Recently, the altcoins have plunged and pulled back, and even made many investors have the illusion that the bull market has ended. Defi, Meme, Depin, Ai... No matter which track, no matter whether it is the first or second dragon, they have all fallen to pieces. But strangely, Bitcoin and Ethereum have not had a big pullback, as if the joys and sorrows of big cakes, concubines and altcoins are not connected.
To find out the reason, we have to think from the starting point of this bull market. In the last round, with the collapse of Luna and Ftx, the crypto market entered a long dark night. However, with the expected approval of BTC spot ETF and the clear expectation of US dollar interest rate cuts, Bitcoin quickly rose from 20,000 US dollars to a terrifying 70,000 US dollars.
Therefore, this round of bull market was initiated by the compliance of Web3. This is something that participants in this round of bull market must clearly understand. Once you have this understanding, you will not chase after copycats, nor will you doubt your life because the hot funds in this round are all rushing to Bitcoin and Ethereum, so the liquidity of copycats is very poor. Any disturbance of Bitcoin will become a bloody storm for copycats. We must pay for our own understanding, this is the reality!
What’s interesting is that at this time of solemnity and fear, on June 18, HashKey Group announced that HashKey platform token HSK is planned to be listed in Q3 2024. HSK, the full name of HashKey Platform Token, is the ecological platform token of HashKey Group, which aims to motivate all contributors within the ecosystem and promote the overall development of the ecosystem. The total issuance of HSK is set at 1 billion, of which 65% will be used for community and ecological construction, 30% will be allocated to the team and early investors, and the remaining 5% will be retained to ensure the sustainability and stability of future development.
The amazing thing is that HashKey obtained its exchange license in Hong Kong during the bear market, just after FTX went bankrupt. As an evangelist and stalker in the compliance track, HashKey has gone through the bull and bear markets to this round of bull market, which is worth looking forward to. Every blockbuster news is released when everything is quiet, which seems to be a destiny.
Looking back, there is indeed no new track in this round of bull market. The AI track, which has performed best recently, also existed in the last round. It is not very new, but was brought up by the breakthrough of Open Ai. When the tide recedes, I think every old investor knows whether they are swimming naked. Meme coins, which have performed very well in terms of returns, are more like a refuge for those scared away by VC disks with huge valuations and unlimited unlocking.
After saying so much, I want everyone to realize that HSK is a new track token that matches the starting point genes of this round. Then let’s take a deep look at the possible growth space of HSK.
First of all, we need to predict the valuation of HSK when it is issued. According to the Genesis VIP free HSK activity launched by HashKey Exchange in January this year, if users spend $12,000 to draw a Genesis Gold Card, they can get 30,000 HSK, which means that the price of HSK is $0.4 per piece, the total number of HSK is 1 billion, and the total market value is 400 million.
What does 400 million mean in the field of cryptocurrency? The ZK scumbag who has been scolded to death by the community recently now has a circulating market value of 839 million US dollars, and a fully diluted market value of 4.793 billion US dollars.
For reference, the current 100th-ranked token Rose has a circulating market value of 648 million USD and a fully diluted market value of 960 million USD. Therefore, the fully diluted market value of 400 million USD estimated based on the price of Genesis VIP is not high. According to the white paper, the initial circulation volume will not be large, and the circulating market value will be very low, providing a good "low point" for future growth.
So how much might the HSK increase?
Let's dig deeper. According to public information, HashKey Group completed a round of financing in January this year, and completed a nearly US$100 million Series A financing with a pre-investment valuation of more than US$1.2 billion. This is the valuation given by the traditional capital market, and there is a three-fold growth space here.
We then dug deeper and found that according to the official website of the Hong Kong Securities and Futures Commission, HashKey's exchange entity has obtained the Hong Kong Securities and Futures Commission's exchange license and can provide virtual asset trading services to professional investors and retail users. Based on trading volume, Hashkey Exchange is the licensed exchange with the largest trading volume in Hong Kong.
Another parent company under HashKey has also obtained a license to provide securities trading services to professional investors and provide advice on securities trading and virtual assets, allowing it to carry out tokenisation business, including security token sales and distribution services.
At the same time, HashKey Capital, which is extremely famous in the field of crypto investment, has also obtained relevant virtual asset investment licenses, allowing it to manage 100% of virtual asset portfolios and provide virtual asset fund product services and securities and virtual asset consulting services to retail users.
As of now, HashKey Group has obtained all virtual asset service licenses in Hong Kong, becoming a full-license virtual asset service unicorn company.
Outside of Hong Kong, according to public information, HashKey has obtained relevant virtual asset licenses in Japan, Singapore and Bermuda. According to news reports, Coingecko data shows that HashKey Global ranks 8th in the global exchange rankings.
Since its launch on April 8, HashKey Global has achieved explosive growth on the basis of licensing and compliance. It entered the ranks of the world's top exchanges 70 days after its launch, and its credit score was a full 10 points. It has achieved rapid growth in trading volume, liquidity, asset quality, user scale, etc., and will be the fastest growing exchange in the world in 2024.
Such development momentum and strength are comparable to Coinbase, and Coinbase's current valuation has reached 60 billion US dollars. If HashKey is directly discounted by 10%, it will be 6 billion. Compared with HashKey's current valuation of 400 million, there is 15 times of growth space.
Because HSK is the platform currency of HashKey, let's take a bigger picture and compare it with Binance's platform currency BNB. The historical low of BNB is $0.039817697188, and the historical high is $721.8. The highest profit of BNB spot holding can reach 17244 times! Licensed exchanges are more conservative and directly give a super discount of 0.1, which is also 17 times.
Starting with a low market value + amazing project performance + licensed compliance, HashKey will extract up to 20% of the profits from specific businesses to repurchase HSK, and the repurchased portion will be destroyed.
How can we not look forward to such a token? As a leading compliant coin, the future market will be hot due to the entry of compliant funds, and the leading compliant coin will rise. In the future, the market will plunge because of the wildness of non-compliant coins, and the leading compliant coin will also rise. The market will hold on to the thighs of compliance. In summary, HSK has no choice but to rise in this round of bull market!
Therefore, many smart people have already taken action in advance. According to public information, the purchase amount of Hashkey Genesis VIP Phase I reached 38.8 times the total sales volume, resulting in a very low winning rate. Many people tried their best to get HSK but still couldn't use their real money.
The third quarter listing is imminent. According to the latest news, HashKey Globle has launched contract trading mining and 100% trading rebate activities. This may be the last chance for HSK to buy new shares. However, due to the compliance KYC threshold, it is more realistic for more investors to participate in the secondary market in the future. In short, in every bull market, especially in the early stage of the bull market, platform coins have always been the focus of asset allocation. From the perspective of growth, HSK's compliance leading coin is definitely the one that should be paid most attention to in this bull market!