Since July, the price of Uniglo (GLO) has risen, gaining nearly 25% over the past week. This price increase is likely due to high presale demand for the cryptocurrency, but what is causing this demand?
Uniglo (GLO) is a novel version of the modern cryptocurrency. It uses a unique decentralized governance system where all users have an equal say in managing the currency. This makes it an extremely attractive proposition for those tired of traditional centralization models. Apart from Uniglo (GLO), Bitcoin (BTC) and Cardano (ADA) coming on course and slightly higher, we analyze the predictions.
What is causing Uniglo’s price increase?
Uniglo (GLO), a fully asset-backed social currency built on an Ethereum chain, is setting new standards in the DeFi industry and offering solutions to market volatility. Although still available to the public as an ICO, Uniglo has already skyrocketed by 25% and its pre-sale price is now $0.0125.
Uniglo’s price increase can be partially attributed to KYC completion and the implementation of their Ultra Burn mechanism. Since completing its KYC process, Uniglo has increased its prices significantly as it can now offer its users more security.
The ultra-burn mechanism was also a key factor in the price surge as it destroys part of the total supply thereby increasing the value of the remaining tokens. With their KYC process and ultra burn mechanism, Uniglo is well positioned to continue their price increase as they offer a richer and more valuable experience to their users.
This increase may also be caused by the company’s other unique model, which allows it to buy back tokens from the open market. This buyback program ensures that the price of the token remains stable and gives holders an incentive to keep their tokens. The team will also burn a significant amount of tokens, which will serve to increase the value of the tokens still in circulation.
Possible Bitcoin (BTC) and Cardano (ADA) price spikes.
After the market collapse in 2022, cryptocurrency investors went into shock. From its all-time high of $68,789, Bitcoin, the world’s largest digital currency by market cap, fell more than 110 percent. The fifth-largest cryptocurrency, Cardano, also suffered big losses, falling more than 60% from its recent high of $1.33.
However, other experts believe that the long-term price of Bitcoin and Cardano could benefit from the market decline.
Cryptocurrency markets have a history of recovering from crashes. In reality, the price of Bitcoin rose by more than 1,000% in the 12 months following the 2018 market crisis. After the 2018 crisis, Cardano’s price also increased by more than 500%.
If the 2022 market meltdown is any indication, Bitcoin and Cardano values could rise in the months and years that follow. While there is no guarantee that the market will recover as it has in the past, investors should be aware of this potential.
The market slowly began to recover, accompanied by renewed interest in cryptocurrencies and cheap prices for even the best tokens available now. Numerous experts are of the opinion that the cryptocurrency market is just beginning to gain momentum and is preparing for the next bull run. It is reasonable to predict that the future of cryptocurrency will be prosperous with the emergence of new initiatives such as Uniglo (GLO).
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