I have some references to that strategy, and as far as I am aware, some investment projects in cryptocurrencies such as Crypto20 claim to be using it, with relatively good results. I personally am not interested in this strategy because throughout my career as a trader I have focused on very few options when it comes to investing, and I prefer to study each cryptocurrency with dedication to have some degree of certainty in its future behavior, before to hold a lot of them to make my gains depend on the laws of probability.