Place/Date: - December 16th, 2022 at 5:06 am UTC · 3 min read
Source: Snowfall Protocol
The second global recession in two decades is here, and its impact is being felt everywhere. The crypto world is not immune to this either. Although the recent bear markets began last year, well before the recession took hold over the western markets, the ongoing recession is drilling the crypto markets into the ground. Even as the biggest names in the crypto business struggle to recoil from their downward races, Snowfall Protocol (SNW) is one of the handful of cryptos consistently giving positive returns to investors. Here’s how Snowfall Protocol (SNW) is performing against some of the big tokens.
Snowfall Protocol (SNW) is more than a meme coin or a payment system. It is a token with a utility that can transform the entire crypto industry. Snowfall Protocol (SNW) is creating a bridge that will connect multiple blockchains with each other. As a result, users could quickly transfer their funds and NFTs from one blockchain to another. The applications of this are massive. Today, each blockchain operates as its own universe. If the metaverse has to have a chance, then it must be a connected multiverse, not siloed universes. Snowfall Protocol (SNW) is connecting all these previously siloed blockchains with each other.
The sheer scale of the project is massive, but Snowfall Protocol (SNW) has been extremely successful in raising funds. Currently, Snowfall Protocol (SNW) is going through the Stage 3 sale of its tokens, which has witnessed a 250% increase in its token value since Stage 2. Having already raised over $3 million in token sales, Snowfall Protocol (SNW) is striding towards raising a few million more. Fortunately, Snowfall Protocol (SNW) is currently valued at just $0.095. For investors, this is a steal deal in a token that’s all set to grow by 1,000x.
ApeCoin (APE) is the governance token of the Ape Ecosystem. The ecosystem has witnessed several initiatives, especially for NFTs, and has generated a lot of buzz. Despite its popularity, ApeCoin has suffered huge losses in recent months, owing to the recessionary environment. Recently, ApeCoin tried to break its bearish trend by launching the much-awaited staking feature. To be sure, ApeCoin is offering decent staking rewards too. Naturally, there was a sudden surge in ApeCoin’s value. However, ApeCoin has failed to translate that momentum into a long-term bullish trend. After the initial hype and rise, ApeCoin is falling back to its annual low.
Considering that BAYC (Bored Ape Yacht Club) and MAYC (Mutant Ape Yacht Club) are ApeCoin’s partners, the token will eventually recover and thrive. But, for now, ApeCoin is definitely not a good investment.
BNB (BNB) is the native token for Binance’s centralized exchange. This past month has been grueling on the crypto markets. The FTX crash shook the very ground beneath all centralized exchanges. Overnight, people withdrew their funds from exchanges like Binance and deposited them in dexes or their own wallets. The withdrawal frenzy did not spare Binance, and BNB took a nosedive. In the aftermath of the FTX crash, BNB lost nearly 30% of its value. Although it showed some signs of recovery at the end of November, it has continued to tumble down once again.
For now, it’s safe to say that BNB is a high-risk token, and investors should be cautious when purchasing it. We recommend that investors wait for at least three months before investing in BNB.
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.