In the first two quarters of 2021, most altcoins have seen extraordinary price action.
Most cryptocurrencies, including Bitcoin, have seen new all-time highs that surpassed the old one by a mile.
In Bitcoin's case, we’re talking of $64,863.10. In Ethereum's case, we’re talking of $4,362.35. Even Dogecoin has reached $0.7376.
Within such a market, you could literally buy in any coin and expect outstanding returns any seasoned trader envy.
But since May, the wind of change is blowing the other way.
We're in summer, but it looks a little bit like winter for the cryptocurrency market.
Cooldown for alts and warm-up for Garlicoin
The majority of altcoins, together with Bitcoin, aren’t doing much these days in terms of price action. But that doesn't mean the market is all bearish.
There are a plethora of undervalued cryptocurrencies that are steadily rising in terms of market cap and price.
And Garlicoin is one of the cryptocurrency projects that have just begun gaining traction and looking towards the sky.
Unlike most cryptocurrencies, GRLC is still severely undervalued in 2021 as the Garlic community is gathering up, expanding, and reviving the project.
And as things go, the project is ready to start its rally and reach a true all-time high.
What is GRLC?
GRLC, or commonly known as Garlicoin, is a proof-of-work cryptocurrency, forked and modified from Litecoin, called Allium.
It has a max supply of 69,000,000, offering a 40 seconds block time, with a block reward halving every 690,000 blocks.
The network mines around 2,100 blocks per day, releasing 13,156.25 new GRLC. Up until now, there were 63 million GRLC released.
Garlicoin started in 2018, soon after Reddit user DigitalizedOrange published a post titled Garlicoin."
The cryptocurrency is based on garlic bread memes which were popular at that time.
Why is Garlicoin undervalued?
Did you ever take the time to think about the world we live in? All the systems we live in are real because we believe in them and act according to those rules.
Money, for example, only has value because enough people are accepting it in exchange for goods and services. The moment people decide their products are worth more, the whole financial system adapts, devaluing the currency.
And with the fact that belief shapes the world around us, we can understand how Dogecoin got from a joke coin into the top 10 cryptocurrencies by market cap.
And just like Dogecoin, Garlicoin is using memes and the support of the community to raise this project further. The low supply paired with a friendly and dedicated community attracted volunteers and developers from all over the world, pushing the project to new heights.
This further resulted in a transparent development, an ever-growing community with more than 100,000 Reddit users, incredible hash power, and high conversion rates.
With a market cap of $7 million, GRLC reached $0.1 while Dogecoin managed to reach that price with a market cap of approximately $18 billion.
And as seen we can see on Reddit, the memes are coming back for Garlicoin, and the community is developing.
So given the low sell pressure thanks to the prior bear market, Garlicoin can moon any second.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.