8 Most Undervalued Cryptocurrencies to Invest in 2024

The goal of just about everyone that invests in crypto or stocks is to find an undervalued asset that they’re able to extract profit from. However, finding the most undervalued crypto projects requires a huge amount of research and can be rather difficult.

Throughout this guide, we’ll be taking a look at 10 of the most undervalued crypto projects that can be purchased right now, discussing what makes a project undervalued, and explaining where to find the most undervalued cryptocurrencies in 2024. Let’s get started. 

The 8 Most Undervalued Cryptos to Buy Today

Below we’ve rounded up a few of the top undervalued cryptocurrencies that have the potential to explode over the coming months. The projects we’re looking at offer a wide variety of use cases and comprise some of the top cryptos with the most potential in 2024.

1. Smog – Best undervalued meme coin after dropping from its all-time high. Has viral potential plus a large airdrop incoming.
2. Sponge V2 – New crypto that offers 246% staking APY and an upcoming play-to-earn game.
3. Bitcoin Minetrix – A unique crypto token with a chance to earn passive Bitcoin mining income via stake-to-mine approach. It removes the early challenges of equipment and high costs for newcomers. 
4. Chainlink – Data-driven cryptocurrency project that is packed with intrinsic value.
5. XRP – Transactional cryptocurrency that is used by multiple banks and financial institutions.
6. Quant – Project created to facilitate interoperability between blockchains.
7. Basic Attention Token – A crypto project that is reshaping online advertising.
8. Cardano – Popular crypto project building a secure smart contract ecosystem.

Analyzing The Most Undervalued Crypto Coins

We’ve taken a quick look at each, so now it’s time we delve into our reviews of the most undervalued cryptocurrencies in 2024.

1. Smog – Extremely Undervalued Solana Meme Coin, Price Down Following Record 4,700% Rally

Smog is the latest meme coin on the Solana blockchain and currently the most undervalued cryptocurrency in the market after dropping from its all-time high (ATH). According to its whitepaper it is aiming to become the largest airdrop in history, and has promised rewards of 42% APY to early investors. Introduced to the world in early February 2024, Smog aims to emulate the success of Bonk, Dogwifhat, and Myro, all of which experienced significant periods of rapid growth.

Since its recent decline, the dragon-themed token has strategically focused on its airdrop for utility, crediting holders points that contribute to their eligibility for the impending drop. Accumulating more points enhances the potential rewards during the drop.

This new found focus could see Smog have an even bigger surge in the future, surpassing its initial 4,700% rally after its launch on the Jupiter decentralized exchange (DEX).

Overall, allocations for the 1.4 billion Smog tokens include 50% for marketing, 35% for the airdrop, and the remaining tokens designated for listings on Centralized Exchanges (CEX) and Decentralized Exchanges (DEX).

To delve deeper into Smog, join the community on Telegram and X (formerly Twitter).

2. Sponge V2 – New Meme Coin With Over 246% Staking APY And an Upcoming Play-to-Earn Game

Sponge V2 follows the success of the meme coin Sponge V1, which had a market cap of $100 million at its peak in 2023, making a 100x return to early investors. Sponge V2 aims to outperform this by building a play-to-earn racing game. If it succeeds, this will undoubtedly be one of the most undervalued crypto at the moment.

Get your Sponge V2 tokens by connecting your MetaMask or any Ethereum wallet to the Sponge V2 website and use ETH or USDT to make the purchase. If you already have Sponge V1 tokens, you can simply stake them to start earning V2 tokens.

Staking comes with a 246% annual percentage yield, which is generous compared to many other tokens. However, you should start staking as soon as possible as the APY will drop in time.

Once all Sponge V1 tokens are bridged to Sponge V2, the first stage of the project ends and the second begins. This comes with token listing on major exchanges and enabling the claim feature. You can now sell your tokens on an exchange or keep staking them.

The play-to-earn game is planned for launch in the third stage. This should bring fresh eyes into the project and potentially increase demand for the token.

Follow Sponge V2 on X and join the Sponge V2 Telegram channel to get the latest information about the project. Make sure to read the Sponge V2 whitepaper as well. 

Presale Started	6 Nov 2023
Purchase Methods	ETH, USDT and Card
Chain	Ethereum
Min Investment	None
Max Investment	None

 

3. Bitcoin Minetrix – A New Crypto With Tokenized Cloud Mining For Bitcoin, Raised Over $10 Million in Presale

Bitcoin Minetrix is another undervalued crypto, bridging the gap between traditional and modern mining methodologies. In just a few months since the crypto presale, Bitcoin Minetrix has raised more than $10 million. 

This user-centric platform has a well-structured token supply of 4 billion, of which nearly 2.8 billion tokens are set aside for presale. At the time of writing, $BTCMTX is priced at $0.0132 per token. This token allocation is planned to benefit the community, with tokens reserved for mining and staking in addition to the marketing efforts.

Central to the Bitcoin Minetrix ecosystem is its “Stake-to-Mine” model. By staking the platform’s native $BTCMTX tokens, users are rewarded with non-tradable mining credits. 

These credits, when burned, provide Bitcoin rewards, offering a simple and risk-mitigated mining experience. 

This unique approach simplifies the mining process and presents a greener alternative, distancing itself from the environmental concerns associated with conventional mining.

Per the Bitcoin Minetrix whitepaper, beginner or experienced users can effortlessly monitor their mining activities through an intuitive dashboard. 

This includes insights into hashing power, mining credit metrics, and potential revenue projections. With mobile compatibility, users can stay updated on their activities from anywhere, ensuring mining is both efficient and accessible.

By introducing a tokenized system, Bitcoin Minetrix offers tangible mining credits against staked tokens, bolstering user confidence and safeguarding against prevalent cloud mining scams. Notably, the flexibility of unstaking tokens per market rate further improves its user-friendly nature.

Bitcoin Minetrix has set a hard cap goal of $33 million.

You can join the Bitcoin Minetrix Telegram channel to stay updated on the latest developments.

Presale Started	26 Sept 2023
Purchase Methods	ETH, USDT, BNB
Chain	Ethereum
Min Investment	$10
Max Investment	None

 

4. Chainlink – Data-Driven Crypto Project Packed with Intrinsic Value

Chainlink (LINK) is a favorite among investors looking for the best future cryptocurrency projects. The project was created as a way to implement data gathered off-chain into on-chain projects. This has massively opened up what’s possible in the world of crypto and web3. 

With Chainlink offering such an in-demand service, it should be of little surprise that the project has been picked up a plethora of high-profile entities including Aave, Polygon, and even Google Cloud. Thanks to its first-mover status and its long list of established partnerships, the project is likely to continue growing for the foreseeable future. 

Chainlink is one of the most impressive crypto projects on the market right now. It offers investors a huge amount of intrinsic value at a comparatively low cost compared to the token’s previous highs. Being one of the best altcoins available right now, it’s well worth keeping an eye on LINK throughout the coming months.

5. XRP – Transactional Cryptocurrency Held Under Water by Legal Issues

Created by David Schwartz and Jeb McCaleb, XRP is a transactional cryptocurrency focused on creating a simple, low-cost, and energy-efficient solution for internal money transfers and currency conversion. While Schwartz and McCaleb later formed Ripple Labs to boost the XRP ecosystem and build use cases, it’s a common misconception that Ripple created XRP. 

While XRP has cemented itself as a transactional powerhouse through tactical partnerships with a number of well-regarded institutions like the Bank of America, the project has since expanded its goals. In 2021, the XRP Ledger (XRPL) was launched, giving the network smart contract functionality and allowing new applications to be created using the XRP network. 

While XRP has proven itself as a strong asset, a recent lawsuit from the Securities and Exchange Commission (SEC) has led to doubt among some investors. While we’ll have to wait and see how things play out, it seems likely that XRP will make it out the other side largely unscathed, making XRP one of the top cryptos to watch right now.

6. Quant – Project Created to Facilitate Interoperability Between Blockchains

Quant (QNT) is one of the most undervalued crypto projects and one of the overall top interoperability-focused cryptocurrencies available. The project enjoyed huge success in 2021, increasing in value by almost a factor of 10 before falling back to earth alongside the collapse of the crypto market. 

Since the invention of altcoins, it has been difficult to make different blockchains work together. This issue gives rise to architecture standards like Ethereum’s ERC. However, Quant has taken a different approach, using a blockchain-based operating system known as Overledger to allow different blockchains to work with one another. 

With QNT’s impressive performance in 2021, there’s a clear demand for the project. In order to use the Overledger, an application must own a certain amount of QNT, boosting demand further as the project’s adoption increases. With this in mind, the project is surely one of the most undervalued cryptocurrencies in 2024. 

7. Basic Attention Token – Crypto Project Reshaping Online Advertising

Perhaps the best-undervalued cryptocurrency for 2024 within the advertising space is the native cryptocurrency of the Brave browser, the Basic Attention Token (BAT). One half of the BAT ecosystem, the Brave browser is a privacy-focused web browser with a built-in ad blocker.  

The token is used to reward people browsing the web for the advertisements they see, boosting engagement between adversities and users. Furthermore, the BAT concept has enabled advertisers to get a far greater return on their ad spend than would be possible using other platforms. 

The Brave browser has been gaining a large number of users as of recent thanks to its innovation and improvements to a service used by nearly every internet user on the planet. Although the future price of BAT will be heavily linked to the success of the Brave browser, things are looking promising for this interesting project. 

8. Cardano – Popular Crypto Project Building a Secure Smart Contract Ecosystem

Rounding off our list of the most undervalued crypto projects is Charles Hoskinson’s Cardano (ADA). While the token was launched in 2017, it packed up traction in 2021 as an alternative to Ethereum eventually climbing to an all-time high of around $3.10.

The project was designed as a heavily decentralized and secure blockchain and has been successful on this front. Cardano was one of the first large-cap cryptocurrencies to implement the proof-of-stake (PoS) consensus mechanism that has now been picked up by post-merge Ethereum. 

While many investors aren’t a fan of the time it takes for Hoskinson to fulfill his goals, it seems logical that it’s better for updates to take a while rather than be rushed and insecure. As it stands today, Cardano is one of the largest cryptocurrencies on the market, and with a loyal community, it’s unlikely for this status to fade anytime soon. 

What Makes a Cryptocurrency Undervalued?

While it’s true that ‘undervalued’ will be a subjective term, the majority of investors will likely be able to agree on a few key attributes that make a cryptocurrency undervalued. Typically, if an asset has greater intrinsic value than perceived value, it can be considered undervalued. 

Intrinsic value simply refers to a project’s utility. For example, if a certain cryptocurrency provides a service that is actually needed within the industry, it will always have a utilitarian demand, helping to bolster its value regardless of the current market conditions. 

On the other hand, perceived value is what investors believe an asset is worth. This is influenced in a large part by hype and buyer sentiment. As such, once things start going awry perceived value tends to melt away as the interest in an asset declines. 

How to Find Undervalued Crypto

There are a plethora of techniques that can be utilized to find the top undervalued cryptocurrencies. We’ll be sharing a few of the most powerful. 

Analyze Price During Market Downturns

Although it might seem counterproductive, looking for undervalued assets during periods of negative growth can be a great way to find some low-cap crypto gems. When the market is suffering, overvalued assets will likely decline faster or to greater proportions. However, undervalued assets will remain strong and decline comparatively less despite the macroeconomic conditions. 

Search for Trending Projects

Websites like CoinMarketCap are packed with statistics on almost every cryptocurrency on the market. Searching these platforms for projects that have been trending or experiencing increased volume for longer periods of time can be a big help when it comes to finding undervalued crypto for 2024. 

However, it’s important to look at the price history to ensure that an asset hasn’t experienced a recent pump that could have pushed it into overvalued territory. 

Compare an Asset to Similar Projects

While this method isn’t perfect, it can be a great way to figure out which projects are undervalued when the proper research is done. Comparing the value of one asset to another similar project can be helpful but it’s crucial that both projects fulfill very similar objectives, have similar statistics, and have similar tokenomics. 

Look for Projects with Ample Intrinsic Value

Naturally, looking for a project packed with intrinsic value and utility is a large part of finding undervalued projects. If an asset is priced cheaply when considering its function, then it could make for a good long term crypto investment. Conversely, just because an asset is cheap doesn’t mean it’s a good investment, must also provide ample value for its target audience. 

Conclusion

Throughout this article, we’ve taken a look at some of the most undervalued crypto projects available to purchase right now, discussed what makes an asset undervalued, and provided a few techniques that can be used to find undervalued assets. 

While each of the projects we’ve mentioned is strong, throughout our research, we noticed that one, in particular, has massive room for growth. One of the top cryptos right now is Smog – which is preparing for the biggest airdrop ever and is offering holders staking rewards of 42% APY . 

 

FAQs

What is the most undervalued cryptocurrency?

Although each of the projects we reviewed in this list can be considered undervalued, a couple of cryptos showed huge room for growth. Smog and Sponge V2 seem primed to take off as core functionality begins to get rolled out, making them worthy of consideration. 

How do I tell if a cryptocurrency is undervalued?

There is a large variety of factors that affect whether an asset can be dubbed undervalued. However, in short, if an asset offers more intrinsic value than it has perceived value, it can be considered undervalued and could make for a solid investment (as long as its fundamentals are sound). 

Which crypto will boom in 2024?

It’s impossible to predict which projects will explode with 100% accuracy. However, Smog is off to a great start – ahead of its much anticipated airdrop.  

 

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.