- Crypto YouTuber Lark Davis thinks these altcoins have the potential to grow and is buying into them.
- The digital assets have current and upcoming ecosystem development, along with strong backing from renowned investors.
Popular crypto YouTuber and influencer Lark Davis has once again shared some of the altcoins he has been buying the last couple of weeks. Here is the list and reasons behind choosing these cryptocurrencies:
The Polkadot (DOT) ecosystem recently took over parachain slot auctions from its Canary network Kusama. Now, participants have the chance to stake their DOT tokens for the project of their choice, as part of a crowdloaning initiative. Davis says he allocated between 90-94 percent of his entire DOT stash into parachain auctions for a two-year period. He also managed to get a return on all of the capital he used to purchase the altcoin initially.
I think that the parachain auctions are going to be massively profitable.
Davis has invested DOT tokens in four of these parachain auctions, namely: Moonbeam network, Enjin NFT ecosystem, Parallel Finance, and Acala DeFi protocol.
Bridge Mutual (BMI)
Bridge Mutual (BMI) is a decentralized insurance platform covering stablecoins, centralized exchanges and smart contracts. The crypto influencer is bullish on the platform as its mission spells out massive utility. Smart contract hacks “happen all of the time,” generating the need for insurance platforms. Other than Polkadot, Bridge Mutual is expanding out to other networks such as Solana, and forging high-rank partnerships. An additional catalyst for the altcoin is the upcoming launch of Bridge Mutual V2.
More altcoins on the watchlist
Trader Joe (JOE) takes pride in being the biggest and most popular decentralized exchange on the Avalanche (AVAX) ecosystem. Presently, Trader Joe has $2.5 billion in total value locked (TVL) and “huge trading volumes,” features which are large bullish indicators for Davis. The crypto analyst explains that he has been farming both Avalanche and Trader Joe tokens. The latter altcoin is currently running an incentive program where liquidity providers earn 75 percent APY in JOE and AVAX tokens.
Moreover, Davis is of the opinion that Trader Joe is “an undervalued player,” which gives it the potential to massively grow with the trend of alternative layer-one solutions.
P2E game tokens that Davis is invested in include Aurory (AURY), Rangers Protocol (RPG), Merit Circle (MC) and Illuvium (ILV). Aurory is a Solana-based play which Davis thinks has the potential to grow based on huge investor backing. The market is already valuing the altcoin at $150M even before its official release. The RPG gaming metaverse has a relatively smaller market valuation ($33M) but it also boasts of renowned industry backers. Its Mainnet launch is due in less than two weeks, bringing together NFT protocols and cross-chain compatibility.
Merit Circle, according to Davis, has “super lucrative staking rewards,” in addition to strong backing by the Digital Currency Group. Finally, Illuvium’s market cap is inching toward $1B and the platform has attractive 400 percent APY staking rewards.