Top 10 Cryptos To Buy on Coinbase in June 2022

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Coinmonks

8 min readJun 2, 2022

Embrace the suck

Been out of the loop for a month or so . . . did I miss anything?!

The immolation of the Terra ecosystem has been compared to Enron and Lehman Brothers, but it was far far more important to its industry. Peaking at nearly $60 billion, the Terrasphere represented about 4.5% of crypto’s total market cap when it crossed the event horizon. Even though Enron ($68 billion) was bigger when it went toes-to-Jesus, it was a blip in the overall energy/commodities market. While Lehman ($48 billion) was smaller, the subprime meltdown annihilated $10 trillion of value.

Meanwhile, an already-battered crypto market, mostly, shrugged and added another straw.

After temporarily changing my name from HODL4Good to REKT4Bad, I remembered that once upon a time Bitcoin was $30,000 and I owned none of it. Then it was $70,000 and I wished I could have bought more. Now it’s $30,000 again and . . . what, I should be mad?

The longer your investment timeline, the more enthusiastic you should be about bear markets, as you can buy penthouse assets at bargain-basement prices.

Despite what Matt Damon tried to sell you at the crypto top (and in retrospect we should have seen it as such), fortune favors the brave now. Suck it up and DCA the dip. And the next, if it comes to that.

(Also, if for some reason you haven’t taken advantage of the almost $200 in free crypto Coinbase gives away, this seems like a much better time to do so than, say, last November.)

Next to each coin is how much I’d allocate out of a $100 position. However, I Am Not A Financial Advisor™, and I don’t know your specific investment needs.

Also for the record: I have owned all of these coins at some point, own most of them now, and will likely own several of them whenever you’re reading this. Not enough to matter.

1. Bitcoin (BTC) — $50
May: ⬇️ 16.4%

Happy Bitcoin Pizza Day! How did you spend it?

I bought BTC and pizza.

And then I considered that while I didn’t exchange a stack of Bitcoin that will be worth billions of dollars someday for a lousy order of Papa John’s, I made, to a far smaller degree, the same mistake he did.

By choosing to buy a $10 pizza instead of more Bitcoin, the net effect is the same as if I had sold $10 of BTC to buy pizza.

If you believe, as I do, that Bitcoin will inevitably be worth $1 million or more, then I just spent what will become $300 someday on that pie. I should be eating sawdust and drinking pondwater and plowing all my grocery money into sats. (My wife will put that on my Tombstone.)

Bitcoin outpizzas the Hut.

2. Ethereum (ETH) — $30
May: ⬇️ 26.4%

After postponing some aspects of the much-ballyhooed Merge in April, the brains behind the world’s #2 cryptocurrency got back on track in May. Ethereum pulled off two shadow forks last month— test runs for their permanent pivot to a proof-of-stake protocol. Cofounder Vitalik Buterin is confident enough to pencil in August for showtime.

In the meantime, ETH is getting clobbered by the market. In terms of safe havens, crypto investors only have eyes for Bitcoin. Ether lost more than 15% of its value against the king crypto in May.

That trend may continue into June, or the hype machine may start gathering unstoppable momentum. If you’re in that latter camp — or you just want one aggressive play to keep your inner degen in check — go ahead and flip those two percentages and go 50/30 ETH/BTC.

3. Solana (SOL) — $6
May: ⬇️ 48.8%

I couldn’t tell you who’s won Miss America in the last 35 years, and I certainly couldn’t tell you the runners-up, but I know that every year before they announce the second-place finisher, they solemnly intone that if for any reason the soon-to-be Miss America can’t fulfill her duties, she inherits the tiara.

Is that worth anything? Ask Suzette Charles, who stepped into the sash in 1984 after Vanessa Williams — yes, that Vanessa Williams — resigned due to a nude photo scandal (and held the title for about as long as a Spinal Tap drummer).

Ethereum will soon undergo The Merge — and if for any reason it can’t fulfill the duties of the #1 smart contract platform, the heir will be Solana by default.

While some traders are ready to count SOL as the third member of a Big 3 with BTC and ETH, after a seventh outage this year occurred in May (EDIT: and an eighth on June 1), it should be clear that Solana is not ready for prime time. (Solana maxis will find out in about 30 minutes.)

Even after being continually hammered, it still trades at a higher market cap/total value locked ratio than ether. Either SOL is overvalued or ETH is undervalued (or both).

But it’s still the leader of the non-ETH pack, and that’s worth something. Six bucks, I figure.

4. Cardano (ADA) — $3
May: ⬇️ 30.1%

The early bird might get the worm, but the second mouse gets the cheese.

While LUNA lived fast and died young, ADA is continuing to quietly plug away at its long-term goals. June’s Vasil hard fork presents a pumpable opportunity, but Cardano’s appeal has always been the loooooong game. Coinbase users continue to reap a 2.60% APY to wait for it.

5. Algorand (ALGO) — $3
May: ⬇️ 35.8%

Speaking of slow and steady. Algorand might sound like “also-ran,” but they’re just continuing to chug. If there’s anything that describes ALGO better than this, I can’t think of it: the 2022 World Cup signed a sponsorship deal with crypto.com as part of CRO’s continued effort to flood the world with sports-related advertising. But in May FIFA inked a “technical partnership” making Algorand the tournament’s “official blockchain-supported wallet solution.”

(If you’re reading this in America, it’s probably important to note that many of international soccer’s most well-known clubs have their own fan tokens.)

Oh yeah, and Coinbase has boosted ALGO’s APY to a plump 5.75%.

6. Maker (MKR) — $2
May: ⬇️ 16.6%

For as much as I thought — and still think — that Do Kwon is not the bad guy in the ruining of LUNA, he did make one classic blunder worthy of a Bond villain: he revealed his secret plan to buy a huge wad of Bitcoin and break Maker’s stablecoin, DAI, by muscling it out of the Curve Wars.

Seriously, he put that on Twitter. He didn’t even, like, hide it in a manila folder marked SECRET PLAN.

Then all that happened was that somebody amassed a bigger war chest of BTC, then waited for Do to make his move against DAI to blindside him.

(It all looks so obvious in hindsight.)

This is all a long-winded way to say that Maker’s most likely threat was eliminated. As we’re mostly focused on coins that will survive a crypto winter, the DeFi O.G. fits that bill. In fact, MKR even gained against Bitcoin in May, which puts it on a very short list.

7. The Sandbox (SAND) — $2
May: ⬇️ 38.9%

Um . . . did you know SAND launched on Coinbase? They did, on May 26, and it’s been basically flat ever since.

That’s how terrible the market environment has been lately: it’s negated “The Coinbase Effect.”

If you’re skeptical on the long-term investability of the metaverse, take two hours and listen to Raoul Pal and the pseudonymous Punk6529 break it down.

6529’s Open Metaverse is a little more high-minded than the “Minecraft”-ish open concept of The Sandbox, but then again, Snoop Dogg isn’t releasing playable NFTs in the OM. (Yet.)

8. Gitcoin (GTC) — $2
May: ⬇️ 44.44%

No, I didn’t misspeak. Gitcoin with a G is the token for the open-source internet that web3 hopes to build. (It’s technically not related to the popular open-source coding giant GitHub, but they share a prefix the same way, say, Wikipedia and WikiHow do.)

As much as HODLing is a quick and dirty slang for wealth generation, BUIDLers are busy architecting the structures web3 will rely on for decades to come.

9. Loopring (LRC) — $1
May: ⬇️ 29%

As the Industrial Age continues to yield to the Information Age, the currency will eventually go from stuff — dollars, gold, oil — to data and memes. (Yes, memes. Listen to the Punk6529 interview again.)

GameStop will likely be the cultural touchstone of that future, the same way boomers pony up hundreds of dollars for distressed Burma Shave signs. And they’ve chosen Loopring as their blockchain for their reinvention as a web3 company.

LRC also has other investment theses. They’re a layer-2 whose zero-knowledge rollups transform the clogged, often-expensive Ethereum network into a faster, cheaper solution. Power to the players.

10. Cosmos (ATOM) — $1
May: ⬇️ 48%

Okay, let’s go dumpster-diving and hope to find one gem.

After damn near halving last month, Cosmos is down nearly 80% from its all-time high, now trading under $10 when it was once knocking on the door of $45.

Could it make it all the way back? Sure. I’ve touted ATOM in this space before (just ignore everything I wrote about LUNA along the way, including and most especially the phrase “gain train”).

But if the conventional wisdom of “altcoins lose 95% in a crypto winter” holds true, ATOM could still go down. And not, as unfortunate investors who caught the LUNA knives thought, by only 15%.

The counterintuitive math might need a second glance, but it’s true: to get to 95% down after starting 80% down, you have to go down a further 75%. (Hat tip to the recent episode of the “Unchained” podcast with Chris Burniske and Jordan “@Cobie” Fish for succinctly explaining this.)

Granted, this isn’t nearly as horrifying as the remorseless arithmetic everybody who bought LUNA at $100 and rode it all the way down experienced, in which they lost 99% and then lost 99% again and then LOST NINETY-NINE PERCENT AGAIN before Coinbase mercifully pulled the plug last week. (Or, in a way that almost sounds worse, w̶e̶ they lost 90% six separate times.)

So if you’re willing to experience a down 75%/up 4x risk/reward, that’s fine, but only do it with money you’d literally be willing to take out to your back yard and light on fire.

Otherwise, you might wind up like me and all those other LUNA holders and Lehman employees and 1600s tulip-buyers.

🌷🌷🌷

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Top 10 Cryptos To Buy on Coinbase in June 2022

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Written by Michel Marchand