At present, Bitcoin remains the #1 cryptocurrency by market cap and achieved its record high of approximately $19,981 in February 2017. It has enjoyed plenty of spikes and endured numerous plunges. One of the most notable falls came at the height of the COVID-19 panic in March 2020 when it dropped to around $5,165, just weeks after its value was almost $9,000.
There are, however, thousands of cryptocurrencies, the vast majority of which are utterly worthless. Quite a few were created as a joke that people foolishly invested in, while others were outright scams from the beginning.
Old-school investors and financial experts tend to queue up to insult cryptocurrency and suggest it is nothing more than an elaborate Ponzi scheme. Then again, given the various fiascos surrounding fiat currency, the phrase ‘people in glass houses shouldn’t throw stones’ springs to mind.
One of the ironies of cryptocurrency is that it is supposed to be decentralized. The goal was to take the traditional banking system out of the equation. However, we now have a situation where people buy and sell the likes of Bitcoin, Ethereum, and Litecoin similarly to stock markets. You can use a platform such as Coinbase to quickly and easily make such transactions.
It is hardly a surprise to learn that there is a link between CBD and crypto. After all, the cannabidiol industry is inundated with new ‘innovations’ now that it is a multi-billion-dollar enterprise. In this article, we check out five of the ‘best’ marijuana cryptocurrencies. Whether you think THC and CBD coins make sense as an investment is up to you!
Also, we do NOT specifically recommend any of these options. You will notice that most of these coins are now worthless.
According to its creators, PotCoin (POT) is the ‘cryptocurrency’ of the cannabis industry. It is supposedly ultra-secure, and you can send these digital coins through the Internet. After launching in 2014, Potcoin rose rapidly and has exceeded a value of $0.40 by the end of 2017.
However, 2018 was a catastrophic year, and Potcoin’s value plunged to below $0.02. At the time of writing, its value was $0.008, with a market cap of $1.85 million. The circulating supply is 420 million coins.
This option is as close as you are likely to get to a CBD coin. It enjoyed a spectacular rise in 2017 and was worth $0.53 by the beginning of 2018. At that point, its market cap was almost $123 million.
However, anyone who invested at this point was severely stung. These days, it is barely worth $0.01, and its market cap is just $2.77 million. There are slightly over 277 million Hempcoins (THC) in existence. It is difficult to see how it can recover.
As you can probably guess, this definitely isn’t a CBD and crypto link! It is a native coin of the Multichain Ventures ecosystem. Please note that it is actually a token based on the Waves blockchain, and not a cryptocurrency.
At $0.31 a coin, Tokes (TKS) is outperforming most, if not all, marijuana cryptocurrencies. There is a circulating supply of 50 million, but as it is a token, finding historical performance data is tricky.
When it was launched, the creators of DopeCoin (DOPE) claimed it would revolutionize the MMJ industry. It is connected to the Smoke Exchange platform, where it serves as an alternative form of payment for weed advertisers.
Despite its promise, DOPE has failed to deliver. At its peak, each coin was worth $0.35, and the market cap was over $41 million in 2017. Today, however, the market cap is just $312,000, and one coin costs $0.002. There are over 116 million circulating DopeCoins.
Also created in 2014, CannabisCoin (CANN) was designed to help with marijuana clinic transactions. Once again, 2017 was a banner year as each coin was worth $0.32 at one point. Alas, like virtually every other marijuana cryptocurrency, its value tumbled. At this point, CANN is effectively a dead coin, with a value of $0.0006.
Final Thoughts on the Top Marijuana Cryptocurrencies
Ultimately, CBD and crypto, and cannabis and crypto, are concepts that don’t mix. The majority of ‘major’ coins launched had a massively profitable 2017, followed by a complete collapse from 2018 onwards. Hardly any of the coins recovered, and none have come near their all-time high record since.
You can learn more about CBD coins and other financial issues within the marijuana industry on the WayofLeaf website. It also offers guides to the best CBD capsules, oils, topicals, vape devices, and much more. WayofLeaf covered the hemp and marijuana industries and offers unbiased advice and reviews.
Regarding marijuana cryptocurrencies, all evidence points towards them being an extremely volatile and excessively risky investment. Realistically, you should check out alternative forms of investment, but that is entirely up to you