Mark Cuban, one of many world’s foremost traders, appears to have discovered a brand new altcoin that captured his curiosity. The legendary investor seems to be over the current rug pull that he skilled, and is now after one of many property with essentially the most spectacular restoration from the mid-Might worth crash.
A significant funding adopted by a good larger stake
Cuban’s curiosity in cryptocurrency began rising quickly over the previous a number of months, and regardless of having a nasty expertise, he doesn’t appear to be discouraged from pursuing alternatives within the crypto sector. His most up-to-date transfer concerned an funding in a venture referred to as OlympusDAO — a coin that was additionally broken in mid-Might crash, but in addition one that’s seeing an incredible restoration, in contrast to Bitcoin and most different cryptos, that are nonetheless stagnant, two months after the occasion.
Cuban invested in just about every little thing, from Ethereum to DeFi, NFT platforms, and extra. Now, in line with those that observe the investor’s each transfer, Cuban has purchased 75 Olympus (OHM) tokens yesterday, July 18th. The cash are moderately costly, so even if he solely purchased 75 of them, the whole quantity he invested is round $42,300. Nonetheless, even this was solely a starting for the Shark Tank star and Dallas Mavericks proprietor, who then determined to stake OHM.
He appears to have been so impressed with the token that he went on to stake 536 OHM, valued at round $302,304.
OHM is a local cryptocurrency of the venture referred to as Olympus DAO, which is a decentralized reserve foreign money. The venture claims to advertise predictability and stability, however with out the necessity to have a peg for the tokens.
It’s a younger venture, usually talking, because it has solely been round for a few months. Nonetheless, throughout this time, it has carried out fairly impressively, and it attracted a lot of main traders. In solely a month after its launch, the token’s worth went to $1,479 — its ATH.
In Might, nonetheless, the crypto trade crashed, and that included OHM, which misplaced 90% of its worth, sinking to $164. This was a moderately harsh drop, as even Bitcoin, which misplaced $30,000, continues to be solely 50% beneath its personal ATH. Nonetheless, in contrast to Bitcoin, which has not seen actual restoration because the worth drop — OHM has really made fairly a reputation for itself as a result of its personal worth enchancment.
The venture managed to skyrocket again to $564, not too long ago rising by one other 7%. Nonetheless, with its market cap being solely at round $390 million, that is nonetheless a reasonably small coin lately.
Cuban shouldn’t be the one one who seen the coin, nonetheless. It not too long ago began attracting the eye of many others, together with Chico Crypto, a well-liked crypto YouTuber and analyst. Chico Crypto, actual title Tyler Swope, spoke of the coin in certainly one of his current movies, naming it one of many solely initiatives that’s recovering effectively from the Might crash. This description is totally on level, as talked about, which makes it pretty distinctive in right this moment’s market.
Chico Crypto added that even Messari needed to analysis the venture in-depth to know why that is occurring, and it found that OHM has one thing referred to as a flywheel impact. Basically, which means customers are incentivized to do what’s finest for the venture, and they also do exactly that.
The crypto sector is probably going full of comparable gems, though it takes some time to determine them. With over 10,000 cash listed on CoinMarketCap alone, there are positively many who have nice potential and have but to be found and allowed to thrive.