Arthur Cheong, a prominent venture capitalist and founder of DeFiance Capital, is casting his predictive gaze on the future of cryptocurrency. He speculates that the most significant gains will be found in crypto projects without large amounts of venture capital (VC) backing and that are not traded on centralized exchanges (CEXes).
The Shift Towards Non-VC Backed and Non-CEX Listed Cryptos
According to Cheong, the new wave of crypto opportunities will be found in projects that are not heavily backed by venture capital and do not rely on centralized exchanges for trading. He firmly asserts that these projects will offer the most lucrative opportunities, potentially with 100x gains.
He goes on to caution against the continued downward trend of most VC-backed coins, attributing their decline to low float high FDV (fully diluted valuation) tokenomics and selling by airdrop farmers.
An Example of a Promising Project
Recently, Cheong highlighted the Akash Network (AKT), a cloud-focused decentralized finance (DeFi) protocol, as an ‘extremely promising’ project. Despite minimal chatter about AKT on crypto Twitter, the project has seen a significant price increase, reaffirming Cheong’s belief that chasing short-term narratives isn’t necessary for making outsized gains.
The Akash Network, which integrates machine learning and artificial intelligence, has seen an 8.8% increase in the last 24 hours, taking its price to $1.48 at the time of writing. The crypto asset, ranked 105th by market cap, has seen an over 148% increase in the last two weeks.
Keeping Up with the Crypto Space
For those interested in tracking the performance of such promising crypto projects, tools like cryptoview.io can be instrumental. This application allows users to keep an eye on various crypto projects, providing a comprehensive view of the crypto market landscape.
Please note: This article does not constitute financial advice. Always conduct thorough research before investing in cryptocurrencies.
