Uniglo (GLO), the native token of the Uniglo Protocol, has seen a massive 55% price increase in the past few weeks. This comes as the Uniglo team prepares to launch officially next month. Many in the crypto community wonder whether Uniglo.io could see the same explosive growth that Dogecoin and Solana had.
With hundreds of new projects launched daily, sticking out from the crowd becomes challenging. However, Uniglo’s distinctive combination of features and genuine store of value has persuaded investors to see the project’s true potential.
Uniglo is an Ethereum-based social currency with a community-first approach created to minimize market instability.
Uniglo will contain a basket of stable and volatile cryptocurrencies, digitized physical assets, and rare NFTs to combat market swings. This diversity will allow the project to be supported by a carefully-chosen asset portfolio rather than relying on a single asset.
Uniglo began combating the market’s inflationary aspects by issuing the token with a relatively low supply. Only 217.1 million $GLO will be generated, further decreasing through a revolutionary Ultra-Burn mechanism.
Using this function, Uniglo will periodically repurchase some tradable GLOs and remove them from circulation. Buyback and burn is a common approach used by top companies to regulate the number of their tokens positively.
Binance, one of the major cryptocurrency exchanges, was among the first to implement this strategy. The company utilized 20% of its revenues to purchase back and burn Binance Coin (BNB) tokens. This had a beneficial influence on the price of BNB tokens and contributed to the company’s success. Therefore, the buyback and burn approach has been tested and approved, suggesting that it can only boost Uniglo’s price.
Aside from buyback, Uniglo burns 2% of every GLO purchase and sale. This automatic process will progressively transform Uniglo into a hyper-deflationary token capable of retaining its value through unfavorable price fluctuations.
Dogecoin And Solana Success Path
Dogecoin was designed primarily to offset the seriousness of the crypto market in the early 2010s, using the popular Doge joke as a token symbol. This lighthearted, friendly approach toward cryptocurrencies has allowed more people to join the market than ever before, allowing the token to acquire a sizable audience before exploding a few years ago.
Nonetheless, Elon Musk has been the most vocal advocate of Dogecoin, leading DOGE values to rise. However, when the euphoria faded, so did the coin’s price performance. Dogecoin was created as an inflationary token. 10,000 DOGE are mined whenever a new block of transactions is added to the Dogecoin network. That equates to around 14.4 million DOGE added daily, or approximately 5.26 billion per year, implying that investment in DOGE is extremely hard to yield big gains.
Solana is a blockchain platform created to support decentralized, scalable apps. Solana is substantially quicker in terms of transaction volume and has far cheaper transaction costs than other blockchains like Ethereum, making it a suitable home for building NFT applications. Solana’s adoption by the NFT industry has dramatically increased its popularity. SOL’s utility improved, resulting in higher user engagement and pricing hikes.
Despite its broad awareness, SOL could not avoid the 2022 cryptocurrency catastrophe. By the end of the summer, SOL’s market value had plunged to about $10 billion.
Every season, a new king floods the crypto market. First, Bitcoin and Ethereum, followed by Solana, Cardano, and Dogecoin. 2023 seems to be the year of Uniglo, a long-awaited breakthrough on the market.
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