Bitcoin has been bearish for the most of 2022, and the recent meltdown has further aggravated the pain for cryptocurrency holders. Weeks and months of gains have been wiped out, and tokens like Fantom (FTM) have suffered the worst.
In January, FTM was trading at a yearly high of $3.37. Four months later, it has plummeted to levels not seen in the last 8 months. The price has moved into oversold territory and is currently trading around $0.50. Further downside is possible if bulls fail to defend the critical support level at $0.45,
The recent exit of a key advisor, Andre Cronje, is also partly responsible for the sharp sell-off, in addition to the overall negative sentiment in the market. The low prices may be encouraging for investors to buy the dip, but experts are of the opinion that there’s more pain to come.
Gnox(GNOX) completes KYC audit
Regardless of the current market conditions, Gnox is not falling behind in its efforts to develop a community-focused ecosystem. The contract has recently been audited and certified by one of the leading blockchain security companies, Soken. This further strengthens the authenticity of a promising project that aims to make DeFi earning easy for entry-level investors.
GNOX, the native asset of the protocol, will be the first self-accruing reflection token in the world, where holders will benefit from the treasury’s yield farming rewards. It’s like DeFi being served on a plate to the users, who just have to buy and hold the coin to reap the rewards. The first week of presale has been going strong with wide coverage on several media outlets.
Solana NFT market is on the rise
Magic Eden, the leading NFT marketplace on Solana’s Ecosystem, reported higher daily transactions than its Ethereum counterpart, OpenSea. Over the last week, the market has been continuously clocking an average of 47,000 true sales per day.
Low network fee has been a key difference in the way NFT traders interact with these two platforms. The gas fee to buy a single Solana-based NFT is less than a cent, while that of Ethereum is around $30. The monthly usage stats indicate that the volume of traders has increased by 316% from the previous month. This shows that the NFT market is shifting away from Ethereum-based platforms, with traders looking for low-fee transactions.
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