If you remember about 10 days ago we notified about our new crypto pick, Phala Network ($PHA). Phala is a privacy coin that aims to make smart contracts confidential on the Polkadot blockchain. Reference my post on March 3rd at the bottom of this post for more details on the coin, smart contracts, and the blockchain. I said this was a slightly riskier investment. It still is, but as the gains go up, the risk dies down. With that being said, I am here to inform that we are still early on Phala for 2 big reasons.
- The market cap. Market cap in crypto is something that is often overlooked, but should never be. Market cap is the total money into an asset. The amount of Phala coins in circulation multiplied by the price per one coin. Phalas current market cap is $168 million as I’m writing this. Generally with crypto, coins will get to a $1-5 billion market cap, then the insane 10x, 20x, even 100x gains slow down. Simply because people know that at this stage the coin is considered a “high cap” coin. Meaning it is a more conservative asset that is safe, but less rewarding. Right now Phala is considered a “mid cap” coin. I believe this coin can absolutely get to a $1 billion+ market cap within the next year. If you invest now, you can still 6x your money this year.
- Phala is integrating with many different programs and other crypto projects. To name a few they partnered with this month alone. Apron Network, DEGO Finance, and Acala Finance. These platforms are all Polkadot projects that want Phala network to incorporate their trusted confidentially system in their smart contracts. It is not as important for you or I as investors to know every detail about the partners, just that Phala is growing.
Phala Twitter: https://twitter.com/PhalaNetwork?s=20
Phala Website: https://t.co/lRhuzFCDOh?amp=1
First Phala Post: https://thecommontrader.wordpress.com/2021/03/03/our-next-crypto-pick/