Newly listed cryptocurrencies with moonshot potential — October 2021
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Our latest review of recently listed cryptocurrencies yielded a sum total of five cryptocurrencies worthy of closer attention with only one which got our juices flowing. However if all we get from this long arduous monthly task is one good project, it is a job well done.
As well as discovering moonshots, if we are lucky, we also get a feel for the market, in particular the emerging trends.
This month saw a mixture of mainly DeFi, gaming and memecoins coming to the market. It was also noticeable that many project founders have developed a new level of greed with valuations for new ideas commanding in some cases billion dollar price tags. BitUp, zkTube and FODL led the way with valuations reaching up to $49 trillion (fully diluted) in the case of BitUp.We trust investors will steer clear from this garbage. We would also hope they would steer clear from 99.9% of the new projects coming to market. There is a definite lack of imagination from cryptocurrency founders. However, that makes our job somewhat easier as it is relatively quick to weed out the crap.
The gems kind of stare back at us and give us a little wink, ‘you found me!’
A feeling of disappointment
Two standout new listings this month which are worth talking about are NFT Tech and SatoshiStreetBets.
NFT Tech was a project we have been excitedly waiting for for some time. It talked about offering the opportunity to be able to stake your NFTs, a concept in its infancy. However NFTT’s listing was a let down for two reasons. Firstly there was no mention of this new staking facility and secondly its valuation was a hefty $38 million for just another NFT platform.
Then there was the case of the Reddit forum operator SatoshiStreetBets. This is one of the leading…