Binance Acquisition Bringing Value to SXP
Ever since Binance acquired London-based Crypto card issuer, Swipe, it has been on an absolute power move. Today, SXP is currently up well over 50% at time of writing and seems to be holding the current level of approximately 21 000 sats. Many are probably wondering when it will cool off, or even dump back down to the Binance listing price of around 6000 sats.
Somehow, I think it still might have a fair amount of upside. The reason I say this is quite simply the fundamentals. The marketcap is only $126 million, which is really not much for any project, especially a project now owned by Binance.
The 24 hr trading volume is also very good, especially when compared to the marketcap of SXP! CZ and his team obviously have very big plans for SWIPE, as they enter the world of Crypto debit cards. A space which has been largely dominated by Crypto.com, who now must prepare for a bigger battle to maintain dominance.
It is always important to remember that Binance have a lot of influence in the Crypto markets, as well as the capital to match. Binance have also recently made a very specific and strong move into Africa, specifically South Africa, of which debit Crypto cards are obviously part of the plan.
We may see some significant pullback here but I would consider any such retracement a buying opportunity. I would foresee SXP reaching at least $15 in the coming months, making it a marketcap of approximately $1 billion. Remember that Crypto.com is currently $2.5 billion and I firmly believe that CZ can push this to at least a $1 Billion project. These are obviously my views and this should not be considered financial advice. As always, do your own research!