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Seasoned Investor Eyes Over $1B Market Cap For This Altcoin That Utilizes XRP

source-logo  thecryptobasic.com 23 May 2024 10:43, UTC

Thanos expects Root Network (ROOT) to surpass the $1 billion market cap due to its recently launched Root Name Service (RNS) and utilization of XRP for cheaper transactions.

“Crypto Thanos,” a seasoned crypto investor, has called the public’s attention to Root Network, a project they expect has the potential to reach a billion-dollar market cap.

ROOT’s Potential Surge to $1B

The pseudonymous investor asserted that ROOT is one of the few crypto assets that will ever surpass the $1 billion market cap mark. At the time of writing, ROOT boasts a market cap of $46,930,428 ($46.93 million) and is ranked as the 655th-biggest cryptocurrency on CoinMarketCap.

To hit the $1 billion market cap, ROOT must surge by 2,030% from its current valuation of $46.93 million. Reaching the $1 billion valuation seems like an uphill task for ROOT, given that the token is expected to surge over 20x.

Nonetheless, Thanos believes the coin can surpass the $1 billion cap in its lifetime. The investor did not issue a timeline for when they expected this prediction to materialize.

There are only a few projects that will make it past billion dollar MC and $ROOT is one of them.

They have just started RNS – RootNameService and it uses $XRP for much cheaper transactions.

If we compare it with EthereumNameService – $ENS, RNS is much more superior and it has… https://t.co/lKfISQR1sI pic.twitter.com/OPowSDQzxD

— Crypto Thanos (@CryptoThannos) May 22, 2024

Root Name Service Goes Live

Thanos issued the forecast while reacting to the launch of Root Name Service (RNS), a cross-platform digital identity solution built on Root Network. The solution, introduced in March, finally went live on May 19 at 06:30 PM (EDT).

Users who wish to own a unique digital identity via RNS can make payments with ROOT and USDC. Like every other Root service, the transaction fees for RNS will be paid in XRP from an EOA address.

According to Thanos, Root’s RNS is superior to the popular Ethereum Name Service (ENS), with the potential to outperform it in the long term.

Launched in July 2023, Root Network is a Layer-1 blockchain designed to serve as the central infrastructure for the open metaverse. The crypto project uses a dual-token system. While ROOT performs the role of governance and security within the Root ecosystem, XRP is used as the official gas token.

Besides serving as the Root Network’s official gas fee token, XRP’s utility was expanded by leading decentralized exchange Moai Finance following the introduction of a single-sided staking service for the coin. Moai also paired XRP with other Root Network-based tokens, including USDC and ROOT.