Root Network (ROOT) Expected to Surpass $1B Market Cap Due to RNS Launch and XRP Utilization, Crypto Investor Predicts

"Crypto Thanos," a seasoned crypto investor, has called the public's attention to Root Network, a project they expect has the potential to reach a billion-dollar market cap.

Crypto influencer “Thanos” has highlighted Root Network (ROOT) as a project with remarkable potential, suggesting it could reach a billion-dollar market cap thanks to its recently launched Root Name Service (RNS) and utilization of XRP for cheaper transactions.

In a recent tweet, Thanos, known for his market insights and cryptocurrency enthusiasm, shared his thoughts on ROOT, emphasizing its potential to hit the $1 billion market cap milestone.

At press time, according to CoinMarketCap, ROOT boasts a market capitalization of $46,930,428 ($46.93 million), ranking as the 655th-biggest cryptocurrency. To reach the $1 billion market cap, ROOT must experience a surge of 2,030% from its current valuation of $46.93 million.

Considering that the token is expected to increase over 20x to reach the $1 billion valuation, it appears to be a substantial climb for ROOT. However, Thanos remains optimistic that the coin will eventually cross the $1 billion cap.

There are only a few projects that will make it past billion dollar MC and $ROOT is one of them.

They have just started RNS – RootNameService and it uses $XRP for much cheaper transactions.

If we compare it with EthereumNameService – $ENS, RNS is much more superior and it has… https://t.co/lKfISQR1sI pic.twitter.com/OPowSDQzxD

— Crypto Thanos (@CryptoThannos) May 22, 2024

Thanos' prediction comes as Root Name Service (RNS), a cross-platform digital identity solution built on Root Network, launches. The service was initially announced in March and finally went live on May 19 at 06:30 PM (EDT).

To own a unique digital identity through RNS, users can make payments with either ROOT or USDC. As with all Root services, the transaction fees for RNS will be paid in XRP from an EOA address.

According to Thanos, Root's RNS is superior to the popular Ethereum Name Service (ENS) and has the potential to outshine it in the long term.

Launched in July 2023, Root Network is a Layer-1 blockchain designed to serve as the central infrastructure for the open metaverse. The crypto project operates on a dual-token system, where ROOT serves as the governance and security token within the Root ecosystem, while XRP is utilized as the official gas token.

In addition to serving as the official gas fee token for Root Network, XRP's utility was further expanded by leading decentralized exchange Moai Finance with the introduction of a single-sided staking service for the coin. Moai also paired XRP with other Root Network-based tokens, including USDC and ROOT.