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Venture capitalist Arthur Cheong is speculating on where the next 100x opportunities in the crypto space will be.
Cheong, the founder of DeFiance Capital, tells his 150,000 X followers that he believes that crypto projects without large amounts of venture capital (VC) backing and that are not traded on centralized exchanges (CEXes) will start offering the most significant gains.
Says the investor,
“Firmly believe most of the 100x opportunities going forward will be found on-chain that have no VC investment and no CEX listing.
Meanwhile, most VC coins will continue to be down only with their blatant low float high FDV (fully diluted valuation) tokenomics and selling by airdrop farmers.”
The DeFi veteran recently called attention to what he says is an “extremely promising” project, the cloud-focused decentralized finance (DeFi) protocol Akash Network (AKT), which has seen a considerable price increase so far in 2023.
“An extremely promising project with good fundamentals and industry tailwind. 2x over a week while almost [no one] on [crypto Twitter] talks about it.
A good validation that you don’t have to chase every short-term narrative to make outsized gains as this tailwind has [been active] since January.”
The Akash Network, which incorporates machine learning and artificial intelligence (AI), is trading for $1.48 at time of writing, up 8.8% in the last 24 hours.
The 105th-ranked crypto asset by market cap is up over 148% in the last two weeks.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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