The Crypto market is stabilizing after having a little bit of pullback. Man Ran on Crypto Banter looked at the cause of the crash, buying opportunities and revealed 5 altcoins expected to explode next time the market bounces.
Big Crypto news of the day:
- Facebook CEO Mark Zuckerberg introduced his two pet goats on Monday to the world as Bitcoin and Max which led to speculation about Facebook buying bitcoin (6:00).
- Cboe BZX Exchange Bitcoin ETF application to the U.S. Securities and Exchange Commission (SEC) (7:30).
- JPMorgan analysts suggest Ether should be as much as 75% lower at around $1,000 based on Ethereum network activity (12:00).
- Elon Musk Twitter poll on whether Tesla should accept Dogecoin (15:00).
Man Ran says the crypto market crashed because the traditional market crashed as well as both are mutually inclusive, he added he does not expect the crypto market to go all the way down as the traditional market but expect similar movements (18:10).
Man Ran was joined by Sheldon, Rudo and Fred to discuss how healthy the market cycle is (28:00).
Man Ran short term thesis is dumb and stupid money is flowing into the market. He launched with Sniper an index called “Dumbcoin” which aggregates the total influx of cash going into “shitcoins” with no use cases like Dogecoin, Shiba Inu, Akina Inu, Safemars and Safemoon. The index through aggregate price shows these coins have risen 100-fold the past month (39:00).
Man Ran categorized his suggestions into two; good narrative and opportunities. His top altcoins picks for the dip are the following.
The first narrative he is investing in is the move to Ethereum Layer 2 and he believes Decentralized Exchanges (DEX) are the basic building blocks for the narrative. QUICK trades at roughly $800 and has a market cap of $800 million (44:35).
DFYN DEX (DFYN)
Another narrative he is investing in is a cross chain exchange DFYN which currently launched about a week ago with a fully diluted market cap under $250 million and has great potential for further upside (45:03)
Rarible is a platform built on the Ethereum network. Its native governance token, RARI is down to $11 from $20 due to the hack over the weekend. RARI is expected to recover with the network set to compensate users in the $10.6 million exploit (46:15)
AIOZ is at the top of the pile in Man Ran’s new favorite sector, Decentralized Web with storage and computational data in place. AIOZ currently trades at 82 cents (47:45)
Another Decentralized Web network on Man Ran radar with huge adoption is Akash Network. The network is the world’s first decentralized cloud computing marketplace, and the DeCloud for DeFi. Akash currently trades at $5 (48:15)
Man Ran added Decentralized cloud and file storage like Coldstack and Argo are worth following as well.
This episode premiered on May 11th, 2021.