The events that transpired over the weekend have left the crypto world reeling. Uniglo.io, a well-known DeFi startup, managed to cause a stir by announcing a massive burn event.
According to their official Twitter page, the protocol will burn all the remaining tokens on launch, raising the price and benefiting early backers. Therefore, as the presale is still running, investors around the market are rushing to GLO to benefit from the upcoming price boost.
While GLO is soaring, some market veterans feel intense pressure and instability. Solana, presently around 85% below its all-time high of $260.06, has been the subject of debate due to its poor performance. Will it be able to recover in 2023?
Introducing To Uniglo
Uniglo is a new concept in the DeFi world that aims to finally take control over the market volatility and deliver a hyper-deflationary, asset-backed token that will hedge against inflation. To reach this goal, Uniglo has adopted several burning mechanisms.
Removing an asset from circulation to change its supply and value is not a novel idea. Publicly traded corporations, for example, buy back their stock to limit the number of shares available for trading. This raises the stock’s value and prevents a hostile takeover.
Uniglo has customized classic buyback by adding an automated 2% burn rate. On each GLO transaction, investors will pay a small charge, a fraction of which will be permanently taken from circulation. Together with GLO vault backing, the strategy will ensure the project’s long-term stability and profitability.
Uniglo’s ICO has been divided into four stages, each ending with massive burns. Therefore, every new presale phase started with renewed prices. The gigantic burn is also planned for launch, where the protocol will destroy all the unsold presale tokens.
Currently, each $GLO costs $0.0155, meaning the earliest backers already saw a 55% price increase on their investments.
Solana Prediction For 2023
Solana is a blockchain network created by the Swiss Solana Foundation, a non-profit organization dedicated to advancing blockchain technology.
The foundation’s objective is to make Solana the most “censorship-resistant network” on the planet. The group created a mechanism for authenticating transactions based on a novel idea, Proof Of History.
Proof Of History enables blockchain nodes to validate transactions concurrently. This innovation allowed the blockchain network to execute trades faster, bringing it closer to traditional payment systems such as VISA.
Many NFT projects opted for Solana’s blockchain as a cheaper and quicker alternative to Ethereum, resulting in the project gaining immense popularity. Nonetheless, its latest dismal performance casts questions on whether or not SOL will rebound in 2023.
Observing Solana’s latest price trends, we saw it reaching its all-time low of $28 in mid-June 2022. The situation slightly improved in the months, and $SOL maintained a $33 level as of the end of October.
According to market analysts, the bull market could still be months away. Therefore, SOL may continue to see stiff resistance around $32 at the beginning of 2023.
Although this is still far behind its all-time high, the distinctive characteristics of SOL lead analysts to trust in its bullish future. Therefore, some may view the current price of SOL as a perfect buy-dip opportunity.
Closing Thoughts
Cryptocurrency investors are in for a rude awakening. After weeks of stability, the market is again plunged into volatility, with prices falling sharply across the board. This is particularly painful for SOL holders who bought into the market during the latest bull run when prices were soaring, and it seemed like the sky was the limit.
SOL will likely start recovering in 2023, but if you’re searching for a project designed to generate revenues even during the bear trends, GLO remains unparalleled. With its massive burning events and scarce nature, the token is on a stable road of development.
Learn more About Uniglo:
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
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