Covalent (CQT) was a hyped project on CoinList with an ICO a few months ago. It has similar functionality as The Graph (GRT) and could eat it into its market cap.
Covalent has gone up 300% in the last month but has a lot more room to run - I could see this as the potential next Solana. Coinlist ICO with hype, nothing for a little bit before raging its way into the top 100 or even top 50 within a years time. It has moved from about 560 to currently 342 on CoinGecko. GRTs current market cap is $3.8 billion. CQT is only $112 million. That's 1 /33 of the market cap. Not saying CQT will take over GRT and its technology. However, the project has great fundamentals and tokenomics. Whereas GRT has struggled with price action since its ATH in February (still down 75%), CQT is back already to its listing price on Kraken and other exchanges.
I see a bright future ahead and the 300% gains for the past few weeks are just a start. As it is a small cap, do not put a great amount of your portfolio - i.e. no more than 5%. However, it could be a great long term hold that will continue to fly as the bull market continues through to next year. I could foresee Solana or Avalanche like gains to come (new projects that have shown they have great tech and will stand the test of time).
Covalent has gone up 300% in the last month but has a lot more room to run - I could see this as the potential next Solana. Coinlist ICO with hype, nothing for a little bit before raging its way into the top 100 or even top 50 within a years time. It has moved from about 560 to currently 342 on CoinGecko. GRTs current market cap is $3.8 billion. CQT is only $112 million. That's 1 /33 of the market cap. Not saying CQT will take over GRT and its technology. However, the project has great fundamentals and tokenomics. Whereas GRT has struggled with price action since its ATH in February (still down 75%), CQT is back already to its listing price on Kraken and other exchanges.
I see a bright future ahead and the 300% gains for the past few weeks are just a start. As it is a small cap, do not put a great amount of your portfolio - i.e. no more than 5%. However, it could be a great long term hold that will continue to fly as the bull market continues through to next year. I could foresee Solana or Avalanche like gains to come (new projects that have shown they have great tech and will stand the test of time).
Still a recommended long term play based on its low-cap ranking and strong fundamentals for API.