In the middle of a market-wide correction, Uniglo (GLO) has surged by 35% and is currently valued at $0.0135, while Ethereum (ETH) and Avalanche (AVAX) have continued to struggle.
This market-wide correction has been a real challenge for most cryptocurrencies. Ethereum (ETH), the second largest cryptocurrency by market capitalization, has lost 6% since peaking at $1,624 on Sep 13. Similarly, Avalanche (AVAX) dropped 5.7% from its high of $21.60 on September 13.
So, what’s driving this massive rally in GLO? Let’s take a look.
What Determines Uniglo’s (GLO) Success?
There’re a few takeaways that determine Uniglo’s success. Long-term and short-term investors both profit from Uniglo’s tokenomics approach. The team has developed a buyback and burn plan to decrease supply and raise demand for the token. Moreover, Uniglo establishes a unique vault to store a collection of digital and rare assets.
The GLO token’s potential for massive, dependable gains over time is attracting the attention of investors with long-term views. Because of the most current Know Your Customer verification conducted by the development team and the Audit certificate from Paladin, Uniglo’s use is growing fast, even during its presale time.
Uniglo’s impressive surge also came as the Ethereum blockchain launched its ETH 2.0 upgrade, which had been delayed for years.
The ETH 2.0 upgrade improves the Ethereum network’s scalability and speed by moving from a Proof-of-Work (PoW) consensus algorithm to a Proof-of-Stake (PoS) algorithm. This will see Ethereum miners replaced by Ethereum stakers, who will be required to lock up their ETH in return for rewards.
The long-awaited upgrade is a significant positive point for the Uniglo project, built on the Ethereum network. Indeed, Uniglo’s native token, GLO, is an ERC-20 token.
Ethereum’s move to a PoS consensus algorithm has been controversial and is not without its critics. Nevertheless, the ETH 2.0 upgrade is a significant positive for Uniglo and will likely see the project outperforming ETH and AVAX in the short term.
Ethereum (ETH) And Avalanche (AVAX) Struggle
It’s been a tough few months for Ethereum (ETH) and Avalanche (AVAX). Both tokens have lost significant value since their all-time highs in late 2020/early 2021 and show no signs of recovery. Ethereum (ETH) is down 65% from its all-time high of $4,544, and Avalanche (AVAX) is down 94% from its all-time high of $120.50.
Several factors could be contributing to the continued struggles of ETH and AVAX. First, the overall cryptocurrency market has been in a correction since early May and shows no signs of recovery.
Moreover, Ethereum (ETH) and Avalanche (AVAX) face stiff competition from other protocols. Ethereum (ETH) is being increasingly challenged by Cardano (ADA) and Polkadot (DOT), while Avalanche (AVAX) must contend with Solana (SOL), Binance Smart Chain (BSC), and others.
It’s anticipated that Ethereum Merge will greatly boost ETH price. So far, the price is keeping a downtrend, so let’s wait and see what the merge will bring!
Conclusion
As the world progresses, more businesses and individuals see the benefits of investing in and utilizing cryptocurrency. The decentralized cryptocurrency Uniglo (GLO) has gained significant traction and popularity due to its many advantages, so it is safe to say that Uniglo has a very bright future ahead of it. As more and more people learn about and use Uniglo, the platform will only continue to grow and become more widely adopted.
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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