Crypto Trader Tyler Swope Says He’s Spotted the Most Undervalued Altcoin on the Market
Crypto trader and analyst Tyler Swope says he’s found what could be the most undervalued coin in the entire crypto market.
In a new strategy session, Swope tells his 211,000 YouTube subscribers that Vesper Finance (VSP) is far from its fair market value based on the total value locked (TVL) in the protocol.
“But why this is important is because TV friggin L. Total value locked up in Vesper has crossed $750 million. So I just see an imbalance: $80 million market cap, $750 million locked up. Oh yeah.”
Vesper Finance is a decentralized finance (DeFi) project that provides a suite of yield earning pools for assets like Ethereum (ETH), Wrapped Bitcoin (WBT), USD coin (USDC), and its native asset VSP. It features an easy-to-use platform designed to help users grow their digital assets through staking and other income-generating strategies.
Swope notes that the price of VSP has recently underperformed compared to its TVL, implying that it’s currently trading at a discount.
“[The imbalance] just recently started so the TVL started growing as well as the price. They started tracking each other. But here recently the TVL has kept growing while the price has gone down so there’s an imbalance, I see it. In my personal opinion, Vesper will more than likely push up into the top 200, between 200 to 300 in due time just based on TVL. People are putting their assets into the protocol…
TVL with Vesper is insane but it’s not only based on TVL. There can be projects that get a lot locked up and they’re not necessarily fundamentally the strongest. Vesper is fundamentally strong. I said this a meta aggregator unlike yield aggregators where you’re putting it into one protocol. They’re putting in multiple ones, meta aggregating your assets and then putting them into different markets for you.”
Featured Image: Shutterstock/Art Furnace
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