Popular cryptocurrency analyst and Coin Bureau host, Guy, says investments by venture capitalists in later-stage cryptocurrency projects indicate the high potential those particular projects have.
Guy kicks off his list of five cryptocurrency projects with high-performance blockchain Solana (SOL), which is among the many projects that have received massive financial backing from venture capital (VC) firms since the start of the year.
“When VCs invest heavily in a cryptocurrency that’s already up and running, it suggests the project in question has serious long-term potential and is not just some speculative short-term investment.
In first place we have Solana.”
The YouTuber tells his nearly 1.2 million YouTube subscribers that over $500 million has been poured into Solana in various tranches as he terms the haul a ‘bullish’ sign.
That includes a $40 million funding round in March, a $60 million round in May, another $100 million in May and $314 million in June.
Next on Guy’s list is Dapper Labs, which owns the popular crypto-collectible platform NBA Top Shot.
Dapper raised over $300 million from multiple VC firms in less than five months as excitement over the Top Shot ecosystem grew.
Proof-of-stake blockchain Algorand (ALGO) features third on Guy’s list of cryptocurrencies possessing high potential given the financial backing received from VCs. Arrington Capital raised $100 million in June to ‘fund projects building on the Algorand blockchain’.
Next on the YouTuber’s list is the proof-of-space blockchain Chia Network (XCH) which raised $60 million in May.
The multi-chain platform Kusama comes fifth on Guy’s list.
The project raised $30 million alongside its sister platform Polkadot in June. In addition, Kusama’s parachain auctions, which allow crypto communities to essentially bid for which projects will launch on the network, are up and running. The top project, Karura, allocated $100 million to Kusama in order to secure a 48-week lease to build on the network.