When it comes to cryptocurrency, there are plenty of examples of projects with a high market cap that have failed to maintain their position and plenty of smaller projects that have reached new all-time highs. One project that has managed to outperform both of these categories is Uniglo (GLO), which has been on a tear lately, bucking the trend of slumping prices in the crypto world.
So, how has Uniglo managed to have a 35% price spike, unlike Fantom (FTM) and Dogecoin (DOGE)? Part of it has to do with the fact that Uniglo is a relatively new project scheduled for launch on October 2022.
The team behind Uniglo is also very active and has started to gain traction in the crypto community. The main reason for Uniglo’s recent success, however, is that the project has a unique business model that is designed to protect its native token from the toughest market conditions, which is hardly possible for any current cryptocurrencies. Let’s learn more about this unique addition to ERC-20 token family.
Uniglo (GLO) – A New Volatility-Hedge Crypto
Uniglo (GLO) is a digital asset that utilizes a unique hedging algorithm to protect against market volatility. They implement a special vault that will work as a support tool for the native token.
Glo Vault is a secure storage solution for physical valuables. By putting the Top 15 cryptocurrencies, NFTs, and other physical assets in its vault, Uniglo protects its treasury holdings from speculative ventures and concentrates the bulk of its resources on those that are more predictable and established.
Glo foundation charges a 5% transaction tax to finance the Uniglo treasury, which is then used to buy physical assets and expand its vault to sustain the $GLO floor price. As a consequence, asset-backed $GLO may provide investors with a more stable investment solution to reduce volatility.
The ultra-burn mechanism is another potent instrument created by the GLO foundation. This mechanism eliminates 2% of each $GLO sale and burns a certain number of tradable GLO tokens by repurchasing them. As a DAO system, the community chooses the number of GLO tokens to be repurchased.
Uniglo tokenomics seems very attractive to investors, explaining why thousands of new enthusiasts join the community. The hype around the new Ethereum-based project has resulted in a 35% price boost, letting investors stay hopeful for the launch.
Hard Time For Fantom (FTM) And Dogecoin (DOGE)
While Uniglo dominates the news, market veterans Fantom and Dogecoin struggle.
Fantom (FTM) is a layer 1 smart contract development platform with enhanced scalability, EVM compliance, and excellent performance. The architecture of Fantom has been tuned for overcoming challenges associated with decentralizing a large number of services. For instance, outdated financial systems, such as consumer-facing solutions and back-end tools, need a greater throughput and quicker finality.
Nonetheless, Fantom disclosed that it was hurt by the pessimistic market attitude in the previous week, as its on-chain value declined. FTM’s number of whale transactions on the network decreased as well.
Named after the now-famous Doge meme, Doge’s engineers created a viable blockchain with lightning speed. They were able to make the DOGE blockchain a superior transaction medium to Bitcoin, with quicker transaction speeds and lower transaction costs. Nevertheless, as seen by its overall performance, DOGE’s hype-driven nature may be a smart short-term investment, but it inevitably leads to enormous price volatility and, eventually, disappointment for those who HODL.
Learn More About Uniglo:
Join Presale: https://presale.uniglo.io/register
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
Was this writing helpful?