Play of the year pt. 2 - $KTA to top 30
Besides being backed by former 10-year Google CEO Eric Schmidt, who claims it is "orders of magnitude more scalable and efficient than existing solutions", (and has a personal net worth of $23 billion, which I believe Keeta may eventually flip), alongside being executed on by a team that ran one of the biggest outliers of the early days of alt L1 attempts..
Let's objectively look at what we have in the relative valuation bucket and in the top 30 in general in this space. Liquidity varies and varied MM shenanigans sustain some of these, but for the sake of perspective:
$XRP - the people that still buy this are primarily victims of marketing that don't understand marketcaps and think it's cheap due to per-unit cost. $135b circ, $230b FDV, arguably one of the most egregious entities in any market on the planet.
$SOL - a cool $100b, actual use and attention, though a degenerate cesspool. Still not passing stress tests when presidents decide to run scams on it, but definitely a handful of teams trying to cook up legitimate uses, may have a few real things functioning on it one day.
$ADA - lol, $26b circ / 33b FDV, also nailed the marketing vs boomers that don't understand marketcap, also not doing much many years in.
$SUI - 12b on circ, 36b FDV, of a relatively newer breed, I don't fully know what went into this one flying up as far as it did, I'm guessing some shenanigans were involved, but it's an easy relative valuation anchor for what is possible.
$TRON - SOMEHOW TRON is less scammy than many other things mentioned, due to actual stablecoin use in regions. Incredible. $25b marketcap.
$TON - in fairness, large potential distribution edges and arguably one of the most successful companies when considering ratio of employees vs outcome, hard to talk down. $7b circ / $15b FDV
$LINK - always has been fascinating, an outlier from yesteryear that's still evolving, and one of the few other projects Eric Schmidt had involvement in. $10b circ, $15b FDV.
$AVAX, $XLM, $HBAR, $DOT - just going to jam these together, stagnant dinosaurs unlikely to get it together, likely get outshined. All at or above $7b mcap on circulating supply.
I mean, we don't have to list them all, but $DOGE is at $33b, $SHIB as a second rate meme is at $8.4b, a DeFi play like $AAVE is sitting at $4b, $APT Aptos the Craptos at $3.3b / $6b+ FDV..
If we believe Eric's words carry weight, $250m on circ / $650m on $KTA is likely the best relative valuation play happening right now, and I don't see anything else with as much potential to breach the top 30 in terms of scope/ambition, credentials, and execution ability.
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