A very popular cryptocurrency trader going by pseudonym “Altcoin Psycho” on social media has revealed he is heavily invested in a little-known cryptocurrency built on top of the Binance Smart Chain (BSC) he believes could do “very well.”
The analyst has told his over 140,000 followers on microblogging platform Twitter that he invested heavily in BSC token Swirl Cash (SWIRL), a recently launched project designed to power decentralized private transactions on the BSC network.
Altcoin Psycho likened Swirl Cash to a privacy-preserving project built on top of the Ethereum network, Tornado Cash. Both projects allow users to mix in their transactions with those of others to hide their origin but on Ethereum transaction fees have been growing exponentially over the last few months.
According to BitInfoCharts, the average transaction fee on the Ethereum network is about $17, down from an all-time high near $40 seen earlier this year. In contrast, the average transaction fee on the BSC is roughly $0.01.
Per Altcoin Psycho, SWIRL isn’t just based on a whitepaper and instead already has a working project. From the time the trader made his call, according to Daily Hodl, the price of SWIRL soared from $1.55 to $6.5 netting them a 320% return. SWIRL is now trading at $5.7.
It’s worth noting the project is only trading on PancakeSwap against wrapped Binance Coin (WBNB). This means the price may be fluctuating heavily because of a lack of liquidity, with every investment significantly helping the token’s price rise.
The Binance Smart Chain was launched in September last year. It is a high-performance EVM-compatible blockchain that runs in parallel to the Binance Chain (launched in April 2019); it enables smart contracts and Binance Coin (BNB) staking. It’s believed the BSC helped the price of BNB surge this year.