Venture capitalist Arthur Cheong is speculating on where the next 100x opportunities in the crypto space will be.
Cheong, the founder of DeFiance Capital, tells his 150,000 X followers that he believes crypto projects without large amounts of venture capital (VC) and that are not traded on centralized exchanges (CEXs) are going to yield the biggest profits.
says the investor
“I firmly believe that most of the 100x opportunities in the future will be found on-chain with no VC investment and no CEX listing.
Meanwhile, most VC coins will only continue to fall with their blatant low float high FDV (fully diluted valuation) tokenomics and sales by airdrop farmers.
The DeFi veteran recently drew attention to what he says is an “extremely promising” project, the cloud-focused DeFi protocol Akash Network (AKT), which has seen a significant price increase so far through 2023.
“An extremely promising project with good foundations and a tailwind from the industry. 2x in a week while almost [no one] on [crypto Twitter] talk about it.
A good confirmation that you don’t have to chase every short term story to get outrageous profits as this one has tailwinds [been active] since January.”
The Akash network, which integrates machine learning and artificial intelligence (AI), is trading at $1.48 at the time of writing, up 8.8% over the past 24 hours.
The 105th ranked crypto asset by market capitalization is up more than 148% in the past two weeks.
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Image generated: Midway through the journey
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