An attentive cryptocurrency analyst predicts a huge bullish potential for a popular cryptocurrency project focused on decentralized data storage.
The analyst expects 400% growth of this altcoin
In a new video, Coin Bureau host Guy spoke about the growing demand for protecting the world’s information from forgery with his 1.99 million subscribers on YouTube.
The analyst noted that Arweave (AR), the protocol already used by Solana (SOL) to record transaction history, is already meeting the growing demand for immutable data storage.
The analyst made the following statements about Arweave;
Current indicators show that the introduction of Arweave is still in an exponential trend, regardless of its price. For comparison: when I took up Arweave in August last year, there were only 151 miners, and now there are about 1200.
Arweave has grown from 90,000 wallets to more than 155,000 wallets, and the amount of data stored in Arweave has increased from 10 terabytes to more than 55 terabytes. However, Arweave’s monthly transaction growth has increased dramatically over the past year and shows no signs of slowing down.
Based on the project’s network data, the analyst stated that AR has serious growth potential and could see a 400 percent profit compared to the current price of about $34.75.
The analyst made the following statements in continuation of his statements;
Arweave has an average market capitalization, which means it has a lot of room for growth. With adequate integration and decentralized applications that stimulate demand, AR can become 5 times easier in the long run.
The analyst points to Polkadot
Guy pointed to Polkadot (DOT) like the next platform that will use Arweave to record its transactions.
Arweave founder Sam Williams said in an interview in September that Polkadot is among the cryptocurrencies that will use Arweave to store transaction history.
This makes sense, given that over the past year, the developers of Polkadot have switched their attention to full decentralization.