Trader Unveils Massive Price Target for Ethereum Rival, Says Memecoins Attract Retail Investors
A widely followed crypto strategist believes one under-the-radar Ethereum (ETH) challenger will hit his massive price target this cycle.
Pseudonymous trader Rager tells his 199,100 followers on the social media platform X that he’s bullish on layer-1 protocol Fantom (FTM).
Rager shares a chart suggesting that FTM will hit his price target of $3.31 by around April.
“Late to the market?
People who say that aren’t looking at the FTM chart.
And yes, in my opinion, this is a practical target for the next six months.”
Source: Rager/X
At time of writing, FTM is trading for $0.71, indicating an over 366% potential price rise if the altcoin reaches Rager’s target.
Rager notes that FTM can probably even reach higher levels if the project witnesses a smooth transition to Sonic.
“Practical target – not top or bottom if SONIC migration can go well.”
Sonic is designed to be a high-throughput layer-1 chain with a native layer-2 chain linked to Ethereum.
Explains the project,
“The Sonic chain will be a layer-1 platform that connects to Ethereum via a bespoke layer-2 bridge, allowing Sonic to tap into vast amounts of liquidity, users, and protocols. This allows the network to combine the low cost, scalability, and speed of a layer-1 with the security of a layer-2 bridge for access to native ETH and other assets on Ethereum. As a result, the Sonic chain isn’t just an L1 or L2 – it’s the first chain of its kind to provide the best of both.”
Looking at memecoins, Rager believes that meme tokens now serve as a gateway for retail investors to enter the crypto market.
“My thesis for memes is what attracts retail.
Many memes have limited upside because there needs to be a larger audience outside of crypto to be attracted to it.
Retail are going to want well-known memes.
Memecoins like PEPE, POPCAT and BONGO will thrive over the next year because of this.
It’s only beginning.”
As for Bitcoin, Rager predicts that BTC will witness one more shallow correction to $66,000 before surging to new all-time highs.
“BTC can go higher and would certainly be looking to buy on a pullback before higher.”
Source: Rager/X
At time of writing, Bitcoin is trading for $68,196.
Generated Image: Midjourney