A closely followed crypto analyst is giving a bullish forecast for a popular crypto project centered around decentralized data storage.
In a new video, pseudonymous Coin Bureau host Guy tells his 1.99 million YouTube subscribers about the rising demand to protect the world’s information from being tampered with.
The analyst says that Arweave (AR), a protocol already used by Solana (SOL) to record transaction history, is already meeting the growing demand to store data in an immutable fashion.
“All its available metrics suggest Arweave’s adoption is still in an exponential trend regardless of its price. To put things into perspective, when I covered Arweave last August, there were just 151 miners and there are now nearly 1,200.
Arweave went from 90,000 wallets to over 155,000 wallets and the amount of data stored by Arweave has jumped from 10 terabytes to over 55 terabytes. As a cherry on top, Arweave’s monthly transaction growth has been explosive over the last year and is showing no signs of slowing down.”
Based on the project’s on-chain data, the analyst says that AR has serious upside and could see 400% gains from its current price of about $34.75.
“Arweave has a medium-sized market cap and that means it has lots of room to grow. With enough integrations and decentralized applications driving demand, AR could easily 5x from here in the long term.”
Guy points to Polkadot (DOT) as the next platform set to utilize Arweave for recording its transactions.
“In a September interview, [Arweave founder Sam Williams] said that Polkadot is among the cryptocurrencies that will be using Arweave to store their transaction histories.
This makes sense given that Polkadot developers have turned their focus to total decentralization over the last year or so.”
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/Andrush
