Top 10 Cryptocurrencies To Watch in June 2022

Key Insights:

  • After the crash of May 9, most of the cryptocurrencies fell to their lowest in months.
  • Since last week, the crypto market has regained its lost $138 billion.
  • Top cryptos for the month of June include Terra 2.0, ApeCoin, Dogecoin, and more.

The cryptocurrency market, over the course of the last five months, has witnessed a lot of fluctuations and shifts in trends, but the one thing that did not change was the broader market bearishness.

However, the worst of it came to form only this May when the crypto market crashed twice within the same month.

Today all the cryptocurrencies in the market amount to $1.28 trillion after a 12% recovery three days ago, which brought $137.3 billion back into the market.

And even though one may not have found the best opportunity to make profits this month, the month of June certainly presents an opportunity to make gains with these cryptocurrencies that show promise going forward.

1. Bitcoin

Starting off with the king coin, Bitcoin, regardless of the market conditions, is always a good choice since it will find room for growth with minimal fluctuations.

Since BTC holds a 43% domination in the crypto space, a broader market rally will trigger a rise for BTC as well, and those who enter the market at $30k will certainly gain profits by the end of quarter 2.

Trading at $31,583, BTC is set to rise further after the 11.27% rally noted this week.

2. Cardano

With the Vasil hard fork set to arrive by the end of June, Cardano, at the moment, is one of the biggest coins to look forward to as investors expect this to be the turning point for the cryptocurrency.

A similar bullishness was also noted last year when the Alonzo hard fork was set to activate, and hopefully, this time around, investors can actually recover their losses.

ADA recently noted a 37.44% rise which brought the price up to $0.61, inching it closer to the critical support of $1.

3. Terra 2.0

Although Terra’s UST and LUNC (now Terra Classic) was the cause of one of the biggest crash in the history of crypto this month, Terraform Labs is giving it another shot.

Last week they launched a new blockchain with a new set of tokens still named LUNA to retrace their steps back to their peak.

Despite the depegging and subsequent LUNC supply overflow, Terra as a blockchain holds a lot of potential in the DeFi space, and that will be LUNA 2.0’s boon going forward as it trades at $7.19 today.

4. ApeCoin

Although it has been well over two months since its launch, ApeCoin hasn’t exhibited skyrocketing feats.

The reason behind this is the unfortunate timing as the broader market bearishness combined with the crash of May 9 halted its growth, and the altcoin came crashing down by 75.88%

But that doesn’t take away from the fact that APE is one of the most profitable projects in the crypto space, thanks to it being the token of the Bored Ape Yacht Club NFT collection.

The biggest NFT project will only grow further when the BAYC NFT-based feature film is released, and consequently, APE will skyrocket.

5. Dogecoin

The meme coin lives! It is a surprise that DOGE continues to be one of the topmost cryptocurrencies globally and that it has endured the recent crashes.

While Dogecoin does not have much to offer as a blockchain and cryptocurrency, its resilience definitely makes it a worthy investment vehicle. 

Besides, the meme coin will always have the backing of the “DOGEfather” Elon Musk, who recently made it a viable payment option for its SpaceX merchandise.

6. Axie Infinity Shards

One of the biggest Gaming tokens in the crypto space, AXS has always held its position as a profitable crypto investment.

Although the token took a hit in January after Axie Infinity’s Ronin bridge was hacked for $625 million, and once again during the recent crash, AXS has bounced back quickly. 

Supported with the launch of Axie Infinity Origins in May, AXS noted the highest single-day rally in more than six months of 35.22%.

As the GameFi protocol continues to expand, AXS will also continue to grow thanks to its utility and value.

7. Flow

If this is a name you haven’t heard before, you’re not alone. Up until a few days ago, Flow wasn’t a big deal, but in the last week of May, the blockchain and token shot up in value owing to the announcement of a prominent Instagram artist’s NFT project on the Flow blockchain.

Consequently, FLOW became the biggest NFT token with a market cap of $2.74 billion, surpassing ApeCoin.

However, this is not what makes FLOW an unmissable opportunity. The blockchain created by Dapper Labs, creators of CryptoKitties, is backed by some major industry players, including Coinbase, Google Ventures, Samsung, Reddit, and Zynga, among others.

This makes the token a highly valuable asset that is poised to witness growth going forward.

8. Uniswap

Uniswap does not warrant an introduction as it is the biggest Decentralized Exchange (DEX) in the world.

Although the entire DeFi space is relatively quiet right now owing to the bearishness in the market, Uniswap still managed to maintain an average transaction volume of $10 billion every week.

As the market recovers, so will the DeFi space, and DEX’s will be in high demand. Naturally, UNI will observe high traction, eventually placing it on the path to a rally, which it might already be on given its recent 17.27% increase.

9. Decentraland

Known to be the pioneer of Metaverse, the Decentraland is definitely a cryptocurrency to look out for this month as Metaverse is becoming a place of choice for not just the crypto niche but also for mainstream industry players who are using it as a means of marketing.

Thus Decentraland is set to observe high demand, which will automatically trigger a rise for MANA.

As it is, the token was the first and the quickest cryptocurrency to recover from the crash of May 9, when it rose by 92.69% in 48 hours.

10. The Sandbox

Last but certainly not least, The Sandbox is also a rising star in the crypto space, being a Metaverse platform.

The Sandbox, although it has been on a downtrend since its all-time high of December, still is a sure-shot investment option, given it recently surpassed the likes of AAVE and Axie Infinity by market cap.

Plus, recently, the platform became the new home of the King of Rock and Roll, Elvis Presley, whose NFTs will be launched as avatars in the Metaverse.

As the market comes closer to the end of the second quarter, it will be interesting to see which other altcoins rise the ranks to become the next big investment option.

Best Video Game Stocks To Buy In May

Key Insights

  • Video game stocks moved higher in recent trading sessions as traders were ready to bet that strong pullbacks were not justified. 
  • Take-Two Interactive and Electronic Arts are trading at 16 forward P/E.
  • Analyst estimates have been moving lower in recent weeks, so traders need to monitor whether this trend will continue. 

Several video game stocks have recently gained strong upside momentum as traders rushed to buy them after pullbacks. Despite the recent rebound, these stocks are trading at reasonable valuation levels.

Take-Two Interactive Software

Take-Two Interactive has recently released its fiscal Q4 earnings report. The company reported revenue of $930 million and GAAP earnings of $0.95 per share, beating analyst estimates on both earnings and revenue.

Take-Two Interactive will soon close the acquisition of Zynga, which has previously served as a notable bearish catalyst for Take-Two Interactive stock.

Analyst estimates have been moving lower in recent months. Currently, Take-Two Interactive is expected to report earnings of $4.89 per share in fiscal 2023 and earnings of $7.95 per share in fiscal 2024, so the stock is trading at 16 forward P/E. This is not too cheap, but traders look ready to bet that the worst is behind for Take-Two stock.

Electronic Arts

Electronic Arts stock has also enjoyed strong support in recent trading sessions. Currently, the stock is trading at 16 forward P/E, in line with Take-Two Interactive.

While video game sales have been declining in recent months, the company’s guidance exceeded analyst expectations. In addition, Electronic Arts increased its quarterly cash dividend from $0.17 to $0.19 per share, which served as a material positive catalyst for the company’s shares.

Importantly, Electronic Arts stock managed to move higher despite the recent sell-off in S&P 500, so demand for the company’s shares is strong. It should be noted that analyst estimates for Electronic Arts have continued to move lower in recent weeks, which may cap stock’s near-term upside.

To keep up with the latest earnings updates, visit our earnings calendar.

Farmville Creator Zynga To Introduce a “Dedicated” NFT Game in 2022

Blockchain and NFT based games have been noticing an increase in attention and user base ever since Axie Infinity’s success. Following in the footsteps mainstream media companies are aiming to develop similar games which can establish them in the blockchain industry as well.

An “amaZYNGA” Idea

Discussing their plans with Axios, the studio shared details about the future of blockchain gaming for Zynga. The company’s blockchain chief Matt Wolf said: 

“Things are really frothy right now. So we’re looking at the cycle and we’re figuring out where we want to jump in, but we definitely have feelers out.”

The discussions began taking shape recently as Zynga is planning on releasing a ground-up, dedicated NFT game this year. Last year’s news surrounding Farmville and Words with Friends, two of Zynga’s most successful games getting NFTs was picking up the heat.

But Matt made it clear that the studio does not plan on mixing incorporating NFTs with those two games as it could potentially confuse players.

Instead, they aim on developing a new blockchain team whose sole focus would be on blockchain and NFT games. Zynga is looking to expand this team from the current 15 members to up to 100 before the beginning of 2023.

In line with the same, last week the studio posted a job position for a Lead Game Systems and Economy Designer – NFT.

Creating economic models, exploring and providing guidance around decentralized governance as well as conceptualizing, designing, and preparing documentation for new features and content were among the main responsibilities of the position.

Going forward the studio intends on tapping the blockchain and NFT games familiar player base who are simply looking to make the most use of the NFT features. Adding to the same, Wolf stated:

“When they enter into one of these products, they come at it from an investor or, a whale, point of view and are interested in specific elements including yield. We don’t want to bring them something that they didn’t ask for, and we don’t want to assume that they want a super, super deep gameplay experience.”

Not the First One Though

Last year,  not only planned but also incorporated NFTs into one of their major games Ghost Recon Breakpoint by adding three NFTs into the game which could be resold through the platform “Quartz”.

Although the community’s response was not similar to what they were expecting, they did not bow out of experimenting with NFTs yet.

Besides gaming, NFTs themselves are already becoming a mainstream interest with celebrities and companies using it as a form of marketing and promotion.