If you remember the previous bull markets in crypto, we have always had some gem launchpads where the coins took their first step into the world of retail investors. Back in time, these launchpad exchanges were MEXC, Kucoin, Mercatox, Bitfinex, and Poloniex. The coins listed on them were seen as a potential 20x - 30x gems.
As the crypto ecosystem evolves, the markets, coins, and types of investors have changed. For example, it was pretty easy to find gems in 2017 - 2018 because there were not many options on the markets and the projects had similar, mostly basic, blockchain operations. Once a coin comes up with a new thing, it would be the hype of that cycle, like 0 fee and instant transactions on Raiblocks, a.k.a NANO.
However, in today's crypto market, you have to be a real hunter. Everywhere is full of copy-paste projects that are looking for an opportunity to make either hard or soft rug pull to take your money. Also, there is an inflation of exchanges and projects in the ecosystem. Starting from today, I can count you 2 gems every single day. This is neither sustainable nor healthy.
I had Raiblocks, NANO, bought for $0.25 in Mercatox. It was the only exchange where I could buy it in 2017. Once the project was hyped, guess what happened to the price...
Raiblocks, NANO, that I bought for $0.25 tested $33.45 in a couple of months with exchange listings and hype.
This is what we call a real gem. A perfect example 🦍
Now it is not that easy to find, thus, we need to do our best.
First of all, we are lucky as there are lots of trackers, data collectors, open source tools to be utilized. For example, to focus on Gate.io's possible gems, I'll be using CryptoRank's Gate section.
You will recognize that Gate is a Tier 2 Capital according to the platform. Actually, this is much better because real gems need to be hidden properly! A gem that is listed on Tier 1 exchanges, like Coinbase, Kucoin or Binance, may not show the same performance as Gate.io's gems.
Among Gate.io gems, you will see a token that you are very familiar with 😉
Yes, Splinterlands' governance token is a possible gem for the next bull market. As we all have thousands of them, I will look for another one to show an example.
What about WOO and Symbiosis Finance?
As WOO is already listed on Binance, we cannot examine it for this search. Yet, SIS, Symbiosis, can be a nice one with $5M daily transaction. This is a nice amount of volume without Binance and Coinbase listing.
Huobi, OKX and Gate listings are pretty nice. This cross-chain dApp is already recognized but it has not gone viral.
Let's visit the website to explore what it serves.
First big plus: Being on Linea!
Symbiosis looks like a professionally governed project without checking the tokenomics yet.
So far I am positive.
It has bridging, farming, LP staking and lots of DeFi features. The best side is the daily volume of it.
Now that we enjoyed the project, now we will check 2 more things:
1- Whitepaper
2- Tokenomics
3- Long Term Stats
The token is used for governance, staking and node operations by relayers. Nothing surprising.
Token Unlocks provide us some useful data about the tokenomics and vesting schedule. As far as what I've seen, there will be a sell pressure on the token until May 2024. However, as long as it has no operational problems, I believe there won't be a drastic drop in the price of the token.
According to DeFiLlama, the project is recovering but the price is still getting lower. I think this can be a positive side if you want to dive into a project while it is cheap.
This is just an example, and a pretty basic, way of hunting gems in Gate.io and similar Tier 2 exchanges. There is always a gem somewhere in the crypto. If you can spot it before the majority, they may change a lot of things in your life.
Share your strategies to hunt gems in crypto 👇
Hive On ✌🏼
