2022 Bear Market Negatively Impacts PancakeSwap (CAKE) and Synthetix (SNX), Chronoly.io (CRNO) Increases 690% in Value
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2022 has been the year where popular cryptocurrencies witnessed a downfall due to the uproar caused by the bear market. Top names in the crypto space like PancakeSwap (CAKE) and Synthetix (SNX) have failed to stabilize in value. However, some newer crypto projects have managed to ride the bear market tide with ease. Chronoly.io (CRNO), a NFT project launched in May 2022, has nearly sold out during the presale stage and kindled investor attention, as a potentially good long term investment.
PancakeSwap (CAKE) Caught in a Downward Spiral
PancakeSwap (CAKE) is a decentralized finance (DeFi) blockchain application that operates on the Binance Smart Chain. PancakeSwap (CAKE) let’s traders swap tokens, invest in liquidity pools, and trade collectibles without the interference of intermediaries. PancakeSwap (CAKE) was launched in 2020 by an anonymous group of developers. PancakeSwap (CAKE) follows an automated market maker protocol where traders swap token pairings dispensed by liquidity providers, instead of trading against other users.
The ongoing bear market has not been easy on PancakeSwap (CAKE). The current price of PancakeSwap (CAKE) is $4.82, and is 90.20% below its all time high of $44.18.
Synthetix Network Token (SNX) Fails to Regain Value
The Synthetix (SNX) decentralized trading ecosystem is built on the Ethereum network and enables traders to issue. Synthetix (SNX) is an open source protocol that enables users to trade on-chain synthetic assets in the form of ERC-20 smart contracts. Known as “Synths,” these assets are “synthetic” versions of financial assets like cryptocurrencies, indexes, gold, inverses, and others. The Synthetix Network Token (SNX) is Synthetix’s native token that provides security against the issued Synths.Synthetix Network Tokens (SNX) can be purchased from exchanges like Binance or Uniswap. Due to the ongoing tumult of the bear market, the current price of the Synthetix Network Token (SNX) has fallen to $2.39, which is 91.46% below its all time high of $28.77.
Chronoly.io (CRNO): The Next 1000x Token
Chronoly.io (CRNO) is a luxury watch NFT platform backed by real world timepieces from brands like Rolex, Richard Mille, and Patek Philippe, amongst many others. Chronoly.io’s (CRNO) unique business model enables traders to purchase a fraction of the watch NFT, for a price as low as $10. Traders can even purchase 100% of this rare NFT to redeem the timepiece from Chronoly.io’s (CRNO) secured vaults. Chronoly.io (CRNO) assures traders of the authenticity of the timepieces, which pass through stringent quality checks. These checks aim to help with the counterfeit issue that is often encountered in the luxury watch market.
Chronoly.io (CRNO) recently completed its presale stage, where nearly all tokens were sold out. The project witnessed a growth of 690% in the presale stage, due to investor attention. Despite being launched during one of the worst bear markets in history, Chronoly.io (CRNO) is fast approaching its predicted growth of 5,000%. Top market analysts predict that this token has the potential to be the next 1000x crypto. Launched in May 2022, its Chronoly.io (CRNO) token price has already increased from $0.01 to $0.079 during the pre-sale stage due to investor enthusiasm. The project aims to expand the barriers surrounding the luxury watch market, enabling traders of different demographics to dabble in this space.
For more information about Chronoly.io Pre-sale