HARVEST FINANCE TO $500 IN NEXT BULL MARKETI will explain what Harvest Finance (FARM) is, and why I believe this token could go to $500 or higher in price.
I have mentioned many times why tokens with utility will go well in the future. This token certainly has utility and a very strong community.
FARM is a Yield Aggregator, same as Yearn Finance. It also falls in the Defi and Yield Farming category, same as Yearn Finance.
What makes this project interesting is that is has auto compounding rewards. Meaning you don't have to waste fees every time to manually compound your rewards. If you have farmed on ETH blockchains before, you know those fees will cost you a lot. Well that is not an issue here as FARM not only supports ETH, but also supports BSC and MATIC, along with Arbitrum. Multichain support projects are the future, and FARM got this right.
As I mentioned in my Autofarm review, Yield Farming is huge and will continue to keep growing exponentially as there is more and more global adoption.
FARM only has a supply of 690,420 tokens! No more will ever be created. There doesn't seem to a burn mechanism here, but this is not needed when your supply is less than 1 million anyways. The current market cap is only 30m! Which is very early for such a project.
YFI, a very similar project went on to have a market cap of almost 3 trillion. That shows us that such projects do have huge demands as will continue growing larger as we start entering bull markets in the future.
FARM also has a github page, along with passing multiple audits, including from Certik and 3 other auditors. This is generally a sign of a strong project.
Another little fun fact before we get to the numbers, is that the token was listed on Coinbase last year. This was listed around a time when Coinbase was known for only listing the finest projects, whereas now they listed anything. So being listed during Coinbases's 'Golden Age' is certainly a plus. Listing on Binance and other major exchanges have made this very easy to acquire.
According to Gateio, its highest daily close was $459. The lowest price was $26, just a couple weeks back.
We have made calculations as to how high this token can go using the market cap.
Market cap of 100m, price per token = $150
Market cap of 1b, price per token = $1,500
Market cap of 10b, price per token = $15,000
I think 10b market cap is a bit of stretch here, not saying it can't happen but odds are slim unless they incorporate some insane features. I do believe a reasonable price in the next bull run is $500. Which would only require a market cap of 332m. A 332m market cap in for a strong defi yield aggregator project is a respectable target. The previous high as mentioned before was $459. We believe the next bull market will be the largest bull market in crypto history, and therefore FARM will easily make a new all-time high. $500 is target, but we would not be surprised if it touches $1000. Certainly, if they manage to incorporate AVAX, OP, FTM and some other blockchains, that would be a big plus.
Compared to MKR and YFI, the price on this is so low that anyone can afford a couple of tokens. Currently it is having a strong rally and looks bullish on most time frames. I do believe we will visit $26 again this year, and possibly create a new low around $20. If it doesn't, it's still a nice price to start dollar cost averaging in.
Ignore the sloppy drawing, it's just for illustration and no way indicates how price will move between now and next bull run. But target is $500 in the bull run after the 2024 halving, sometime between 2024 and 2025
BINANCE:FARMUSDT COINBASE:FARMUSD COINBASE:FARMUSDT KRAKEN:FARMUSD BINANCE:FARMBUSD COINEX:FARMUSDT GATEIO:FARMUSDT PHEMEX:FARMUSDT
