Onchain Wizard Trade Idea: XMON/SUDO

I’m going to go over one of my favorite ideas in crypto right now. If you have been following my public wallet, you likely saw my largest allocation was to the token XMON (main trading pair is on ETH L1 on Uniswap). For you paid subs I will detail why I like the idea, both short term and long term, and why I think there is a lot of upside (and will include all the alfalfa I got).

For recordkeeping:
XMON price 4/28: ~$36,899
Liquidity: $13mm
Market Cap: $89mm
FDV: $369mm (irrelevant here, I’ll explain why later)

Quick Disclaimer:
I own XMON across a number of wallets. This post is not financial advice, and please do your own research. The token has plenty of liquidity ($13mm), so I am not shilling for exit liquidity. I plan to sell my XMON in my public wallet at the same time as my private wallets and will be fully transparent.

History of XMON
Before getting into the nitty gritty, sometimes it is helpful to have a little bit of background on the project. 0xmons started out as a NFT project that launched in April of 2021 (and the token was launched back in the Fall of 2020). Both the token (+40,000x) and the NFTs (+36x) have been very successful since launch, and the lead dev, Owen, has done all this without any VC funding (and he has a cult following). The team later launched Sudoswap around August of 2021 (to my knowledge), which currently functions as a OTC, no fee marketplace. In layman’s terms this means you can effectively sell any NFT for another NFT or token through the current sudoswap marketplace for almost zero fees (vs. Opensea fees can be as high as 12.5% all-in including royalties).

Sudoswap in its current otc form does almost $1mm/day in trading volume - with $24m of volume in the last month, ~1,700 trades and has ~2,100 traders.

The TLDR Version of the Idea: I think XMON is an asymmetric bet here over the next ~90 days, and I think it should outperform ETH.