Hoffman's Altcoin Play: Bankless Co-Founder Sees 369% Gain on LIT
David Hoffman, co-founder of Bankless, sparked debate in May when he decided to sell his Ethereum holdings and invest in several alternative cryptocurrencies. This move drew attention due to Bankless's strong association with the Ethereum ecosystem.
Hoffman shifted a portion of his portfolio to LIT, ZEC, NEAR, and VVV tokens after selling ETH. The subsequent performance of these assets has been scrutinized, with some showing significant gains.
According to data provided by DeFi researcher Ignas, LIT rose by approximately 369% since Hoffman's sale of ETH. Zcash (ZEC) increased by about 110%, while NEAR rose by around 54%. In contrast, Ethereum's increase was limited to around 8% during the same period.
However, VVV, one of Hoffman's preferred assets, performed negatively, losing approximately 6 percent of its value. This mixed performance raises questions about Hoffman's investment strategy and the risks involved in diversifying a portfolio with alternative cryptocurrencies.