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Breaking News: Is Sony The Next Crypto Bank? Tech Giant Applies For A National Charter In The US

Next Crypto To Explode? Mechanism Capital Co-Founder Reveals Altcoin Gem

Jake Simmons
Jake Simmons
2 years ago
3 mins read
next crypto to explode

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Andrew Kang, a renowned crypto entrepreneur and investor, has revealed via Twitter his choice for the next cryptocurrency that may soon explode in price. Kang is the co-founder of Mechanism Capital, which invests in cryptocurrencies through prop trading, mining, ventures, and secondary markets.

In the crypto community, Kang has made a name for himself with his winning trades. On Twitter, Kang now shared his latest crypto find: Radiant Capital (RDNT). The altcoin has a market cap of just $77.3 million, currently ranking #287 among all cryptocurrencies.

According to Kang, Radiant Capital has the potential to become the “new king of the money markets,” toppling market leaders Aave and Compound from their thrones with a TVL of $5 trillion and $2 trillion, respectively. According to the investor, Radiant Capital can succeed because it is innovating while the others are treading water.

Next Crypto To Explode A La SUSHI?

However, with a current TVL of $260 million via Arbitrum and the Binance Smart Chain (BSC), Radiant has a long way to go. The case for Radiant is strong, however, according to Kang: the platform is the first functional cross-chain market maker (borrowing on the X-chain, lending on the Y-chain).

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Also boosting RDNT’s price could be its upcoming launch on Ethereum and zkSync. Another advantage Radiant Capital has over its competitors, according to Kang, is the potential yield. While Aave & Compound only yield 1-2% on stablecoins, less than treasuries, Radiant can offer much more lucrative rates.

“With >$100B stablecoin mkt cap & $10B+ stables once in MMs now idle, this untapped liquidity is a huge opportunity: as 10-40% stablecoin yields from an audited, year-old protocol become known, expect TVL growth,” speculates Kang.

The second biggest opportunity according to him are Ethereum and Liquid Staking Derivatives (LSDs) when the mainnet dApp launches. Once that happens, Kang expects Radiant to capture a piece of Compound & Aave’s $4 trillion pie through sustained, incentivized yield.

Another argument: with the rise of Layer Zero and zksync, Radiant could be well on its way to becoming a major beneficiary as people use the platform to farm potential airdrops.

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Also worth noting, according to Kang, is that Radiant has already surpassed Aave, Compound, and even Solana in 90 day revenue. Looking at the 90 day trend, Radiant is the fastest growing protocol in this field.

However, the biggest trigger for an explosive rise in the price of the RDNT token could be a vampire attack on the outdated liquidity of existing money markets, a la Sushiswap. Kang writes in his latest tweet today:

Sushiswap’s vampire attack on Uniswap was a core factor in it achieving a billion+ TVL and multi billion valuation. Have we seen a successful one since then? What about a vampire attack on money markets?

If billions of stables and LSDs are barely earning 1-2% in Aave and Compound, how much would move for 10% yield? 20%? 30%?

Kang Buys $1.11 Million In RDNT

As Arkham Intel reports, Kang has followed up his words (after the first tweet on Wednesday) with action. Andrew Kang’s on-chain address has begun acquiring RDNT tokens. Initially, the trader bought 3.922 million RDNT for $1.11M.

With Andrew Kang @Rewkang‘s thread about Radiant Capital yesterday, his on-chain address has begun acquiring $RDNT tokens.

Over the past 24 hours, his address 0xe8c has bought 3.922M $RDNT for $1.11M.

This has since increased in value to $1.19M – a gain of ~$80K in under 24h! https://t.co/sZyFJUWchV pic.twitter.com/2HFfLcjsLL

— Arkham (@ArkhamIntel) June 8, 2023

However, Kang’s recommendation has not been met with unanimous enthusiasm throughout the crypto community. Some voices think that Kang’s theses are too far-fetched and not strong enough. On the other hand, it should be noted that the “Binance effect” of a listing already happened at the end of March this year.

At press time, Radiant Capital (RDNT) traded at $0.2926.

crypto RDNT price
RDNT price, 1-day price| Source: RDNTUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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