A highly-regarded trader known in the industry as Altcoin Psycho is devoting a significant amount of capital to a new altcoin.
The analyst tells his 142,000 Twitter followers that he is heavily investing in Swirl Cash (SWIRL), a newly launched project that lives on Binance Smart Chain (BSC).
Swirl is designed to power decentralized and private transactions on the BSC smart contract platform, which has grown in popularity since the rise of gas fees on the Ethereum network, the leading smart contract platform.
Altcoin Psycho highlights that unlike many projects fresh off a token release, the Swirl team already has a working project in place.
“Heavily aped in SWIRL today as soon as it listed on PancakeSwap. Swirl is essentially the Tornado Cash of BSC, with much better token economics.
Main product is already live, so it’s not based off a whitepaper. This one will do incredibly well in my opinion.”
From the time the trader made the call, Swirl soared from a low of $1.55 to a high of $6.51 in a matter of hours, making returns of 320% for anyone who played the trade perfectly.
Swirl is currently trading at $4.90 and sits around a $6-million market cap.
In February the pseudonymous trader made a bold call regarding decentralized cloud storage solution Akash Network (AKT), betting that the project could soar into the top 50 projects by market cap.
Since making his AKT prediction, the asset is up nearly 100% and has overtaken roughly 16 projects to become the 204th top asset by valuation.
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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 losses 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/Volodimir Zozulinskyi
