The project has managed to grow immensely following its recent launch in 2022. With an innovative approach to P2E gaming, this new entrant to the Doge ecosystem is fully integrated with the Metaverse.
The project has been very transparent about its security since the start, with the team verified by Coinsniper. The token contract too has been audited by SolidProof and is looking to get several more in the future.
Tamadoge has managed to sell over $11.9 million worth of TAMA, the ecosystem’s native token within a few months of introduction and expects to grow further in the upcoming weeks.
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