Bitcoin trader and strategist Josh Rager is hopping on the decentralized finance (DeFi) bandwagon.
Rager invested in Yearn.Finance (YFI) early. The coin has surged from $34.53 on July 18th to a high of $37,621 on Sunday – a whopping 108,000% increase. The analyst now predicts the coin will continue to soar and reach a price of $100,000.
Meanwhile, the analyst tells his following of 81,000 people on Twitter that he plans to hold on to five other nascent crypto assets that he believes offer upside potential.
“Still holding XAMP, TOB, YFL, JGN, & TACO. The altcoins I share are the altcoins I intend to hold for a while or take profits slowly overtime – not dump on people.”
Rager puts the spotlight on Antiample (XAMP) and Tokens of Babel (TOB) as both assets are getting a lot of attention in the Uniswap protocol.
“XAMP [and] TOB are doing great on vol & users going on 2 weeks+ now just on Uniswap alone. The first major exchange to list them both will likely reap some major rewards from users and fees.”
Tokens of Babel (TOB) is an asset that rewards early investors through rebasing, which burns TOB tokens after certain conditions are met without impacting the holder’s share of the total supply. Investors who hold 3% of the supply will always own 3% of the supply but the number of tokens in circulation is decreased, making it more expensive for new investors to buy TOBs.
Meanwhile, Antiample (XAMP) leverages deflation by constantly destroying tokens. If the value of XAMP decreases, the supply of the crypto asset is reduced in an effort to drive the value of the coin.
Josh Rager is also tracking the performance of Tacos (TACO). He says that the fresh crypto asset has a lot to offer.
“TACO is two weeks old and still going strong. More pools and other ways to earn are coming. I know the guys behind this team, they continue to work hard to bring value –meme or not – they take their project seriously.”
Tacos bills itself as a “deflationary currency” that rewards holders by burning 4% of the TACO in the liquidity pool on a daily basis.
As for the other coins on Rager’s list, Juggernaut (JGN) is a new breed of token that allows businesses to create custom synthetic tokens and take full advantage of the DeFi infrastructure. Meanwhile, YF Link (YFL) is a fork of the red-hot Yearn.Finance protocol. The project leverages LINK (Chainlink) and allows LINK marines to directly participate in the DeFi craze through yield farming.
The trader is also keeping close tabs on the king crypto as Bitcoin tries to establish support at a key level.
“Weekly candle- price slowly making its way back over longer-term level. Some interested buyers in the low $11,000. Still not out of the woods yet but a weekly close above $11,500 would show good support on higher time frames.”
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/ArtStudio29
