The cryptocurrency market is still struggling with the bear. Because of dipping or stagnant prices, cryptocurrencies Stepn (GMT) and Yearn (YFI) have unfortunately been experiencing a sell-off. With the liquidation of their GMT and YFI holdings, investors have been searching for a new project. And it seems they found their way to a new player in the decentralized finance (DeFi) space called Uniglo (GLO).
Since it started its presale in the middle of July, the Uniglo project has been attracting investors from different corners of DeFi. During the first week of the presale, the price of its token GLO already increased by 25%. As of this writing, the token has now surged 30%. The sell-off of GMT and YFI holdings has further boosted the price of GLO, as previous GMT and YFI investors are shifting their money to Uniglo and driving the demand for the new project as it nears its launch in mid-October.
Uniglo (GLO)
The Uniglo project is a unique social currency that will operate together with a basket of digital assets in a Community Asset Vault. The vault serves to provide a strong springboard and a stable foundation for the GLO token should significant fluctuations haunt the market again. The project will also implement a unique token burn feature called the Ultra-Burn Mechanism designed to continually reduce the supply of GLO in the secondary market.
Stepn (GMT)
Uniglo comes at a time when investors in projects like Stepn are keen to jump to a new platform. Stepn is indeed a unique addition to the GameFi space. When it was first introduced, it was a sensational play-to-earn platform surrounded by a lot of excitement. Its managing team describes its business model as “constructing an economy that rewards users for movement and valorizes healthy habits” to help people find financial freedom in movement.
While Stepn had its first anniversary last September 2, however, its birthday party was said to be one celebrated with the bears. The price of its token GMT has been stagnant, showing minimal to no growth or movement in its activity levels over the last few months. This stagnation could indicate dwindling investor confidence, which has resulted in a sell-off of GMT. Though the crypto experienced relief from bearish sentiments recently, the experience was unfortunately short-lived.
Yearn (YFI)
We have also been seeing a sell-off of YFI, the native cryptocurrency of the Yearn project. Yearn is a group of DeFi products on the Ethereum blockchain built to maximize interest income for users through lending. The platform promises whopping returns ranging between 25% and 35%. The price of YFI is also not negligible – it is currently trading between $8,300 to $10,500. The bulls have failed to push the price of YFI upward, however, and Yearn is at risk of being pushed out of the top 100 list of top cryptocurrencies.
Final thought
The sell-off is bad news for cryptocurrencies like Stepn (GMT) and Yearn (YFI). However, it’s a breath of relief for investors who want to free up their money and take advantage of the new investment opportunities in the market. And these investors who previously held GMT and YFI know where to look next: Uniglo.
For More Information:
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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