Mark Cuban, one of the world’s foremost investors, seems to have found a new altcoin that captured his interest. The legendary investor appears to be over the recent rug pull that he experienced, and is now after one of the assets with the most impressive recovery from the mid-May price crash.
A major investment followed by an even greater stake
Cuban’s interest in cryptocurrency started growing rapidly over the past several months, and despite having a bad experience, he doesn’t seem to be discouraged from pursuing opportunities in the crypto sector. His most recent move involved an investment in a project called OlympusDAO — a coin that was also damaged in mid-May crash, but also one that is seeing a great recovery, unlike Bitcoin and most other cryptos, which are still stagnant, two months after the event.
Cuban invested in pretty much everything, from Ethereum to DeFi, NFT platforms, and more. Now, according to those who follow the investor’s every move, Cuban has bought 75 Olympus (OHM) tokens yesterday, July 18th. The coins are rather expensive, so despite the fact that he only bought 75 of them, the total amount he invested is around $42,300. However, even this was only a beginning for the Shark Tank star and Dallas Mavericks owner, who then decided to stake OHM.
He seems to have been so impressed with the token that he went on to stake 536 OHM, valued at around $302,304.
What is OHM?
OHM is a native cryptocurrency of the project called Olympus DAO, which is a decentralized reserve currency. The project claims to promote predictability and stability, but without the need to have a peg for the tokens.
It is a young project, generally speaking, as it has only been around for a couple of months. However, during this time, it has performed quite impressively, and it attracted a number of major investors. In only a month after its launch, the token’s price went to $1,479 — its ATH.
In May, however, the crypto industry crashed, and that included OHM, which lost 90% of its value, sinking to $164. This was a rather harsh drop, as even Bitcoin, which lost $30,000, is still only 50% below its own ATH. However, unlike Bitcoin, which has not seen real recovery since the price drop — OHM has actually made quite a name for itself due to its own price improvement.
The project managed to skyrocket back to $564, recently growing by another 7%. Still, with its market cap being only at around $390 million, this is still a fairly small coin these days.
Cuban is not the only one who noticed the coin, however. It recently started attracting the attention of many others, including Chico Crypto, a popular crypto YouTuber and analyst. Chico Crypto, real name Tyler Swope, spoke of the coin in one of his recent videos, naming it one of the only projects that is recovering well from the May crash. This description is completely on point, as mentioned, which makes it fairly unique in today’s market.
Chico Crypto added that even Messari had to research the project in-depth to understand why this is happening, and it discovered that OHM has something called a flywheel effect. Essentially, this means that users are incentivized to do what is best for the project, and so they do just that.
The crypto sector is likely full of similar gems, although it takes a while to identify them. With over 10,000 coins listed on CoinMarketCap alone, there are definitely many that have great potential and have yet to be discovered and allowed to thrive.