With the recent price spike in Uniglo and Terra, many investors wonder if these assets are outpacing Eos and Solana. While it is difficult to say definitively, it appears that Uniglo and Terra may be better suited for long-term growth.
Uniglo (GLO) – The Reason For The Price Spike
Uniglo develops a completely asset-backed currency that takes on the industry’s most despised aspect, volatility. It is a social currency centered on the local community with significant room for growth.
Uniglo will launch the first asset-backed cryptocurrency in the market by employing a special Vault to buy and store existing digital assets and gold. The money from this vault will be used to acquire GLOs on the secondary market and burn them to reduce the supply using their first ultra-burn instrument. Additionally, a charge equivalent to 2% of the GLO being bought or sold will be added to every GLO transaction.
Only one week into its presale, Uniglo’s price has increased by a whopping 35%, indicating the project’s enormous potential and potential for widespread adoption. Analysts believe that due to the importance of Uniglo and the power of the one-of-a-kind ultra-burn instrument, GLO will eventually stand proudly among the most valuable currencies.
The market-wide fall in May was fuelled by the simultaneous failures of Terra’s UST stablecoin and Terra LUNA, which investors are currently trying to recover from. However, after this upheaval, Do Kwon and his team’s attempts to recuperate restarted LUNA. Along with LUNA, its rival Terra LUNA Classic has seen tremendous growth recently.
Over the last two days, the native token of Terra’s blockchain had an ROI of over 200%.
Although it has the same name as the cryptocurrency that had a near 100% decline in value in May, LUNA is a brand-new coin that Terra creator Do Kwon established to promote the Terra blockchain’s relaunch. Kwon’s effort to try to revive the failing crypto ecosystem resulted in the creation of the recently relaunched LUNA blockchain, which was forked from the code of the previous one.
Eos (EOS) And Solana (SOL)
An open-source blockchain network EOS prioritizes speed, flexibility, security, and developer experience. The extensible WebAssembly engine on the EOS virtual machine, a third-generation blockchain platform, enables deterministic execution of almost fee-free transactions.
EOS has been quite volatile since the beginning of the year. However, it started a slight recovery in August and rose as high as $1.95. The price then dropped below the flat support level of $1.40. Therefore, the price of EOS fluctuates horizontally between $1.40 and $1.95.
Solana is a popular investment option with great usability. It offers DeFi solutions that rely on permissionless blockchain technology.
As seen by the summer bounce, the price of Solana has climbed numerous times throughout this bear cycle. There is a significant takeaway from this: Over the preceding three months, bears were able to trade in oversold regions, sometimes even profoundly, but bulls never hit overbought.
This still indicates a disruption in the balance between buyers and sellers and suggests a more pessimistic future. Furthermore, the state of the markets offers that a worldwide recession will start shortly.
Therefore, the market urgently needs DeFi initiatives with the power to somehow remain stable during volatile trends. Uniglo seems a go-to solution so far, so let’s wait to see what the future of GLO holds.
Learn More About Uniglo:
Join Presale: https://presale.uniglo.io/register
Always conduct proper research when dealing with pre-sales of currencies and tokens. The information above does not constitute investment advice by CryptoMode or its team, nor does it reflect the views of the website or its staff.
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