There is a lot of speculation in the crypto community that the recent burn mechanism implemented by Uniglo is likely to cause a supply shock that will propel it – alongside Dash and PAX Gold – into the top 100 cryptos by market capitalization.
Dash has been one of the top performers in the crypto markets over the past year, thanks in part to its strong fundamentals. The team has been consistently delivering on its roadmap, and the coin has been adopted by a number of merchants and service providers. With the Uniglo burn likely to reduce the supply of GLO tokens, it is possible that demand for Dash could increase, pushing its price higher.
PAX Gold (PAXG)
PAX Gold is another asset that could benefit from the Uniglo burn. PAXG is a digital version of gold that is backed by physical gold. The team behind PAXG has been working hard to increase its adoption, and the recent burn could give the asset a boost. If demand for PAXG increases, it is possible that the price could rise, making it one of the top performers in the crypto markets.
Uniglo creates a totally asset-backed currency that addresses everyone’s least favorite part of the cryptocurrency industry: volatility. It is a community-based social currency with enormous development potential.
The first asset-backed currency in the world of cryptocurrencies is created by Uniglo using a unique Vault that will purchase and hold physical digital assets as well as digital gold. The funds from this vault will go toward their first ultra-burn instrument, which will be used to buy GLOs from the secondary market and burn them to cut down on the supply. In addition, every GLO transaction will incur a fee equal to 2% of the GLO being purchased or sold.
A fully asset-backed currency that is impervious to volatility and resistant to the irrational speculation associated with undiversified cryptocurrencies is produced by this relatively new and effective burning mechanism.
Uniglo’s price has already experienced a massive 25% increase only in the first week of its presale, signaling the project’s great potential and larger adoption in the future. Analysts predict GLO will proudly sit alongside the top currencies because of Uniglo’s significance and the unique ultra-burn tool’s strength.
On Uniswap, Uniglo is expected to become operational. GLO will only be accessible on the official uniglo.io website up to launch.
It is important to remember that anything is possible in the crypto markets, and it is impossible to predict the future. However, the Uniglo burn could be a catalyst that propels it to become part of the top 100 cryptos by market capitalization.
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