Some 20,000 crypto tokens are already available, but more new cryptocurrencies are launched every year, adding more alternative coins to the mix. Despite fraud and other issues at crypto exchanges and some crypto projects, the new coins keep debuting and traders keep buying.

Here are some of the most widely followed new cryptocurrencies and what they’re worth.

New coins typically have very low prices, making it easy to buy a huge number of tokens. (Some pricing from CoinMarketCap as of Aug. 5, 2024)

1. Pepe Unchained (PEPU)

Pepe Unchained aims to make trading of memecoins easier and cheaper, reducing the friction of trading on the Ethereum blockchain. It may entice traders with increased staking rewards, too.

Recent price: $0.0089102

2. PlayDoge (PLAY)

PlayDoge is a play-to-earn mobile game, where users interact with a Shiba Inu dog as a Tamagotchi-style virtual pet and earn coins for doing so. This coin also offers huge staking rewards.

Recent price: $0.00526

3. Doge2014 (DOGE2014)

Dogecoin has been one of the most popular cryptocurrencies, and Doge2014 let traders buy its new coin at the starting Doge price of yesteryear as part of its presale. The new token offers huge staking rewards and is limited to 100 billion coins.

Recent price: $0.000288

4. DogeVerse (DOGEVERSE)

The multi-chain DoegVerse cryptocurrency bridges the Ethereum, BNB Chain, Polygon, Solana, Avalanche and Base blockchains.The coin has a total supply of 200 billion tokens and offers sizable staking rewards.

Recent price: $0.000424

5. 99Bitcoins Token (99BTC)

This cryptocurrency is a learn-to-earn project and rewards users for work on its trading webinars and other courses. It’s built on the Ethereum blockchain and users can earn staking rewards

Recent price: $0.00116

6. 5th Scape (5SCAPE)

This cryptocurrency plans to create a platform with movies, education, games and more using augmented reality and virtual reality. The project plans to have a token supply of 5.21 billion.

Recent price: $0.00376

7. WienerAI (WAI)

You never sausage a thing! This cryptocurrency offers an AI bot that provides predictive trading advice for cryptocurrencies. The token is limited to 69 billion and offers staking rewards.

Recent price: $0.0003394

8. Mollars (MOLLARS)

This cryptocurrency aims to increase decentralization by offering a decentralized process for trading among blockchains with affordable fees. Users will be able to participate in the coin’s governance and the supply is limited to 10 million tokens.

Recent price: $0.1503

9. Mega Dice Token (DICE)

This cryptocurrency offers owners a profit sharing interest in its online casino and potentially a non-fungible token (NFT) that has various benefits. It’s based on the Solana blockchain.

Recent price: $0.105266

10. Base Dawgz (DAWGZ)

As its name suggests, this cryptocurrency uses Base, an Ethereum-powered platform, and it’s interoperable with Ethereum, Avalanche, Solana and Binance Smart Chain. The crypto offers staking as well.

Recent price: $0.007061

Should you buy the top new cryptocurrencies?

Cryptocurrency is already highly risky, and new cryptocurrencies add a whole other level of risk into the mix. Cryptocurrency generally is not backed by the hard assets or cash flow of an underlying business, as stocks are, so the price relies entirely on what other traders will pay. In other words, cryptocurrency relies exclusively on traders’ sentiment, which can change quickly.

For new and unproven cryptocurrencies, this risk is heightened, because fewer people know of them. Traders who buy new cryptos early on are wagering on increased attention to and interest in the new coin. If new traders don’t show up to buy the coin, its price may fall and never recover.

That’s less of a risk for Bitcoin and Ethereum, for example, because they’re the two largest cryptocurrencies and they’ve already attracted lots of interest and have traders’ confidence. In addition, both Bitcoin and Ethereum have now been approved to be included in exchange-traded funds (ETFs), which can keep the money flowing into them, so traders will continue to herd around them.

In addition, smaller and newer cryptocurrencies have the possibility of being outright frauds or “potential rugpulls,” with the creators skipping town with your money. If you want to trade new crypto coins, you’ll need to have a lot of confidence in the founders and other backers.

Bottom line

New cryptocurrencies are even riskier than the larger, more established ones such as Bitcoin and Ethereum. Traders looking to profit on new cryptocurrencies should keep their investments to a small portion of their portfolio and consider spreading their bets out to reduce the overall risk.

Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.