Investing in cryptocurrencies has become a popular choice for individuals looking to diversify their portfolios and potentially earn substantial returns. As we look ahead to October 2023, it’s essential to identify the Top 3 Crypto to buy in October 2023 that have the potential for significant growth and profitability. Today, I will tell you about the three best altcoins to buy in October 2023. Let’s move on to the first altcoin that i’m buying in October and that’s Dydx.
Dydx is among the top bets to consider in October, and here’s the reason number one in my investment thesis was based on the Dydx V4 upgrade, which is being tested. The upgrade was not launched until September, but this upgrade is massive as it will fundamentally alter the main issue that has affected its performance.
Dydx token, which is its tokenomics. In short, dydx token owners will now receive 95% of exchange’s trading revenue at the current value in relation to the volume of trading of dydx during the past year. This is roughly 80 million dollars annually and with a market cap of 340 million dollars, the token of dydx is highly undervalued.
The Revenue sharing update is not yet official announced however there have been numerous leaks across dydx’s blog posts and community amas in the last year that prove this. For instance, Dydx trading won’t be receiving any of the charges for trading as part in the upgrade to V4. Additionally, they’ve clearly laid out the distribution rules for who the fees for trading will be allocated to after the upgrade.
The lack of public awareness is the main reason that people don’t have any idea about the upgrade, and that’s why the price of dydx hasn’t moved yet. As it is evident that dydx is trading at the same price of $2 over the last six months. This remains within my entry limit of $2 since there’s an obvious support level at $1.5, which needs to hold to allow the upward trend to continue. So with an entry price below two dollars, we have an extremely clear and precise stop loss at $1.5. My profits for dydx is between 4.4 to 7.
These are one of the few resistance zones that remain when price is over 2.6 dollars to signal the uptrend’s main. The token unlock that is scheduled for dydx is scheduled to take place on the 2nd of December. In short, I believe that the biggest excitement for dydx should be launched between the months of October and December to be able to boost the price which will lead to a private investors token release.
That’s why I’m adamantly buying dydx now and keeping a close eye on the launch of the dydx V4 this month, however I’ll try to profit later in November or the first week of December, as that is the time when the first investors will make use of this hype to make profits for as long as they are aware that the token unlocking is taking place. there is a limited trading window will help us limit the risk.
Moving on to the second coin I’m buying in October is the Rollbit (RLB). The Rollbit crypto casino coin that has received a lot of interest in the last 3-4 months. I believe that rollbit hasn’t reached its full potential for trading and exchange since it isn’t yet included on any central exchange.
The only one listed here is LBank as it has such an organic trading volume as well as public interest, it’s trading at 5 million dollars of daily volume, even if it’s using decentralized exchanges. I believe central exchange listings will certain be available for the rollbit coin. This is yet another thing to be optimistic about and keep an eye on. The third and most important positive sign for the rollbit coin is related to the revenue distribution that was boosted by 10x with their new transparency dashboard.
You can see that I derived these numbers of revenue taken from the Rollbit’s Lottery system that was their method of distribution to token players, however when I did some study, I realized that the amount that was used to win the lottery actually was not revenue from casinos but the profits from casinos that you can find here 20% of the rollbit casino profits are used to share the cost to the pool of lottery winners. For any company, and the number of revenue is simply how many revenue you make, whereas the profits will be smaller, and in reality is just the amount of money you’re making in the last month.
Rollbit has released a brand-new update to their RLB Token utility that is currently being redeemed and burned in all revenue generated by exchanges. they also launched a complete dashboard detailing precisely what their earnings are. So, the revenue from their 24-hour gaming is $690,000. 24 hour crypto Futures Exchange Revenue was $488 000 while the 24 hour sports betting revenue is the equivalent of $118 000.
And there are clearly burning percentages in this case that means 10% of casino’s revenues are utilized to purchase back and burn the RLB 30% of the crypto Futures ‘ revenue, and 20% of their sports betting revenues are being remitted to the RLB. So with their new dashboard and the burn mechanism, I did a re-run of the calculations and here’s the results I came across. So, rollbit’s casino is earning around 500 thousand dollars in revenue each day. This is 365 days long.
This gives us 182 million dollars of casino revenues per year. this revenue from casinos makes up around 60% of their revenue total as we have seen that they also have revenue from crypto futures as well as sports betting, so their total revenue for a single year is around 300 million dollars, give or take. Now we can translate this number into a cost to sales ratio to determine the fair value of rollbit.
Let’s take a take a look at other real yield crypto projects that pay out profits and revenue share to token holders first. we’ll take a look at Lido Finance which has approximately 575 million dollars of revenue per year. They also have their price to fee ratio, which is, in terms of crypto, the rate of sales to price is around 2.5 and the other example is uniswap that is producing 300 million dollars in revenue per year and has an inverse ratio of 14. of 14.
Another real yield venture that’s very well-known is GMX which is generating 29 million dollars of fees per year, with an p/f ratio of 16. which means that the current price for sales is 1.32 it is possible to calculate this by calculating the rollbit market capitalization that is 400 million, and then dividing by the annual total revenue which is 303 million. here are a few of the most profitable real yield crypto projects and compared them to rollbit on the basis of their ratio of price to sales.
After entering it into the table below we can discover that rollbit is undervalued in comparison to other real yield companies. The average price to sales ratio for the leading DeFi cryptocurrency project varies from 2.5 and 15. This is why we have the possible price estimates for rollbit in the event that it achieves the same PS ratio. With a low estimation for a 2.5 PS ratio we take 2.5 times that number by 300 million which yields 775 million dollars as market capitalization for rollbit.
Be aware that this is only a an estimate, not a high estimate. Let’s suppose it’s at 12 which is less than Uniswap Gains Network or GMX 12-times 300 million yields 3.6 billion dollars of market cap for rollbit. This is a highly optimistic estimation and so here we are. The Rollbit market cap is currently at 400 million dollars at present however based on the actual revenue per year and the typical price to sales ratio when evaluating similar projects, we can conclude that even a very low estimate is about 750 million dollars.
So I believe that rollbit is at a minimum valued at 750 million dollars, which was the same as the valuation it possessed when it topped at 20 cents, however over the long future, I think it will easily be worth 1 billion or 2 billion dollars, as the ratio of sales to prices could be valued as high at 3.6 billion dollars. And here is the price chart of rollbit that which you can see following this major upward trend we are experiencing an impressive correction right now as well as the resistance and support levels are clearly displayed in the chart.
In particular, we see the support level at 9.5 cents, which prices was able to bounce off of. This was the peak level of the consolidation zone prior to the previous rally. Currently, prices are hitting this short-term resistance close to 12 cents, which was the prior peak that we saw in July. This level was also a key point that you could support during the initial wave of correction. Personally I’m aiming for anything below this 12 cents mark in the event that the absolute low of rollbit of 7 cents is held. believe everything is a purchase right now.
I’m looking to target an average of 9.5 cents in the event that rollbit goes down again for a second adjustment here, however I’m getting ready to expand to a little bit in case this trend begins to accelerate and since I’m aware that rollbit is a lot undervalued on the basis of fundamentals I’m prepared to ignore this final part of the correction margin and keep the position over a little bit longer. In the long run, I’ll likely hold this investment all the way to 2024 goal is to have a market cap of 1 to 2 billion dollars for the final exit.
Finally, the third outpoint I’m planning to buy this month is Radiant Capital which has the ticker “RDNT”. The platform allows users to lend and borrow tokens across any chain without needing switch networks. For instance you can deposit Bitcoin at arbitrum and loan Ethereum from the mainnet.
You can do this all on the radium platform, without having to transfer your tokens between the various chains. Their goal is to unite the 22 billion dollars in fragmented liquidity across the leading 10 alternative networks to ensure that users can get the most deal on their tokens, no which one they are on. There are three primary reasons I believe that radiant could be a good option for October.
1. Radiant will launch on the mainnet of Ethereum on October 15th. The platform currently is based on the arbitrum as well as the BNB chain, which has already got 500 million dollars in total value locked, but the largest assets pool in DeFi most of all is Ethereum, but the returns on ethereum tend to be less than other networks.
This presents an opportunity for the arbitrage market to increase their value secured for users of the mainnet of ethereum who are looking for higher yields. since the system is cross-chained, users can use their tokens on the mainnet and still benefit from the higher return from the arbitrum chain or BNB chain.
When the Mainnet launch begins on October 15th. The total value locked which is the total value that’s locked by radiant will be able to see an increase of a significant amount.
2.Number two is the Arbitrum incentive program. It’s set to launch a limited-time incentive program that can provide $40 million worth RB tokens. The second is the Arbitrum incentive program best DeFi projects in the network. This is the snapshot vote that took place on September 17th that approved an amount of 50 million ARB tokens, which will be distributed from the end of January 2024.
The program is completed and the plan is to bring more customers and TV to platforms that use arbitrum by giving these users with additional rewards in the form of the ARB tokens. This isn’t just a positive sign for arbitrum but is especially beneficial for top projects on arbitrum like Radiant.
You can see that radiant is currently the third biggest project on Arbitrum. Uniswap isn’t the only one since it is a part of the entire chain, making it the the second largest radiant that has is a candidate for this incentive program, which will likely be approved, and they will award its users the tokens. receive between 2 and 3 million ARB tokens, according to the application.
These tokens will be offered as a reward for radiant users, which will further boost their growth. experience the full impact of the program. take a look back to the summer of op that we saw in August. This is the time when optimism also had an incentive program in the summer of 2022. In that time, up to 51 million OPT tokens were distributed to users of the optimism DeFi platforms over the course of a period of one month optimism incentive program.
The Tvl on the network grew from 300 million up to upwards to 1.1 billion, and the optimism token price also increased from 50 cents up to 1.75 Now whether this could be replicated with arbitrum is dependent on the specifics of the ARB tokenomics the program is technically still putting sell pressure on the market because it opens an additional supply to the existing supply.
However, for the most prestigious DeFi platforms like Radiant that is built on top of the arbitrum platform, it is a safer option since they don’t face additional inflation by their own tokens. They simply receive these tokens at no cost which they can then distribute to their users on their platforms at the time of summer, the same price increase on Velodrome Finance, the most popular decentralized exchange on optimism. Its price increased from two cents all way to 10 cents, which is a 4.5% increase.
Once the incentive for arbitrum goes live, Radiant Capital will also get an impressive increase in traffic as users arrive to receive ARB tokens free of charge and thus become new users on the platform. It’s also worth noting that Radiant is a reliable tokenomics platform that will yield real returns from the platform’s revenues. You can have seen here that 20 million dollars in fees paid to the platform have been even transferred to radiant lockers.
This is how the actual yield works, which is essentially 85% of the platform’s revenue goes back to the users. The remaining 25% goes to lenders, while the remaining 60% goes to dynamic liquidity providers, or in other words, the stake holders of the token.
Therefore, when radiant get expanded to ethereum, the program for arbitrum incentives will not just boost the television ratings of the vanity project but also provide the RDNT token more revenue as the stake holders of radiant earn more revenue the staking earnings will grow which will boost the price of the token.
Radiant is the layer Zero’s airdrop farming. layer zero is the primary technology that allows the Radiance cross-chain lending platforms within Radiant V2. They also moved from an erc20 token to the layer 0 oft, or Omni chain fungible token format. This was a result of numerous conversations with the Stargate and layer 0 teams, which is basically they are close partners at the moment and lots of people are ecstatic about layer Zero’s airdrop, which is expected to launch in two months.
There was even a leak of ZRO tokens that was disclosed in the latest code commit, further fueling the buzz to boost the chances of getting the airdrop. People continue to utilize the radiant platform because it’s the top DeFi project that is built upon top of layer 0. Only behind layer Zero’s Stargate Bridge which is their own, similar to the way GMX gained popularity prior to the time that the release of the Arbitrum token users use the radiant token to for the expansion of the layer 0 project since the ZRO token hasn’t been available yet.
I’m predicting the airdrop speculation and layer 0 rumours to persist for a minimum of two months prior to the ZRO token launch when you consider these three catalysts set to happen between October and the end of the year, I believe that rating capital is positioned to take another look at the price chart for radiant. Radiant has also dropped following their massive rally during the first quarter of 2018. Price is currently hovering around 23 cents, which is an ideal entry level since we have a clearly defined stop loss at 20 cents, which is the primary support level.
This level is dated back to the beginning of the price of Radiant that peaked at 20 cents. This previously significant resistance is now acting as an important support. We can are able to see this evident in this chart. the 20 cent level has been tested 3 times in February 2023 and March 2023, then during this long period of consolidation during August 2023, and in September, it broke above this 20 cents level once more and is currently coming lower to test it once more.
I believe entering at 23 cents is an excellent point since we have a precise stop loss just below the lows, which are between 19.2 cents to 20 cents. This provides us with a roughly 20-cent buffer to stop a loss in terms of taking profit levels. My first target is 32 cents which is the highest of the prior consolidation ranges as well as the 46 cents price level that was the highest price ever recorded.
I’m not sure if this level will be reached in the next month since the airdrop for layer 0 is still a ways off. Radiant’s mainnet launch is expected to require some time to get their new TVL as well as the incentive program for Arbitrum will last until January 2024. I’m probably going to hold the position for three months, and then target these higher levels.