Inspired by a meme in 2013, the value of Dogecoin has increased by 49,000 percent since then. One of the most important reasons why the DOGE project is on the rise may be Tesla CEO Elon Musk's support of Dogecoin.
Very few cryptocurrencies are listed on major exchanges. For example, Coinbase sells 140 cryptocurrencies, Gemini offers 95 tokens, and Voyager Digital lists 72 altcoins. Robinhood, on the other hand, only sells seven. However, with more than 8,000 cryptocurrencies available, more are emerging every day.
Analyst Taylor Carmichael proposes the Splinterlands altcoin project as a cryptocurrency that has a very good chance of debuting on a major stock market.
"7,000 New People Every Day"
Splinterlands has more than 300,000 daily users, making it the most popular game on any blockchain, according to DappRadar. According to the analyst, this popularity in the altcoin project spread through word of mouth as the company did not advertise. While there is no need to pay for the base game, around 7,000 new people check out the game every day. According to analyst Carmichael, about 3,000 of those 7,000 daily visitors can earn NFT assets in the game by paying $10 for a more complete version of the game. Thus, this $10 investment manages to turn a free game into a money making operation.
"Limited Liquidity in the Game"
Carmichael states that he has been playing Splinterlands every day for several years and his NFT and crypto earnings are worth around $14,000. However, he says that the liquidity in the game is limited and it is very difficult to cash out. He says this is because the Splintershards (SPS) token is not sold on major exchanges. Users in this altcoin project acquire their NFT assets through gaming or trade crypto for it. Money can be added in the game via PayPal, and in this way crypto or NFT can be purchased.
"Can Rise Much Higher"
Carmichael thinks this game, which is largely still on his radar, has the potential to rise even more in popularity and value. For example, Axie Infinity managed to become a gaming crypto that jumped 30,000 percent in 2021, in part due to Coinbase listing this altcoin project on its platform in August. According to DappRadar, around $4 billion in NFT assets are traded in the Axie market every day. However, Splinterlands has three times as many players, and yet the daily transactions are not even over $1 million yet. According to the analyst, as interest and awareness of this altcoin continues to increase, a major financial rise could occur.