The prevailing bearish market sentiment has caused investors to go on a selling spree. The market has lost several bulls in the past few months, resulting in cryptocurrencies directly connected to market sentiments also nosedive.
Axie Infinity (AXS) and Fantom (FTM) can be cited as two such cryptos that have suffered a large hole in their pocket due to the market crash. These projects are desperately waiting for market revival as their growth is highly dependent on market sentiments.
On the other hand, a new token, Chronoly.io, has proven itself immune from adverse market sentiments. It has grown by over 560% since its pre-sale, which began in May 2022.
Axie Infinity (AXS) faces a severe downfall in price
Axie Infinity (AXS) is a play-to-earn metaverse game project allowing users to collect digital pets, go to battle with them, and earn. These digital pets are called Axies, and every Axie is an NFT. You can also breed these digital pets and build potentially more powerful Axies and yield additional NFTs to sell on the marketplace. The rarity of its characteristics determines the value of Axies.
Axie Infinity AXS performed well in 2021. AXS reached its all-time high of $165,37. However, it suffered a complete wipeout in 2022. Axie Infinity (AXS) plunged to as low as $47.15 in January 2022. This is primarily because Axie Infinity (AXS) is highly susceptible to market sentiments.
All Hopes Of Fantom (FTM) Dependent on Market Revival
Fantom (FTM) is considered one of the most scalable ecosystems for developing various blockchain applications. It is well known for its use cases in the DeFi market.
The Fantom Foundation launched Fantom’s mainnet, Opera, in 2019. The mainnet is aimed at enabling quick transactions at less-expensive rates with high throughput. Thus, many DeFi projects are working on the Fantom network as they need to process a large volume of trades at high speeds and low costs.
Fantom (FTM) has established a vibrant and robust ecosystem in the crypto market. Fantom (FTM) performed well in 2021 when its token went high on the price chart. FTM started in 2021 at the price of $0.01 and reached $3.40 without taking much time.
However, similar to the majority of cryptocurrencies in the market today, FTM’s value is hurt owing to its massive dependence on market sentiments. Currently, Fantom (FTM) is trading at $0.36.
Chronoly (CRNO) Defies Bearish Market Sentiments
Chronoly.io is distinct from other crypto projects in its unique business roadmap and real-world utility. It is intended to democratize the watch market by infusing additional liquidity into the timepieces business. Chronoly.io is a blockchain-based marketplace where people can fractionally invest in luxury watches from brands like Rolex, Patek Phillippe, and Richard Mille.
Chronoly.io is unique because its NFTs are the world’s first-of-its-kind, being backed by real-world physical watches. What Chronoly.io does is quite a stable and transparent business exercise. It buys physical watches of luxurious brands and mints NFTs against those assets, which are stored in secured vaults worldwide. This backing by real-world assets keeps the value of Chronoly’s watched-backed NFTs safe from any market uncertainties, providing security to investors’ money.
Besides, luxury watches are well-recognized as an excellent inflation-beating investment option. The project’s whitepaper has mentioned that the luxury watch market can register a potential profit of $49 billion.
Several investors have found CRNO worthy of investment for its unique and stable business roadmap. Thus, the Chronoly.io CRNO token has soared by over 560% during the pre-sale. CRNO’s price, currently $0.066, is also expected to reach $1 when it is officially listed on centralized exchanges. Meanwhile, experts have forecasted that CRNO can rise by 2,500-5,000% in the coming few months.
For more information about Chronoly.io presale:
Website | Telegram | Twitter | Presale
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Originally Published Here -Source link