Top 10 Digital Currencies of 2023 That are Not Bitcoins

The basic digital market asset, that many of us may simply know as BitCoins, Cryptocurrencies are the future’s mode of transaction. Powered Encryption technology and algorithms, Cryptocurrencies serve as digital money, as well as virtual accountants. Bitcoin is by far the world’s leading and most popular digital coin. Every person who has heard of cryptocurrency is familiar with Bitcoin. However, this is a list of the top 10 Digital Altcoins of 2023 that all of us should consider investing in.

1. Litecoin- Founded in 2011, by ex-Google engineer Charlie Lee, LTC is a digital currency that is similar to Bitcoin, but with a comparatively faster transaction processing time. The cryptocurrency’s main aim is to facilitate daily transactions. However, instead of using it for its intended function, a lot of investors invest in LTC as a potential digital asset. This is because it is often speculated that the digital currency may gain value with time, just like BTC.

2. Polygon-  Polygon is a blockchain platform that is powered by the MATIC token. The platform was built with the aim of connecting and growing projects and blockchains that are compatible with Ethereum– the exchange under which Polygon comes. The MATIC tokens control and secure the Polygon network while also paying the fees for transactions. This interface uses a brand-new proof-of-stake model to use power and energy efficiently to run the platform.

3. Binance– Binance is a digital exchange that supports the majority of the most popular cryptocurrencies. The exchange not only provides a crypto wallet for storing digital funds but also allows users to earn interest or carry out crypto transactions. Not only this, the exchange also facilitates user decisions by providing miners and traders with market consultancy. Binance’s blockchain-based token is known as BNB. This digital coin has one of the lowest transaction fees along with high liquidity. Additionally, it also gives discounts to users for using BNB for payments. Meme coins are cryptocurrencies that are inspired by and based on memes trending over social media. Compared to major market cryptos, they are way more volatile. This may be because meme coins and their prices are heavily community-driven, and influenced by the trends and sentiments of online communities across social media platforms. Although this relatability brings users hype, due to its volatility, the currency is also at a heavy financial risk, which may bring users a lot of FOMO. 

4. Dogecoin– Dogecoin, named after the popular dog meme, was created in 2013 by Jackson Palmer–  product manager at Adobe Inc, Sydney,  and Billy Markus– IBM software developer. It shares similarities with Litecoin and works on the same technology model. Dogecoin has a devoted group of supporters who trade it to tip content on social media. Markus and Palmer released Dogecoin on Dec. 6, 2013. Two weeks later on Dec. 19, Dogecoin’s value had hiked by 300%.

5. Shiba Inu– Also known as the “Dogecoin Killer”, Shiba Inu is an Ethereum-based altcoin featuring a Shiba Inu as its mascot. The coin has a loyal community base that calls itself the SHIBArmy. It was made in August of 2020 by an individual or group known as Ryoshi. The price of Shiba Inu went up more than ten times in October 2021, giving it a market cap of 41 billion dollars. Despite this market cap having fallen drastically over the past year, Shiba Inu is still one of the top ten meme cryptocurrencies, ranking right after its opponent, Dogecoin.

6. Wall Street Memes- With over 250,000 followers on Twitter, and a Telegram community of more than 10,000 subscribers, Wall Street Memes is one of the most successful meme coins of the present. Crypto has gained over $11.5 million while also being noticed by many celebrities in the field of crypto. The Wall Street Memes harness the power of memes to bring together smaller investors who are frustrated with finance, as seen on America’s famous Wall Street. However, Wall Street Memes also allow these smaller investors to profit from capitalism-driven greed, which has shaped the present and future of digital currencies. Extracting digital currencies, also called Cryptocurrency mining, requires very high levels of energy. According to the Cambridge Bitcoin Electricity Consumption Index, Bitcoin mining currently uses around 110 Terawatt hours/year. This is roughly how much energy small nations like Malaysia or Sweden need in a year. Therefore, there is no doubt that sustainability has become a central concern for the blockchain industry’s future. To minimize the carbon footprint of digital currencies, alternative models called green cryptocurrencies were developed. Many of them even contribute to environmental causes, doing justice to their purpose of environmental conservation.