Markets aren’t moving very much. Even a potential war in the Middle East is not moving things more than 1-2%. It’s the definition of complacency in the market. Nothing seems to move this market at the moment.
And what does that mean? It means some great projects are giving us a good entry price. Let’s look at 3 altcoins that are giving us another good buying opportunity including 2 we haven’t talked about in a long, long time.
1) Solana (SOL)
Solana is a little controversial for lots of reasons. Is it a VC chain? Yes. But does that mean they have the funds and backing to weather the storm if the bear market continues? Also, yes
Were they hurt by the FTX debacle and their relationship with SBF? Yes. But did they survive it so they can grow when the market comes back? Also, yes. Even within Altcoin Buzz, there are different opinions about Solana.
The key features and advantages of @solana:
1. Unparalleled Scalability
2. Low transaction costs
3. Fast confirmation times
4: Developer-friendly environment
5. Vibrant ecosystem & community @Syndica_io's latest knowledge base piece is now live. https://t.co/jNimErkqWy— dan jablonski (@dan_jaybo) October 10, 2023
But we are going to look at this objectively. Every investment has a risk-to-reward ratio. And not just crypto. Stocks, real estate, investing in a business, everything. You’ve heard us talk about this ratio before. And in crypto, it can be tough to measure.
But one thing easier to measure is the risk side. What’s the downside risk? Of course, the total risk is going to zero where the token has no value and the project goes bust. And we’ve all seen examples of that.
More About Solana
Solana got hit with lots of bad news in this bear market. FTX, network outages, and more. And what was its low? So far, the bear market low for SOL was $9.60 in late December 2022. The current price? At the time of writing this article is $21.8. Can SOL go to zero? Yes. Any project in the industry other than Bitcoin can go to zero.
But what are the chances of this? With all the terrible news, $9.60 was the lowest Solana got. It would take a huge, unusual black swan event for SOL to pass this low and go lower. Some of FTX’s Solana holdings may go to market this quarter. That would only make it an even better buy than right now.
Today, @Nansen_ai released their Solana: Past, Present, and Future report.
The report highlights network upgrades like local fee markets, growing enterprise & developer interest in the Solana Virtual Machine (SVM), consumer apps leveraging Solana’s tech, & more.
Dive in👇📖 https://t.co/Pm7mZBXECp
— Solana (@solana) October 6, 2023
Our risk is way down on this one but with tons of potential upside. Even if you disregard the all-time high of $259. A 5x to $100 is absolutely possible. Rewards still look good for Solana while risk is way, way down. Thus, it’s on this list.
2) Polygon (MATIC)
It’s hard for us to think of Polygon as being undervalued or its accomplishments underreported. But that’s exactly what is happening. The MATIC token is becoming more valuable and useful. That’s the idea behind the change from MATIC to POL. You can use the coin across all its networks including zkEVM.
Yesterday, Polygon zkEVM’s first upgrade went live on mainnet, bringing PUSH0 to Ethereum L2s.
To use the Dragon Fruit upgrade, devs will need to update to the latest node, prover, and bridge service.
You can find the GitHub repos here:https://t.co/G6hSdEAsgL
— Polygon (@0xPolygon) September 21, 2023
Contracts in POL are on testnet now. So it’s coming and soon. You will be able to stake POL in a much easier way than you can in MATIC right now. And yet since the announcement, what’s happened? Down. From 87 cents all the way down to its current 53 cents.
There is zero reason for this except for general market malaise and less activity and trading going on. And it’s way, way down from its all-time high just at the beginning of this bear market 2 years ago at $2.92. That’s almost a 6x from here just to get back to that high.
1/ Today, we are excited to propose the Polygon 2.0 architecture, designed to provide unlimited scalability and unified liquidity, thus transforming Polygon into the Value Layer of the Internet!
Read the blog 👇🏽 or keep scrolling 🧵https://t.co/sShy6R1E6R pic.twitter.com/BTdwkri4nI
— Polygon (Labs) (@0xPolygonLabs) June 29, 2023
3) Kujira (KUJI)
And now, a project we like a lot, but don’t talk about too often. A good candidate for a $1000 investment this quarter is Kujira. Kujira is already a part of our 50x Master Portfolio. It has lots of things we like.
📢 #Bitcoin is coming to the Cosmos via @nomicbtc at the end of October 🥳
We want to let all you good people know the various use cases that will be immediately available on the Kujira network, so you can put your $nBTC to work when it arrives.
It's going to be tasty 🍖
— Kujira 🉐 (@TeamKujira) October 3, 2023
First, it’s a real yield protocol. What you earn is based on platform fees. And it’s growing in this tough market. Their Orca product is amazing. By the way, Kujira is whale in Japanese and Orca is a type of whale. And their mission statement is “Anyone can become a whale”. And they truly believe this.
One of our favorite platforms on Kujira is Orca. It lets you bid on loan liquidations at a discount. Before this, only whales and insiders could do this. So imagine getting KUJI or ATOM at a discount to the market because your bid wins.
It’s awesome. Second, it’s a Cosmos chain with built-in interoperability. We like that. Third, they have one of the most stable of crypto-backed stablecoins. USK is a stablecoin native to Kujira and it’s growing in importance. Other stablecoins including AxelarUSDC and NobleUSDC are available on Kujira and across Cosmos now too.
💰 If you want to earn a yield bearing stablecoin by farming 2 stables, the time is now.
Some really good incentives on the $USDC & axlUSDC pairs with $USK on BOW right now 🦾
Links to the pools in the comment 🐋💙 pic.twitter.com/nCyjSv2Zrq
— Kujira 🉐 (@TeamKujira) October 4, 2023
If you are like me, and you think DeFi is the future of financial services, then a few different apps and protocols come to mind. Certainly, Uniswap is one. But don’t miss out on Kujira. Kujira is building out exactly the type of DeFi services that people want and need.
Kujira is what we want financial services to look and feel like. And finally, it’s been trading in a range between 60 and 90 cents for most of the last 6 months. At today’s price of 73 cents, you have a nice entry point with a good risk/reward ratio.
