Finding Gems in CoinMarketCap - Based Finance Next Gen
In this series of stories I will try to analyse the new cryptocurrencies that are being launched on the market, through an analysis of their tokenomics, to see whether or not it is worth investing in such a project.
In this story we will analyse the cryptocurrency Based Finance Next Gen
Disclaimer
What I show here are theoretical results of some of the current indicators that we can obtain from the cryptocurrency. A high percentage of the cryptocurrencies I analyse will fail. Before investing, do your own research on each of the projects.
What is Based Finance Next Gen
The first iteration of the protocol, Based finance, supported TOMB by pegging to tomb. Providing utility and increasing liquidity on the Fantom Blockchain.
Analysis
The first thing we are going to do is estimate the price this cryptocurrency could reach, if it reaches a market cap of 5,000,000,000 $. I have chosen this market cap as a reference because it is not very high and I do not see an impossible value to reach.
Its current market cap is 79849.0 $ at a price of 3.4 $. If the estimated market cup were to be reached, we would have a price of 51173.93 $. This means an increase in the price of 1505015.59 %.
Cryptocurrency is inflationary, which in principle does not make this a positive aspect in my opinion.
Cryptocurrency trading volume in the last 24 hours has been 42653.0 $, with a ratio to its market cap of 0.5342.
This implies that the cryptocurrency is being extremely volatile and its price can either go up sharply or crash.
Conclusions
As an inflationary cryptocurrency, I am not interested in the project. I try to avoid this type of cryptocurrency because at the end they have the same problem as fiat money. It would be necessary to study the project well to see its token creation policy and see if it is really an interesting project.
