Bankless co-founder David Hoffman, in a post today, highlighted the surge in PRL and QTC. Hoffman cited these projects as examples of what he called “2017 Bitcoin clones,” reflecting a new wave of interest.
In his post, he stated that PRL had risen by 30% weekly and its fully diluted valuation had reached $4.2 billion. For QTC, he highlighted a 300% monthly increase and a valuation of approximately $1.8 billion based on a supply of 21 million.
Hoffman’s emphasis was on tokens using the 21 million limited supply narrative reaching billions of dollars in valuations again. The statement did not include a technical assessment of whether these projects possess the same security or use cases as Bitcoin.
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When reading the figures, the distinction between valuations is also important. Specifically, fully diluted valuation shows the equivalent of the entire supply calculated at the current price; it doesn’t necessarily have to be the same as the market value of the tokens in circulation.
Hoffman did not provide a new price target in his post. He also used weekly performance for PRL and monthly performance for QTC; meaning that not all of the reported increases are from today.
*This is not investment advice.
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