It’s been a tough few weeks for cryptocurrency holders. After a period of relative stability, prices have started falling, with Bitcoin (BTC) and Ethereum (ETH) leading the downtrend. However, one currency that has bucked the trend is Uniglo (GLO). GLO’s price has risen sharply recently and is now over 35% higher than its original price.
Explanation of the phenomenal rise of Uniglo (GLO).
Uniglo appears to be the ideal solution when volatile trends are hitting the market the hardest. With the interesting combination of digital and real assets stored in multi-sig vaults, the Uniglo protocol guarantees the stability of its native token GLO. Additionally, two different burning methods make GLO rarer and rarer over time.
Burning mechanisms are tied to GLO sales – every time GLO is sold/bought, 2% of the traded tokens are automatically burned, while other methods buy back part of the already tradable GLO tokens from the market and burn them. Aside from these principles, there are a few other things that drive GLO’s phenomenal pre-sales performance.
The world’s leading auditing firm for smart contracts, Paladin, has just started an audit with Uniglo. This exam focuses critically on decentralized financial protocols. Thanks to this relationship, users can trust Uniglo’s security and openness.
Second, Uniglo is among the few major cryptocurrencies that are still profitable as of Q3 2022. With most digital assets having a difficult year, Uniglo’s strong performance could catch investors’ attention.
Finally, Uniglo’s price is still quite cheap compared to other major cryptocurrencies. This is because Uniglo is still a growing participant and is running on an initial coin offering mode. By comparison, Bitcoin and Ethereum prices may not reach the same heights as Uniglo as they are more established in the market.
Performance of Bitcoin (BTC) and Ethereum (ETH).
Bitcoin’s price has fallen over 7% since early September as a result of higher-than-expected inflation in the United States and expectations that the Federal Reserve could implement tighter monetary policy.
The price of the largest cryptocurrency by market cap reached $20,678 and is unlikely to recover any time soon.
Regarding Ethereum, despite the fact that the second largest cryptocurrency is also declining, the upcoming Ethereum 2.0 merger is expected to result in favorable price movements.
In the months leading up to the merger, interest in ether has skyrocketed, with the token significantly outperforming bitcoin after a major sell-off rocked the cryptocurrency market in mid-June.
However, according to experts, the short-term future of ether demand is still difficult to predict. While a successful update could attract new users, the macro climate remains challenging for risk-sensitive assets like cryptocurrencies.
In the longer term, the new mechanism seems likely to achieve some stability in the supply of ether, bringing it closer to “stable money” despite the token’s likely ongoing medium-term price volatility.
bottom line
Overall, looking at the current trends, it is safe to say that the Uniglo price surge has surprised many cryptocurrency investors. A 35% surge during the market’s toughest period, even as two crypto giants shrink, could once again underscore the significant potential of the newcomer gem.
Learn more about Uniglo:
Join the presale: https://presale.uniglo.io/register
Website: https://uniglo.io
Telegram: https://t.me/GloFoundation
Discord: https://discord.gg/a38KRnjQvW
Twitter: https://twitter.com/GloFoundation1
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