The host of popular YouTube channel Coin Bureau says that an altcoin that has jumped 50% in the last week is one to keep an eye on for the next crypto bull market.
In a new video update, the pseudonymous crypto analyst known as Guy tells his 2.16 million YouTube subscribers he’s keeping an eye on decentralized storage network Arweave (AR).
Guy says he was impressed that tech giant Meta decided to use Arweave to store the social media platform’s non-fungible tokens (NFTs).
“Arweave is pumping off the back the fact that it’s partnered with Meta in order to store its NFTs. This is amazing news, not only for Arweave of course, but it’s amazing to see Meta go down the decentralized storage route as well.”
Announcement of the collaboration with Meta sent AR skyrocketing from a seven-day low of $9.99 to $17.47 in just a few hours, a 75% increase. The token has given up some its gains and is changing hands for $13.83 at time of writing.
Guy goes on to note that he believes the rally will be short lived and that he sold his positions in Arweave before its partnership with Meta. But the analyst says he’s now on the lookout for new entries into AR.
“I gotta be honest with you folks, I sold out of Arweave a while ago. I got very despondent when I saw that it wasn’t storing Solana’s blockchain data anymore, that Solana had gone over to Google Bigtable…
So I sold out of Arweave at that point, but I have to say that I love the project still and it is something that I am definitely looking to buy back into ahead of the next bull market… It’s got a great use case. It’s got a great team. It’s got some great fundamentals, so I am a fan of Arweave so do keep an eye on that one ahead of the next bull market. It’s definitely an altcoin to watch.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia