Crypto market moves from narrative to narrative, giving opportunities to make big money to those who are early and less greedy.
Today, I will reveal a new narrative that is currently not obvious to most.
DePIN > RWA > AI > what's next?
Blockchain service was the most funded category by venture capitalists last year.
But it includes a wide range of projects, one of them being wallets.
Why am I so optimistic about wallet tokens?
1. MetaMask's IPO in May-June.
2. Exodus will go public on the NYSE American and tokenize its shares soon.
3. High BTC dominance - altcoin season is inevitable.
4. Long accumulation.
@safe
Safe (previously Gnosis Safe) is a multi-signature wallet that's commonly used by projects, startups, and institutions.
It's built on smart contracts. A transaction can be sent only if the majority of signers approve it (2/3, 3/5, etc.).
Tier1 backers include:
1. 1kx (lead)
2. Coinbase Ventures
3. Digital Currency Group (DCG)
4. Lightspeed Venture
5. Tiger Global
Valuation was not officially disclosed, but it was reported to be worth around $1.25 billion, $1.25 per token.
$SAFE
The chart looks better than 90% of altcoins, the price is approaching key resistance.
Price targets:
• 3.30
• 4.35
• 5.40
Since GSR invested, I suppose they are the MM here, they know how to push the price up.
I calculated the average price of VCs' tokens, considering Core Contributors and Foundation, it's about $0.33 per token.
A $1.25 billion valuation in 2022 doesn't seem credible; there could have been a catch or intentional misleading.
VCs' profit is not large by standards of venture investing and there's not enough liquidity for them.
Safe tokenomics
There won't be huge unlocks soon; instead, it will happen smoothly until 2030.
Users received 37 million tokens (~$75M), but the price did not collapse, perhaps because the market maker accumulated these tokens to send the price significantly higher.
Only then will there be liquidity for VCs and the team to fix profits, which is currently not present.
@TrustWallet
Trust is a non-custodial mobile and extension wallet that was acquired by Binance in 2018.
They recently added Swift Wallet feature, which is a type of smart wallet aimed at increasing mass adoption by eliminating seed phrases and allowing payment of gas fees in any token.
After going through the top 100 wallet addresses, I noticed that early holders haven't been selling for years - from 2020 until now, even after significant price growth.
To back up my statement, here are a few wallets:
1. 0xd1b189422012e023edeec0eaa1270af78b0a4d71
2. 0xbcda6b138f41c8c5cfec32568817ca168b24fc29
3. bnb18jr0rwanc9caweya9s0rqx7yj56t2087faw7dp
$TWT key metrics
Market Cap: $451M | FDV: $1.1B
Price targets:
• 3.80
• 5.60
• 7.50
Trust's business model is sustainable, since the project generates revenue $70K from swaps every day. After looking at statistics we see clear uptrend.
@iSafePal
SafePal is a mobile, hardware, and estsension wallet backed by Binance Labs and Animoca Brands. It competes closely with other top-tier wallets like Ledger Nano X and Trezor Model T
In 2023, SafePal sold over 10 million units of its hardware wallets globally.
Pre-valuation: $40.00 M
$SFP key metrics
While most alts were bleeding and dropped by 50% or more, SFP has been strong and shows an uptrend, approaching the resistance level on a weekly timeframe. It's been accumulated for about 100 weeks.
Market Cap: $362M | FDV: $392M
Next major unlock: July 31, 2024
Price targets:
• 1.55
• 2.30
• 3.05
Other wallet tokens
$C98 - Price: 0.26 | Market Cap: $198M | FDV: $263M
$XDEFI - Price: 0.08 | Market Cap: $7.2M | FDV: $19.8M
My positions:
I have bought $TWT for now, maybe I'll add some $SAFE soon.
Stay on my TG channel, I'll share my portfolio updates there.
I hope my article was helpful. If so, please do not hesitate to :
1. Follow me for more alpha content
2. Like & Repost to motivate me continue
