The privacy narrative is one of the most spoken about. Nanocaps with real working tech in that category will go on to do 100's of X's.

My personal favourite is $NULLA, currently trading around 250K FDV.

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What they've built, and live on testnet is an L1 that does not expose balances or identities on-chain. Value is represented as private "notes" that can be sent and spent using cryptographic zK proofs. Nodes verify that everything checks out without learning amounts or linking senders and recipients.

How it works is genius, smol info graphic explaining:

Currently sitting just above ATL support.

These type of projects tend to trade in the 100's of millions with funding. Whilst I don't think this will go onto an extremely large or even mid cap without funding to gain traction to their L1, I think the entire narrative speculation alongside a working product does help it do insane numbers.

For those interested, a breakdown to some competitors including $XMR, $ZEC etc:

With all nanocaps, they can go to 0 just as quick as they can absolutely rocket, regardless of how good the tech is, so DYOR.