dailyhodl.com
A widely followed analyst is leaning bullish on a decentralized finance (DeFi) token built in the Ethereum (ETH) ecosystem.
The analyst pseudonymously known as CredibleCrypto tells his 449,900 followers on the social media platform X that his “highest conviction” bet based on the risk-reward ratio is Curve DAO ($CRV).
According to CredibleCrypto, $CRV could rally by at least 722% from the current level.
$CRV is trading at $0.852 at time of writing, up by over 70% over the past 30 days.
The widely followed analyst says that his bullish thesis for $CRV is backed by the tokenomics of the DeFi altcoin in addition to the technical analysis.
“You have a coin that has an emissions structure that is literally modeled after Bitcoin ($BTC), but:
– has 40+% of the supply essentially locked in perpetuity
– generates real yield from working products which is paid out to token lockers multiple times a month
– currently has the highest developer activity + number of developers that have ever worked on the protocol in its history despite the depressed price.”
According to CredibleCrypto, Curve DAO has an advantage over Bitcoin in that unlike $BTC, the long-term holders of $CRV can’t dump during the bear markets and worsen the price declines or take profits during the bull markets and curtail price appreciation.
“…with $CRV, token lockers literally can’t sell into the pumps OR sell into the dumps because their tokens are locked (in most cases) for a minimum of 3.5 – 4 years.”
The pseudonymous analyst further says,
“Overall, aside from the clean technicals and chart setup, $CRV, fundamentally, has all the markings of the next big success in this space that I think most are sleeping on because of either a lack of understanding of the mechanics behind the project or because of regurgitated, out-dated fear, uncertainty and doubt (FUD) that has been spread about the token during the last market downturn.”
Generated Image: Midjourney