It has been a good week for Uniglo (GLO), which has seen its price skyrocket by 35%, outpacing Luna Classic (LUNC), Dogechain (DC), and Ethereum Classic (ETC). This comes as a bit of a surprise, as Uniglo had just started its presale as an ICO. However, it seems that the market has finally caught on to Uniglo’s potential, and the price has exploded.
What Is Causing Uniglo’s Price Growth?
There are a few things, to be sure. First, Uniglo (GLO) offers unique burn mechanisms that eliminate tokens with each transaction and gradually purchase back coins to burn even more. It is thus entirely deflationary and should eventually become increasingly rare.
Second, Uniglo is among the most outstanding new coins to reach the market lately and is still offered at a discount during pre-sale. This provides you an advantage over more established investors and the chance to use a token that is ready for development because of its extensive array of deflationary characteristics, such as a fully asset-backed store of value and above mentioned ultra-burn mechanisms that gradually increase scarcity.
And last, there are now good market circumstances for cryptocurrencies, with Bitcoin pushing prices upward. Given that Uniglo profits from all of these favorable aspects, it is not surprising that the price is increasing rapidly.
In the following days and weeks, watching how high Uniglo may rise will be intriguing. If the trend continues, Uniglo may contend for the top slot. In any case, Uniglo is a cryptocurrency to keep an eye on shortly.
Luna Classic (LUNC)
The Terra blockchain’s first native token, Luna Classic (LUNC), was launched in August 2018. Before the new chain, now known as Terra (LUNA), launched, $LUNC already existed and operated using the Terra ecosystem’s original programming.
The native token’s primary job was to take care of the algorithmic stablecoin $UST’s price variance. By creating and then destroying UST tokens, the supply and demand of the currency were balanced, and the price of the UST stablecoin was tied to the US dollar. UST lost its peg in May 2022 and fell apart. The algorithm dropped the initial LUNA token’s value by 99% due to the UST stablecoin system’s creation of billions of LUNA tokens and subsequent hyperinflationary spiral.
Unofficial Layer 2 support for the Dogecoin project is provided by Dogechain, which should not be mistaken with the official Dogecoin blockchain explorer. With this decentralized blockchain’s help, Dogecoin users will be able to access the expanding decentralized finance (DeFi) ecosystem. It is an EVM-compatible decentralized blockchain that operates on the Polygon network.
It’s realistic to assume that Dogechain is still a young infrastructure prone to instability even if several safety precautions are in place. The inventors of Dogecoin have made it clear that they are not involved with this project and that it is not a Layer 2 network. Thus you must take the proper security measures while bridging to transfer assets.
Ethereum Classic (ETC)
An Ethereum (ETH) hard fork called Ethereum Classic (ETC) was introduced in July 2016. With the capacity to host and enable decentralized apps, its primary role is to work as a smart contract network.
Since its inception, Ethereum Classic has worked to set itself apart from Ethereum, and as time goes on, the two networks’ technological roadmaps are becoming more dissimilar.
After a significant hacking incident that resulted in the loss of 3.6 million ETH, Ethereum Classic initially set out to protect the integrity of the current Ethereum blockchain.
Learn More About Uniglo:
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.