A Star is Reborn...
Astar (ASTR) fits the GEM pattern that I look for. It is currently down from its all-time high (ATH) by 81% ($0.42) but just up a little from its all-time low (ATL) at about 1.5 times its value at $0.032. It is also underwater by 62% ($0.25) from its initial exchange offering (IEO) on Gate.io in January 2022, which is even better as all those investors are not likely to sell at a loss.
Many tokens look like this right now, but you must distinguish whether it is a dead project or has a pulse with signs of life. Astar is far from dead; in fact, I expect it to rally very soon, and here are a few reasons why (all from just the last 30 days):
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They just kicked off a Web 3 Incubation Program with SONY! It opened on February 17th, and applications will close on March 6th. The plan is to nurture more than 15 new decentralized applications (DApps) on Astar for the program applicants.
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They have also partnered with TOYOTA to do a hackathon, and over 100 new projects will be deployed on Astar in the upcoming months.
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Astar is positioning itself to become Japan's leading blockchain, and with partners like Sony and Toyota, they are making big strides. If things continue on the current trajectory, Japan will recognize Astar as a legitimate cryptocurrency, eliminating any concerns over SEC scrutiny. This may be a real game-changer and a price catalyst!
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Also, according to tweets by @WatanabeSota, the founder and CEO of Astar, they secured a $1.6 million budget for WebAssembly (Wasm) smart contracts and started hiring new employees.
The current trading volume is only about 12 million, and it is just outside the top 100 by market capitalization (MC) with a MC of 329 million.
If we see ASTR just hitting the previous ATH, you could be looking at an easy 5x, but it is also possible that they could break into the top 50 by MC, which would be about ~5 billion or a nice 15x.
In full disclosure I just grabbed a small bag under $0.08 and tucked it away.
As always, Do Your Own Research (DYOR), and please note that this is Not Financial Advice (NFA).
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