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Amid looming threats of a global recession, crypto investors are looking for the right digital asset to safeguard their money. Most of the top cryptocurrencies have already fallen by up to 90% from their all-time highs this year. Even the biggest cryptocurrency, Bitcoin, is down over 50% since the start of the year. When tokens like Bitcoin face such volatility, it makes holders of smaller cryptos like Dogecoin (DOGE) nervous. Interestingly, a new token, Chronoly (CRNO), is keeping the investors relaxed by rising 690% during its presale phase. With the launch of Chronoly (CRNO) on the Uniswap Exchange, it is expected that CRNO will perform even better than many leading cryptocurrencies, including Dogecoin (DOGE). In this article, we take a look at what is behind such an expectation.
Dogecoin (DOGE) shows resilience but investors are not happy
While Dogecoin (DOGE) has shown some resilience during the crypto winter by remaining among the top 10 cryptocurrencies by market capitalization, DOGE holders are still not happy. The price of this memecoin has plummeted to $0.06228, which is 91.56% below the all-time high (ATH) on May 8, 2021. At the start of the year, Dogecoin (DOGE) was trading near $0.17, but it suffered during the crypto market crash in June.
DOGE coin plunged to $0.05 on June 13, 2022 and hasn’t recovered much since. More worrying for Dogecoin investors is that ‘Dogefather’ and Tesla CEO, Elon Musk, is not able to push this token out of the current slump.
In the crypto frenzy of 2021, every Dogecoin-related post by Musk used to swell the DOGE price. However, investors have largely missed such pumps this year. Recently, the news of Musk getting back to buying Twitter pushed the Dogecoin price higher by over 8%. However, it failed to sustain the momentum after the brief spike. At the time of writing, DOGE was still trading in the red, according to CoinMarketCap data. Traders’ are, however, bullish for DOGE, hoping crypto payments may be integrated into Twitter if Musk manages to buy the platform.
Dogecoin was launched in 2013 as a meme of the most popular cryptocurrency, Bitcoin. DOGE token was derived from open source software project Litecoin, and there is no limit to the number of Dogecoins that can be produced in the system.
Chronoly (CRNO) does better than Dogecoin (DOGE)
While the rise in popularity of Dogecoin (DOGE) has much to do with the rising internet meme culture and the backing of business honchos like Musk, it doesn’t have any fundamental value. Hence, DOGE is struggling to revive as investors are keeping away from speculative assets. In contrast, the Chronoly (CRNO) token has performed better than Dogecoin and most of the other cryptocurrencies.
Chronoly (CRNO) is the utility token of Chronoly.io, which is the world’s first 24/7 watch investment platform that allows investors to own a share of extremely high-priced, rare, and luxury watches for as little as $10. The platform makes this possible by miniting non-fungible tokens of rare watches and fractionalising them to make it possible for everyone to trade in these assets.
Chronoly.io provides real ownership to NFT buyers as each of them is backed by a physical watch kept in a secured vault. This unique trait of the Chronoly platform has caught the attention of investors of luxury watches worldwide. Luxury timepieces have been as a valuable safe haven asset for decades.
CRNO token was launched on Uniswap decentralized exchange on October 6, 2022 at the launch price of $0.079. During the presale phase, CRNO token price surged 690% from $0.01 to $0.079. Analysts are now predicting that CRNO token could soon jump to $3 and has the potential to rise by 10,000% to cross the $8 mark soon.
CRNO holders can stake their tokens to earn over 18% APY and also get a chance to win a Rolex through monthly Chronoly lottery.
For more information about Chronoly.io
Website: https://chronoly.io/
Telegram: https://linktr.ee/chronolyio
Twitter: https://twitter.com/Chronolyio
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