Cryptos to watch in June: Solana and Chiliz
With the new month and summer season now upon us, it is a good time to think more about where to invest your money.
Cryptocurrencies have had a difficult time over the past month due to the crash, with coins such as Bitcoin (BTC), Ethereum (ETH) and Terra (LUNA) significantly declining.
Despite this, many are still trying to discover alternative methods that contrast with traditional centralised institutions for investments. This article will explore two cryptocurrencies that have huge potential to provide investors with great financial returns: Solana (SOL) and Chiliz (CHZ).
Solana (SOL): The ‘Ethereum Killer’
Building itself a solid foundation and reputation in the crypto market, SOL is one of the most prominent blockchain networks in existence.
The currency developed the nickname "the Ethereum killer" due to its rapid transaction speed of 2,700 transactions per second (tps) and proof of history (PoH) consensus, which provides users with cryptographically validated passage of time between two occurrences.
SOL is renowned for being an open-source project that relies on blockchain technology’s permissionless nature to permit solutions for decentralised finances (DeFi).
It officially launched in March 2020, right before the eruption of the COVID-19 pandemic.
This benefited SOL since customers were hesitant to use centralised bank institutions because of the large decline in interest rates for banking initiatives.
Furthermore, COVID allowed people the time to consider new ways of producing money and investing, which is exactly what a blockchain like Solana has done for many investors.
Despite experiencing a 30% dip in early May 2022, according to Forbes, it remains in the top 10 viable cryptocurrencies on CoinMarketCap as of 6 June 2022.
Chiliz (CHZ): The Sports and Entertainment Token
CHZ describes itself as “the world’s leading blockchain fintech provider for sports and entertainment.”
Its distinctiveness of solely focusing on the entertainment and sports market is what makes it appeal to investors who are looking for something new.
CHZ operates the blockchain sports - entertainment outlet Socios - permitting users to engage in the governance of several sports brands that appeal to them.
It has formed partnerships with some of the world's most prestigious football teams, including Manchester City, FC Barcelona, Juventus, Paris-Saint-Germain (PSG), and A.C. Milan.
Additionally, the cryptocurrency provides a limited supply of fan tokens which are distributed on a first come first serve basis.
From here, holders can vote with their fan tokens on Socios, which can take place through the use of smart contracts - a program that runs when predetermined conditions are met.
With a current market capitalisation of $782,820,190 according to CoinMarketCap, CHZ has great potential to grow due to its distinct project.
Conclusion
Established currencies such as SOL have a high potential to recover quickly from their decline, while CHZ’s profit returns have a high chance of increasing due to its uniqueness, which will surely bring sports fans to the world of crypto.
