A crypto trader known as Flood, who has been followed by the crypto community for many years, has expressed his support for an altcoin project that helps bridge the gap between different blockchain projects.
Flood has 194,400 Twitter followers, an insecure (wholly computer code driven) automated market maker Synapse (SYN) He said he believed he had the potential to make insane gains in the next two years and explained his reasons for thinking that way.
“Here is a simple calculation, EVM [Ethereum Virtual Machine] smart contract platforms have a total market capitalization of $700 billion, which is predicted to reach $12 trillion by 2023.
With its superior user experience, hyper-efficient liquidity supply and one of the largest developer teams in the crypto space, Synapse is certain to become the world’s leading cross-chain bridge and capture at least 10% of this $1.2 trillion market cap by 2023.
This hits the price target of $2400 per SYN. Let the bears and FUDers (fear, uncertainty and doubt) sell as much as they want, I will continue to accumulate.”
The Ethereum Virtual Machine is a blockchain-based software platform that allows developers to build decentralized applications (DApps). In this way, the platform eliminates the need for advanced hardware when creating smart contracts.
At the time of writing, SYN is trading at $3, up about 3 percent daily and 10 percent weekly. Based on Flood’s price target of $2400 per token, this represents an incredible gain of around 85000 percent for the 179th-ranked cryptocurrency asset.
According to the Synapse project’s website,
“Synapse enables decentralized, permissionless transactions between any L1, side-chain or L2 ecosystem, powering integrated blockchain activities such as asset transfers, exchanges, and generalized messaging with cross-chain functionality.”
It is used to pay network gas fees as well as granting SYN token holders the right to vote on governance issues in SynapseDAO (decentralized autonomous organization).
Flood isn’t the only analyst interested in Synapse. Another popular crypto analyst, called Smart Contracter, is also very interested in SYN. Here’s what the Twitter personality said in his prediction on altcoins:
“When all the tier-1s are competing with each other, it’s a shame to be accumulating something that connects them. “pick-and-shovel” It sounds like a game of investment (an investment strategy in which investing in the core technology needed to produce a good or service rather than the final result).
The SYN chart looks great here against eth on a weekly basis, and the platform allows you to bridge from any chain to almost any chain.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.