Beeple believes that Ethereum is still undervalued and can easily top $4500. As mentioned in his recent tweet, Beeple did some “napkin math” to calculate the top and bottom prices of ETH in 2018. He said that comparing that math to the present scenario, ETH can touch $4500.
i did some napkin math today about the eth local top in 2018 and then where it bottomed out at — versus where we are right now assuming a local top of approx. $4500.
don’t do that math for yourself. it only brings tears. 😭
— beeple (@beeple) June 3, 2022
In a follow-up tweet, Beeple stated that he believes in Ethereum for the long term, adding that he had never sold any ETH during the bear market. “There are so insanely smart people working on so many real-world applications for this technology,” said Beeple. “[A]t 200B market, [Ethereum is] already oversold.
Beeple, whose real name is Michael Joseph Winkelmann, is a renowned NFT artist. He is the artist behind the NFT that was sold for a whopping $69 million.
Beeple was a struggling artist who had a shift in his career ever since he mastered the NFT realm. His NFT called “The First 5000 Days” was bought by Vignesh Sundaresan, also known as The Metakovan.
The eye-popping NFT sale for Beeple came after months of valuable NFT auctions. The auction house Christie’s, which hosted the auction, dubbed him “among the top three most valuable living artists.”
The NFT trend has been blowing up recently, with artists jumping on the bandwagon to drop their collections. Recently, a new collection of NFTs has been selling like hot cakes. The GoblinTown NFT collection, which was created last month, is witnessing skyrocketing sales, dethroning BAYC to rank as the top-sold NFT in the past seven days.