Cryptocurrency Financial Advisors

Analyst Reacts: Update on Digital Assets Review

Outside of prolonged events, a lot has happened this past year in the digital assets market and one could say that it has been pretty messy and quite complex. Following the news of Elon Musk’s proposal to purchase Twitter, Sarson Funds analyst team had reviewed four digital assets that could benefit from Twitter’s ownership change. As time has passed since the article’s initial publishing on April 26th, so have legal allegations and court dates which have led to an agreement that the deal between Twitter and Elon will be finalized in the upcoming months.

This is how these assets are performing now:

  • Dogecoin(DOGE) is down 54.96% since April and is currently trading around $0.064.

As one of Elon Musk’s favorite meme coins, Dogecoin has at times risen and fallen based off of his public support of the crypto asset. Besides those factors, Doge has proven itself in the means of its utility and the community’s large adoption. One large component to Dogecoins success is its capability to be spent almost anywhere using Bitpays mastercard. In more recent news, Dogecoin has now become the second largest Proof-of-Work(POW) cryptocurrency in the market since Ethereum’s successful merge to Proof-of-Stake(POS). 

  • Arweave(AR) is down 65% since April and trades currently around $9.14.

As stated by Zachary Profeta, “Arweave (AR) has the unique opportunity in leveraging a platform’s need for increased censor-proof mechanics and assurance of longevity for the information stored. Arweave allows users to make a one-time payment in the form of AR tokens to host whatever data they have on the Arweave Permaweb. Arweave offers permanent storage of both public and private data that can be accessed at any time all while being validated by miners supporting the network.” 

  • Ethereum Name Service(ENS) is up by 20.31% since April and trades currently around $17.60.

In the past month, the web3 domain service had 437k new .eth registrations and 35k new eth accounts with at least 1 ENS name according to statistics on DUNE. Earlier in September ENS announced its partnership with Coinbase allowing users to create free-to-claim web3 cb.id usernames on Coinbase Wallet extension while ENS most recent partnership was announced with Lens Protocol allows Lens data to now be queried as ENS resource records to make for easier process.

  • Decentralized Social(DESO) is down 36.83% since April and currently trades around $20.04

DeSo is stapled as, “The only layer-1 blockchain designed to build and scale decentralized social media apps.” Large holders of the project include Coinbase Ventures, Sequoia and Andreessen Horowitz. DeSo recently announced its integration with Metamask allowing DeSo to become the “cross-chain social layer for all of web3”, meaning it’ll allow users to translate their Metamask wallet into a DeSo wallet easily and soon many other blockchain ecosystems as well.

In light of the most recent news of Circle announcing the issuance of USDC on the Decentralized Social blockchain, DESO price has surged over 250% since the start of September.

In comparison to Bitcoin and Ether, down 51.3% and 55.4% respectively, ENS has been the clear outperformer of these names. 

Disclaimer: This is not financial advice, please DYOR always! These highlights are based on personal interest only. 

Written by Jenny Mongan

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