The bear market is affecting most cryptocurrencies. Even well-established cryptos like Ecomi (OMI) and STEPN (GMT) have not been marked safe. However, analysts are singling out a newcomer to the crypto space that is growing despite the unattractive state of the market: Gnox (GNOX).
What is Gnox (GNOX)?
Set for launch this mid-August, Gnox is a DeFi protocol that is KYC approved by industry-leading companies. This earning solution is designed to reward longstanding investors and dissuade short-term investors. It generates passive income and offers bonuses to token holders, which means investors are not limited to the earning potential of the inherent value of its token, GNOX. Investors of different backgrounds who wish to protect their portfolios from price volatility are, therefore, buying into this platform. GNOX does not face the same level of volatility as do most cryptos in the market today and, as such, the bear market has had minimal effect on its popularity and price growth.
Founded in Singapore, Ecomi is a blockchain-based digital collectibles marketplace. It gained attention worldwide because of its lifestyle focus. It welcomes stablecoins, NFTs, and other Metaverse-themed assets, which attract investors from the music, entertainment, sports, and gaming industries. But unfortunately, Ecomi has been negatively affected by the bear market. While its token, OMI, has recently made minimal gains, the bear market, however, has been quick to take over, pulling the price down to $0.001403. Ecomi developers hope to boost the price to $0.03 before the year ends by introducing new partnerships and developments.
Powered by the Solana platform, STEPN is a gamified lifestyle app that has a move-to-earn model. The more a user walks and runs outdoors (while using his/her NFT sneakers), the more he/she earns in GMT. By the end of June, this app reportedly had the highest daily active users on Solana. However, mounting regulatory sanctions and increasing incidents of hacking in gaming ecosystems have negatively affected STEPN. The price of GMT has also been going south together with the bearish pull. It dropped to $0.92 on the 11th of June. While it momentarily increased to $1.08 on the 26th of June, the price is back down to $0.94 as of this writing.
The bottom line
The bearish sentiment in the cryptocurrency market is prevalent, and top-tier cryptos are currently not a good bet. Investors need to seriously consider investing in Gnox and other similar tokens that are not as volatile as most other coins and tokens.
For more about Gnox:
Join Presale: https://presale.gnox.io/register
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