A long-time crypto trader known as Flood is showing support for an altcoin that helps bridge the gap between different types of blockchain projects.
Flood tells his 194,400 Twitter followers that there are several reasons why he thinks trustless automated market maker Synapse (SYN) has the potential to make insane gains over the next two years.
“Here’s some simple math, the EVM [Ethereum Virtual Machine] smart contract platforms have a combined $700 billion market cap and are projected to reach $12 trillion by 2023.
With Synapse’s superior user experience, hyper-efficient liquidity providing and one of the greatest developer teams in crypto, it’s sure to become the leading cross-chain bridge in the world and capture at least 10% of that market cap, $1.2 trillion, by 2023.
That puts the price target at $2,400 per SYN. Let the bears and fudders (fear, uncertainty and doubters) sell all they want, I will keep accumulating.”
The Ethereum Virtual Machine is a blockchain-based software platform where developers build decentralized applications (DApps). It eliminates the need for sophisticated hardware while creating smart contracts.
At time of writing, SYN is up over 10% on the day to $2.84. At Flood’s price target of $2,400 per token, that would signify a mind-boggling 84,407% gain for the 181st-ranked crypto asset.
According to the Synapse project website,
“By providing decentralized, permissionless transactions between any L1, sidechain or L2 ecosystem, Synapse powers integral blockchain activities such as asset transfers, swaps, and generalized messaging with cross-chain functionality.”
The SYN token entitles holders to vote on governance issues on the SynapseDAO (decentralized autonomous organization) as well as pays for network gas fees.
Another popular crypto analyst who goes by the name of Smart Contracter is also interested in Synapse.
The pseudonymous Twitter personality says,
“With all the layer ones competing against each other, accumulating something that bridges them all together feels like a picks-and-shovels play to me.
SYN chart looks amazing against ETH here on the weekly and allows you to bridge to almost every single chain from any chain.”
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
Credit: Source link
