Even after a dramatic sell-off across crypto markets, Dogecoin (DOGE 1.61%) sits at a valuation of nearly $11.5 billion. This makes Dogecoin a top-10 cryptocurrency by market cap, despite the fact that the meme coin offers little in the way of utility.
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Here are three cryptocurrencies that currently have just a fraction of the valuation of Dogecoin, but that could far surpass it one day based on their growth prospects and the exciting ecosystems they are building on their platforms.
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Hedera Hashgraph
Hedera Hashgraph (HBAR 2.61%) clocks in at a $2 billion market cap, less than one-fifth of Dogecoin’s current market capitalization. While Hedera may not have the valuation or the notoriety of Dogecoin, it is quietly building up its use cases and applications.
One thing to note about Hedera is that it actually isn’t a blockchain at all. It is a distributed ledger like blockchains, but it instead uses a consensus algorithm called a “hashgraph.” Hedera says this technology is “a faster, more secure alternative to blockchain mechanisms.” Hedera can achieve a throughput of up to 10,000 transactions per second with finality in seconds. As with Near, these transactions also come at a very low cost of under a fraction of $0.01.
The Hedera platform has some serious backers. It is owned and governed by a council that includes an impressive cohort of backers ranging from tech giants like Alphabet and International Business Machines to manufacturers like Avery Dennison and Boeing.
These backers are using Hedera for exciting real-world use cases. For example, Avery Dennison worked with Hedera to develop a connected product cloud that allows for the end-to-end tracking of a product’s entire lifecycle from manufacturing to the end-user. Neuron, an aviation company that provides data from sensors on the ground to drones, chose Hedera for an experiment collecting and logging millions of data points on its drone flights because of…
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