Place/Date: - December 26th, 2022 at 9:06 am UTC · 3 min read
Source: Snowfall Protocol
The cryptocurrency market is an ever-changing ecosystem, and investors must always stay up to date to avoid drowning their investments in a losing project. In this post, we’ll look at this week’s top gainer, Snowfall Protocol (SNW), and the top losers, Filecoin (FIL) and The Sandbox SAND.
Filecoin allows users with extra storage space to sell their free bandwidth and receive payment in FIL, the native coin of Filecoin. Anyone with a smartphone, laptop or even a home data server can provide network storage and then be compensated.
Investors have recently questioned the utility of storage protocols such as Filecoin, which have massive storage capacity but no obvious use case. Filecoin, which claims a capacity of 17.6 million terabytes, lists OpenSea storage as one of its primary clients. Aside from the fact that a mountain of NFTs would be required to fill this storage capacity, OpenSea’s monthly volume has dropped to around $159 million from around $4.8 billion at the start of the year, a 97% decrease. This decline was mirrored in Filecoin’s drop from $236 when it first listed on April 1 to $3 today.
Early this year, the metaverse craze saw many new startups compete for a share of the users flocking to the industry. As a result, the number of users interacting with other established platforms, such as The Sandbox, decreased dramatically. The recent cryptocurrency crash has only exacerbated Sandbox’s issues. While most cryptos are slowly recovering, The Sandbox still struggles to shake off the FTX dust. This week’s stock market sell-off brought spread into the crypto space, causing The Sandbox to lose 11.8% of its value in 24 hours.
With only two weeks until the official launch of Snowfall Protocol (SNW), investors can’t help but reflect on the incredible growth this young ecosystem has seen in the last quarter of the year.
Snowfall Protocol (SNW) presale campaign began three months ago at $0.005. This price was set to rise in line with the popularity of Snowfall Protocol. When the first round ended, this price had risen to $0.025. As more investors flocked to Snowfall Protocol in the aftermath of the FTX collapse, this price rose, closing the second round at $0.075. Snowfall Protocol had also raised $3 million at the end of this round.
In the third round, demand for Snowfall tokens pushed the price above $0.1. It is currently trading at $0.14. Snowfall Protocol’s target launch price is $0.2 — we’re almost there!
As Snowfall Protocol (SNW) prepares to debut in the market with a bang, the team has shared a working prototype of the Snowfall dApp as well as some new information on the Snowfall Staking feature. The Snowfall dApp will allow users to transfer fungible and non-fungible assets across EVM and non-EVM compatible chains.
Stakers in Snowfall’s staking pool will use Snowfall’s native token, SNW, to earn lucrative rewards based on the amount deposited and the blockchain. Snowfall’s team will also buy back and burn some SNW tokens to reduce the amount in circulation and thus increase the token’s value.
Snowfall Protocol is expected to return up to 5000% to early investors when it launches. Sign up for the presale today. Simply go to!
Disclaimer: Coinspeaker is not responsible for the trustworthiness, quality, accuracy of any materials on this page. We recommend you conduct research on your own before taking any decisions related to the products/companies presented in this article. Coinspeaker is not liable for any loss that can be caused due to your use of any services or goods presented in the press release.