A renowned crypto analyst, Layergg, took to X to share his February watchlist. Let’s delve into his insights and explore the altcoins that have caught his attention.
Layergg’s watchlist features five altcoins that have piqued his interest. Let’s take a closer look at each of them and the factors contributing to their inclusion on the list.
- JUP (Jupiter) – Shedding Light on FUD and Airdrops
According to Layergg, the initial seven days of February saw a significant amount of selling activity surrounding JUP. However, he believes that this could mark the end of the fear, uncertainty, and doubt (FUD) surrounding the coin. Layergg points to the CEO’s tweet, suggesting that JUP stakers might be eligible for airdrops, similar to the popular token TIA.
- RON (Ronin) – A Potential Listing on Major Exchanges
Layergg highlights the possibility of RON being listed on prominent exchanges, including Binance and Coinbase. This potential listing could pave the way for increased visibility and trading volume for RON. Additionally, RON boasts the highest daily active users (DAU) among Web3 gaming platforms, with more game releases scheduled in the near future.
- MATIC (Polygon) – Migration and L2 Liquidity Solutions
Layergg emphasizes the migration of MATIC to the Polygon network, known for its Layer 2 (L2) scalability solutions. He suggests that this migration, particularly in conjunction with the launch of STRK, could drive market traction for MATIC. Additionally, the AggLayer V1 Launch positions MATIC as a leader in addressing liquidity fragmentation issues within the L2 ecosystem.
- MKR (Maker) – Rebranding and Restaking Opportunities
Layergg points to ongoing discussions surrounding the potential rebranding and token split of MKR. He predicts that the launch of Ethena/Blast could raise borrowing costs, ultimately benefiting Maker’s profit. Furthermore, as a leading beneficiary of the Restaking/LRP narrative, MKR is expected to experience increased borrowing against ETH for new airdrops.
- PENDLE (Pendle) – Riding the LRT Wars Wave
Layergg highlights PENDLE as a top beneficiary of the LRT Wars. The addition of new LRT Pools has created a price-rise flywheel for the altcoin. Additionally, the backing of Puffer Finance by Binance Labs and the Ethereum Foundation is expected to boost Pendle’s Total Value Locked (TVL) and trading volume. Layergg also notes the involvement of Arthur Hayes, who has been buying PENDLE since last year, drawing parallels to the previous shilling of SOL.
Analyzing the Market and FUD Factors
Layergg also provides insights on BTC, highlighting the potential reemergence of FUD surrounding the $GBTC outflow, which could exceed $1 billion through the Genesis legal/bankruptcy process. However, he suggests that most of the $GBTC will be converted back to BTC for creditor repayment. Layergg sees this as an opportunity, where market influence from FUD could present a potential buying opportunity, reminiscent of last year’s October FTX $SOL liquidation situation.
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