Altcoin
An experienced investor sees a market capitalization of over $1 billion for this altcoin using XRP
Thanos predicts that Root Network (ROOT) will surpass the $1 billion market cap thanks to the recently launched Root Name Service (RNS) and the use of XRP for cheaper transactions.
“Crypto Thanos,” an experienced cryptocurrency investor, has drawn public attention to Root Network, a project that they believe has the potential to reach a market capitalization of one billion dollars.
Potential raise of ROOT to $1 billion
The pseudonymous investor said that ROOT is one of the few crypto assets that will ever surpass the $1 billion market cap threshold. At the time of writing, ROOT boasts a market capitalization of $46,930,428 ($46.93 million) and is ranked as the 655th largest cryptocurrency on CoinMarketCap.
To reach the $1 billion market cap, ROOT needs to rise 2,030% from its current valuation of $46.93 million. Reaching the $1 billion valuation seems like a tall order for ROOT, as the token is expected to rise more than 20 times.
Nonetheless, Thanos believes the coin could surpass the $1 billion mark in its lifetime. The investor did not provide a timeline for when he expected this forecast to materialize.
There are only a few projects that will exceed the MC billion dollar mark and $ROOT it’s one of them.
Have just started RNS – RootNameService and uses $XRP for much cheaper transactions.
If we compare it with EthereumNameService – $ENSRNS is much more superior and has… https://t.co/lKfISQR1sI pic.twitter.com/OPowSDQzxD
— Crypto Thanos (@CryptoThannos) May 22, 2024
The root name service becomes active
Thanos issued the prediction reacting to the launch of Root Name Service (RNS), a cross-platform digital identity solution based on Root Network. The solution, introduced in March, finally went live on May 19 at 6:30 pm (EDT).
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Users who wish to have a unique digital identity via RNS can make payments with ROOT and USDC. Like any other Root service, transaction fees for RNS will be paid in XRP from an EOA address.
According to Thanos, Root’s RNS is superior to the popular Ethereum Name Service (ENS), with the potential to surpass it in the long term.
Launched in July 2023, Root Network is a Layer-1 blockchain designed to serve as the central infrastructure for the open metaverse. The crypto project uses a dual token system. While ROOT plays the role of governance and security within the Root ecosystem, XRP is used as the official gas token.
In addition to serving as the official Root Network gas fee token, XRP’s utility has been expanded by leading decentralized exchange Moai Finance following the introduction of a unilateral coin staking service. Moai has also paired XRP with other Root Network-based tokens, including USDC and ROOT.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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