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It’s been a tough few weeks for cryptocurrency holders. After a period of relative stability, prices have begun to tumble, with Bitcoin (BTC) and Ethereum (ETH) leading the way downwards. However, one currency that has bucked the trend is Uniglo (GLO). The price of GLO has surged recently and is now up over 35% from its initial price.
Explaining Uniglo’s (GLO) Phenomenal Surge
Uniglo appears as a go-to solution when volatile trends hit 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. Moreover, two different burning methods make GLO more scarce and rare over time.
Burning mechanisms are tied to GLO sales – each time GLO is sold/purchased, 2% of traded tokens will be automatically burned, while other method buys back a portion of already tradable GLO tokens from the market and burns them. Besides these principles, a few other things determine GLO’s phenomenal presale performance.
The world’s top smart contract auditing firm, Paladin, has just launched an audit with Uniglo. This audit is crucially focused on decentralized financial protocols. Users will be able to trust in Uniglo’s security and openness thanks to this relationship.
Second, Uniglo is among the few significant cryptocurrencies that are still profitable for the third quarter of 2022. Since most digital assets have had a difficult year, Uniglo’s strong performance may pique investor attention.
Finally, compared to other significant cryptocurrencies, the price of Uniglo is still rather cheap. This is because Uniglo is still a growing entrant and runs on an initial coin offering mode. The prices of Bitcoin and Ethereum, in comparison, may not reach the same heights as Uniglo since they are more established in the market.
Bitcoin (BTC) And Ethereum (ETH) Performance
As a result of higher-than-anticipated inflation in the United States and expectations that the Federal Reserve may implement a more stringent monetary policy, the price of Bitcoin has decreased by over 7% since the beginning of September.
The price of the biggest cryptocurrency by market capitalization reached $20,678 and is unlikely to rebound soon.
Regarding Ethereum, despite the fact that the second-largest cryptocurrency is also declining, the imminent Ethereum 2.0 merging is anticipated to result in favorable price movements.
In the months leading up to the Merge, interest in Ether has skyrocketed, with the token significantly outperforming Bitcoin after a major selloff shook the cryptocurrency market in mid-June.
However, according to specialists, the near-term future for Ether demand is still difficult to predict. While a successful update could attract new users, the macro climate for risk-sensitive assets, such as cryptocurrencies, remains challenging.
Long-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 continued medium-term price volatility.
Bottom Line
Overall, looking at the current trends, it is safe to say that the Uniglo price surge surprised many cryptocurrency investors. Rising by 35% in the market’s toughest time, even when two crypto giants shrink, could once again highlight the newcomer gem’s substantial potential.
Learn More About Uniglo:
Join 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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