A widely followed analyst is leaning bullish on a decentralized finance (DeFi) token built in the Ethereum (ETH) ecosystem.
The analyst pseudonymously known as CredibleCrypto tells his 449,900 followers on the social media platform X that his “highest conviction” bet based on the risk-reward ratio is Curve DAO (CRV).
According to CredibleCrypto, CRV could rally by at least 722% from the current level.
CRV is trading at $0.852 at time of writing, up by over 70% over the past 30 days.
The widely followed analyst says that his bullish thesis for CRV is backed by the tokenomics of the DeFi altcoin in addition to the technical analysis.
“You have a coin that has an emissions structure that is literally modeled after Bitcoin (BTC), but:
– has 40+% of the supply essentially locked in perpetuity
– generates real yield from working products which is paid out to token lockers multiple times a month
– currently has the highest developer activity + number of developers that have ever worked on the protocol in its history despite the depressed price.”
According to CredibleCrypto, Curve DAO has an advantage over Bitcoin in that unlike BTC, the long-term holders of CRV can’t dump during the bear markets and worsen the price declines or take profits during the bull markets and curtail price appreciation.
“…with CRV, token lockers literally can’t sell into the pumps OR sell into the dumps because their tokens are locked (in most cases) for a minimum of 3.5 – 4 years.”
The pseudonymous analyst further says,
“Overall, aside from the clean technicals and chart setup, CRV, fundamentally, has all the markings of the next big success in this space that I think most are sleeping on because of either a lack of understanding of the mechanics behind the project or because of regurgitated, out-dated fear, uncertainty and doubt (FUD) that has been spread about the token during the last market downturn.”
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The post Analyst Says Ethereum-Based Altcoin Has ‘All the Markings of the Next Big Success’ and Could Explode 700%+ appeared first on The Daily Hodl.