Dogecoin has undeniably stirred up significant excitement recently, especially amid rampant speculation that Tesla may once again accept it as a form of payment. This buzz has propelled Dogecoin up 10% for the year, with some crypto enthusiasts predicting it could soar tenfold to reach a $1 valuation. However, it’s crucial to remember that Dogecoin remains fundamentally a meme coin. There are many other cryptocurrencies trading for $1 or less that offer potentially better investment opportunities. Three budget-priced cryptos currently on my radar are XRP (CRYPTO: XRP), Cardano (CRYPTO: ADA), and Artificial Superintelligence Alliance (CRYPTO: ASI). Let’s delve deeper into each.

Starting with XRP, this crypto token has long been a favorite among investors. The recent resolution of its legal battle with the SEC has renewed optimism about its potential. Ripple Labs, the company behind XRP, agreed to pay $125 million in civil penalties—a far cry from the $2 billion initially sought by the SEC. This outcome is widely regarded as a significant victory for XRP supporters.

In a base-case scenario, XRP’s price could easily rise above the $1 mark, given its current trading price of around $0.60. That represents a nearly 70% gain, achievable by the end of the year. In an even more optimistic scenario, XRP’s value might skyrocket if Ripple Labs were to launch a successful IPO, with some analysts speculating that the token could reach $7 or higher.

Nonetheless, it’s essential to approach these projections with caution. XRP has dipped 3% over the past 30 days and 10% year-to-date, indicating that many investors remain skeptical about its future potential despite its regulatory challenges being seemingly resolved.

Cardano, on the other hand, has been significantly undervalued, making a rebound almost inevitable at some point. Despite being down 13% over the past 30 days and 44% year-to-date, Cardano remains a formidable competitor to Ethereum. It boasts a loyal base of developers and supporters who believe in its superior blockchain technology. Recently, Cardano rolled out the Chang hard fork, a technological upgrade that positions it to become the first fully decentralized blockchain.

However, the importance of this upgrade to investors remains debatable. While some prioritize speed and performance enhancements over decentralization, Cardano co-founder Charles Hoskinson (also a co-founder of Ethereum) asserts that this achievement surpasses anything Bitcoin has accomplished: “This dwarfs Bitcoin. It’s unique, and books will be written about what has happened.” Despite this enthusiasm, the market has yet to share his excitement.

My top budget pick is Artificial Superintelligence Alliance (ASI), an AI crypto token currently trading just above $1. This token has surged nearly 75% year-to-date and holds significant long-term growth potential due to advancements in artificial intelligence. ASI is now the 28th largest cryptocurrency, boasting a $3 billion market cap.

If ASI sounds unfamiliar, that’s understandable. The token emerged from a merger of three popular AI crypto tokens: Fetch.ai, SingularityNET, and Ocean Protocol. The goal is to create a unified AI crypto token under the ticker symbol ASI by the end of the merger process, theoretically simplifying AI crypto investments.

However, this merger has proven more complex than anticipated. On July 1, SingularityNET and Ocean Protocol tokens were consolidated into Fetch.ai, but Fetch.ai has yet to convert into ASI, which will occur in phase two of the merger process. This complexity may explain why Coinbase Global announced in June that it would not support the conversion of these tokens into ASI. A workaround exists but requires swapping tokens between different crypto exchanges and digital wallets.

When considering any coin trading for less than $1—such as Dogecoin, XRP, and Cardano—due diligence is paramount. Artificial Superintelligence Alliance also warrants careful consideration as it trades just above $1. As with any bargain investment, there’s potential for high rewards but also significant risks.

Despite their current valuations, these cryptocurrencies could be diamonds in the rough. Cardano might outperform Ethereum in the long run, while Artificial Superintelligence Alliance could become a leading player in the AI boom. However, thorough research is essential before making substantial investments.

Before investing in Cardano or any other cryptocurrency, consider expert recommendations. The Motley Fool Stock Advisor team has identified ten stocks they believe offer better investment opportunities right now. Their guidance has historically outperformed the S&P 500 since 2002.

Dominic Basulto holds positions in Bitcoin, Cardano, Ethereum, and Fetch. The Motley Fool holds positions in and recommends Bitcoin, Cardano, Coinbase Global, Ethereum, Fetch, Tesla, and XRP. The Motley Fool has a disclosure policy.