- With the markets correcting severely, crypto analyst Lark Davis points out some good quality crypto projects holding future potential.
- Take a look at the below five projects which you might consider in this recent market downside.
Well, the Russia-Ukraine crisis has pushed the equity and the crypto market into a severe correction. Bitcoin failed to hold up its rally last week and corrected under $38,000 on Monday. Analysts believe that there’s every possibility that Bitcoin could be retesting $30,000 levels once again.
For long-term investors, the recent correction could be an opportunity to add good quality crypto projects to their bags. Crypto analyst Lark Davis shares five such projects which have huge potential but are available currently at discounted value.
1. Moonbeam
Moonbeam is currently conducting a token release and the native GLMR token is currently trading at $2.58. The last time Moonbeam conducted a token sale, the GLMR price shot up by 30-40 percent, says Davis.
Moonbeam is an interesting project! It is basically an Ethereum-compatible smart contract parachain available on the Polkadot ecosystem. It also serves as a Layer-1 competitor to Ethereum. Davis believes that Moonbeam stands out in comparison to other parachain networks on the Polkadot ecosystem.
2. Trader Joe (JOE)
JOE is a one-stop decentralized exchange (DEX) on the Avalanche blockchain network with its native crypto JOE trading at less than a Dollar. The JOE cryptocurrency has been smashed really hard during the bearish crypto market cycle. The JOE price has tanked more than 60 percent in the last three months.
What makes JOE attractive is the development taking place on the network. Joe has recently introduced a staking mechanism wherein users can earn USDC against staking their JOE crypto. Besides, JOE is currently offering a very attractive 55 percent annual percentage yield (APY).
3. Holoride (RIDE)
Based on the Elrond blockchain, the Holoride crypto project offers an in-car experience turning it into a virtual reality (VR) experience. The project also allows its users to stake its native crypto RIDE offering 25 percent APY.
Holoride has recently announced its partnership with smartphone manufacturer HTC for HTC Hive, a ride-ready set of VR glasses for in-car VR entertainment.
4. Indi GG
Powered by the Polygon blockchain, Indi GG is a sub-DAO for Yield games. Indi GG basically serves as a guild for gaming coins and the project holds the potential to gain the center stage with the rise of crypto gaming. Amy wu from FTX Ventures said that they are increasingly focused on India, a rapidly growing gaming market.
India has more than 400 gamers and its gaming market is estimated to grow from the current $2 billion to over $7 billion by 2025. Wu further added:
IndiGg is building a leading web3 games publishing platform in India and incubating both first and third-party games. FTX Gaming will provide our core infra technology to help @YGGIndia games launch in-game NFTs and tokens.
IndiGG also has the backing from some of the world’s top venture capital firms like Sequoia Capital, Lightspeed Ventures, and others. The RIDE token is currently trading around $1.0.
5. Axelar (AXL)
Axelar is relatively a very new project currently in the market. It focuses on large-scale interoperability connecting blockchain and digital assets using a universal set of protocols and APIs.
Axelar fills the void with blockchain interoperability. It has also got backing from some of the big names like Coinbase Ventures, Binance, Polychain Capital, and others.
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