In this article, I will show you my top three altcoins to buy in October 2023. This is a monthly top crypto series where I have selected three altcoins that had the most significant catalyst events happen in October that make them primed for a big move this month.
So, what are my choices this month?
Altcoins of October —
1. DYDX
Here are the reasons:
First – my investment thesis is around the DYDX V4 upgrade, which is still playing out.The September upgrade is not yet live. This upgrade is huge because it will fundamentally change the biggest problem plaguing the performance of the DYDX token, the token economics.
In short, DYDX token holders will eventually receive up to 95% of the exchange’s trading revenue.
In today’s terms, based on DYDX’s trading volume over the past year, it would be worth about $80 million per year. The current market cap of the DYDX token is $340 million, which makes it significantly undervalued.
This revenue share upgrade has also not been officially announced, but many leaks scattered throughout DYDX blog posts and community AMAs over the past year do confirm this. Due to the lack of publicity, most people still don’t know about this upgrade, which is why the DYDX price has not moved.
As you can see, DYDX has been trading around $2 for the past six months, which is still within my entry range. Clear support is at $1.50, which must hold for the uptrend to continue. When the entry price is below $2, our stop loss is very clear and tight, with a stop loss just below $1.50.
My take-profit target for DYDX remains between $4.40 and $7. These will be the only resistance levels left after the price breaks above $2.60 to confirm a primary uptrend.
DYDX tokens are set to be unlocked on December 2nd. The main hype for DYDX needs to start between October and December to drive up the price, leading to the issuance of tokens by private investors. In practice, we have a very tight trading window that we can use to limit our risk.
2.Rollbit ($RLB)
Rollbit is a crypto casino coin that has gained a ton of attention in the past 3-4 months. I first started looking at this coin in late June when Rollbit was trading at just 2 cents. Right after that, Rollbit started their migration and brought all the good news. The price went from 2 cents all the way up to 20 cents, a full 10x increase during the super hype.
Because in my opinion, the hype in the short term really exceeds the fundamentals. I want to wait for the correction to take place and for the project to release multiple product applications before returning. Now, I think the time has finally come.
Here are the reasons:
The first problem I saw with Rollbit was that it wasn’t traded on centralized exchanges or even Ethereum. Instead, it was only traded on the Solana chain and had a few limited DeFi markets. This problem has since been completely solved with RLB migrating to Ethereum. You can easily trade on Uniswap directly on Ethereum. Honestly, this has made a huge difference and coins are now much easier to discover and use.
Rollbit has yet to reach its full trading and trading potential as it is still not listed on any major centralized exchange. The only one is Albank.
Since Rollbit has so much organic volume and social interest, it still has a 24-hour volume of $5 million using only decentralized exchanges. I think Rollbit will be listed on centralized exchanges, and you can imagine the bullish momentum in its price then.
The third and biggest bullish metric for Rollbit is its revenue distribution, with its latest transparency dashboard increasing its revenue distribution 10x.
Why Rollbit is underrated is because they generate real revenue through their casino business and a lot of that revenue goes back into the token and is distributed to token stakers.
I discovered that the numbers used for the draw are not casino revenues but casino profits. 20% of Rollbit's casino profits are used to share prizes with the lottery pool. The revenue number is their sales, while the profit is how much money they made. For example, $20 million of Rollbit's casino profits are used to share prizes with the lottery pool.
Rollbit released a brand new upgrade to the RLB token utility and is currently buying back and burning the token with all exchange revenue. They also released a full dashboard outlining exactly what their revenue is.
Rollbits Casino is doing about $500,000 a day in revenue. That’s about 60% of their total revenue. They also have crypto futures revenue and sports betting. Their total revenue for the year is about $300 million, give or take. Typical price-to-sales ratios for the top DeFi projects in crypto are between 2.5 and 15.
Compared to other utility coins, RLB’s price-to-sales ratio (P/S) clearly shows that RLB is currently severely undervalued.
Looking at the price chart of Rollbit, we see a pretty nice correction after this notable uptrend.
The support and resistance levels are shown very clearly on the chart. We have the level of $0.095-0.12 from which the price bounced. This level is also an important support for the first corrective wave. As long as Rollbit remains at the absolute low of $0.07, my target is below the $0.12 level. I think everything is worth buying now.
If Rollbit falls again for a correction, I would expect an average entry price of around $0.095. I have already started scaling back in case this uptrend breaks out.
Because I know Rollbit is undervalued from a fundamental perspective, I am willing to hold this position for the long term. I will most likely hold this coin until 2024. My final exit will be when the realized market cap reaches $1 billion to $2 billion.
3.Radiant Capital($RDNT)
The Radiant Capital platform allows users to borrow and lend tokens across any chain without switching networks.
For example, you can deposit Bitcoin on Arbitrum and borrow Ethereum on the mainnet. You can do all of this within the Radiant platform without bridging your tokens between chains. Their goal is to aggregate $22 billion in decentralized liquidity from the top 10 alternative networks so that people can get the best deal no matter where they hold their tokens.
There are three main reasons why I think Radiant has potential in October.
First, Radiant has launched on the Ethereum mainnet. The platform has $500 million in total value locked when it runs on Arbitrum and BNB Chain. But the largest pool of assets in DeFi to date is on Ethereum. Ethereum generally offers lower yields than other networks. This provides Radiant with an arbitrage opportunity to increase the total value locked by Ethereum mainnet users who want higher yields. Radiant’s TVL, or total value locked, should increase significantly after the mainnet launch.
Second, the Arbitrum incentive plan.Arbitrum is about to launch a short-term incentive program that will distribute up to $40 million worth of ARB tokens to the top DeFi projects on the network. This is an opportunity to attract more users and TVL to applications on Arbitrum by providing additional rewards for Arbitrum tokens.
This will be beneficial not only to Arbitrum itself, but especially to top Arbitrum projects like Radiant, which is already the third largest project on Arbitrum, second only to Arbitrum itself. These tokens will be given as rewards to Radiant platform users, further fueling their growth.The third and final catalyst for Radiant is Layer Zero airdrop farming. Layer Zero is the core technology of Radiant’s cross-chain lending platform. They are also migrating from ERC-20 tokens to Layer 0 OFT or Full Chain Fungible Token format. Many are excited about the Layer Zero airdrop which could be launched in a few weeks.
Layer Zero is a DAO network, a decentralized autonomous organization that will manage a total of $400 million worth of Layer Zero tokens. This will be managed by the Radiant user community, and the majority of Layer Zero tokens will be distributed to RDNT token holders. As Layer Zero has multiple bridge networks, it does represent an opportunity to reach a wider audience, get Radiant Capital into the hands of more users, and lock more cross-chain value on its platform. With these catalysts, the Radiant token RDNT has great potential for further growth in October.
