A cryptocurrency token valued at under $2. Just like penny stocks, penny crypto tokens are widely used for speculation. It is easy to accumulate a million or more tokens when prices are minuscule, some with four and five 0's after the decimal point.
Big Swings in One Day
Fractions of a Penny
This example from CryptoCompare.com on April 13, 2022 shows decent upticks on three penny cryptocurrency tokens. See crypto stats
To call these penny stocks is an understatement. These valuations were taken on the same day as the previous example, and the number on the left is their CryptoCompare.com ranking.