The trader tells his 1.12 million YouTube subscribers that his first pick is CRO, native token of digital asset marketplace Crypto.com. As the exchange launches a major worldwide sports marketing initiative, Arnold thinks CRO is primed for long-term strength.
“With a landmark historic deal, the LA Lakers home arena, formerly known as the Staples Center, has been renamed to Crypto.com Arena in a $700 million deal.
The deal also sees the LA Lakers and the LA Kings become official partners of the cryptocurrency exchange.
The naming rights deal is one of the biggest in sports history, and they have the rights to this for 20 years. It is undeniable the reach that Crypto.com is gaining in America and around the world. It is crazy watching Crypto.com execute a $1 billion dollar sports marketing campaign.”
Other notable partners include the Paris Saint-Germain soccer team, UFC, Formula One racing, the Philadelphia 76ers NBA basketball team, Montreal Canadiens NHL hockey team, and Italian soccer league Serie A.
Arnold concludes his thoughts on Crypto.com by saying, “This is huge.”
CRO is currently trading for $0.50, down 5% on the day.
Next up, Altcoin Daily looks at Injective Protocol (INJ), a decentralized exchange (DEX) protocol that includes advanced features such as cross-chain margin trading, derivatives, and futures trading.
“Injective Protocol has announced the launch of its mainnet. To accompany [this], Injective is also releasing a $120 million program to incentivize liquidity provisioning and trading. They’re incentivizing people to use their platform. The program will allocate the funds to market makers and traders who utilize the protocol based on their activity.”
Arnold also notes that this incentive program is the largest within the Cosmos ecosystem.
“I’m bullish on Injective Protocol.”
At time of writing, INJ is priced at $10.62, down 13.77% amid a broader market correction.
The analyst goes on to discuss the Ethereum-based virtual world The Sandbox (SAND), whose upcoming launch he thinks is “a really big deal.”
“Huge update: Sandbox Metaverse Alpha to launch on November 29th after four years in development. Animoca Brands’ virtual property and gaming firm The Sandbox is opening up part of its metaverse to players for the first time via a multi-week play-to-earn [P2E] Alpha event.
The Sandbox virtual gaming world enables users to monetize their time spent in the metaverse via a play-to-earn model. The players can purchase land and create non-fungible tokens (NFTs) within the game and earn Sandbox tokens (SAND) by completing various quests. They can also stake their tokens into a variety of other things.
Again, they’re launching the Alpha, then soon Beta, and then soon the full-fledged launch. This is four years in development. This is a really big deal.”
The price of SAND has surged over 22% to $4.30 at time of writing.
Moving on, Austin Arnold discusses the latest news surrounding the decentralized digital asset exchange Binance Smart Chain (BSC). He believes the Ethereum alternative “cannot be ignored.”
“Binance Smart Chain, still in the conversation in a big way. Binance Smart Chain hits record daily high transactions. The DeFi [decentralized finance] platform has actually recorded approximately 1.75 billion lifetime transactions since its launch in August 2020.
Binance Smart Chain as an Ethereum competitor or interoperator cannot be ignored.”
Currently, the Binance exchange’s native token Binance Coin (BNB) is trading for $535.37, down 7.75% over the last 24 hours.
Finally, the YouTube host discusses smart contracts network and decentralized price feed service Chainlink (LINK). He thinks the project is still capable of “exponential growth” despite its recent price dip.
“Many people will say Chainlink is dead.
In my opinion, I don’t think Chainlink is going away anytime soon, especially when you take a look at the ecosystem. Chainlink delivered record ecosystem momentum in Q3 of 2021. When it comes to momentum ecosystem growth, Chainlink is right at the top. If you take a look at wallet holders by amount, whether you’re a minnow, a starfish, or a whale, [the] accumulation and distribution of Chainlink continues to increase.
Total value secured (TVS) by Chainlink Oracles is at a whopping $76 billion. Total value secured is at an all-time high, as Forbes reported, ‘If Ethereum leads the blockchain race, Chainlink is in pole position among Oracle’s many metrics.’
Even price on a long enough time frame is trending up, but many internal metrics are trending up. For those reasons the synonym of Chainlink is exponential growth, and I believe it is undervalued at this point in time.”
At time of writing, LINK is going for $26.74, a drop of 8.26% over the past 24 hours.
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The post These Five Altcoins Have the Biggest Upside Potential, According to Crypto Analyst Aaron Arnold appeared first on The Daily Hodl .