The crypto market is going through a series of bearish phases. In the last few weeks, most cryptocurrencies have fallen hard, while some have been able to withstand the market downfall. However, there are also a few relatively rare projects that have recorded tremendous growth during the market crash. Klaytn (KLAY), Stellar (XLM), and Chronoly.io (CRNO) tokens are examples of different crypto projects.
The prices of Klaytn (KLAY) and Stellar (XLM) have been in the red zone for quite some time now, whereas the new project, Chronoly.io (CRNO), has risen extraordinarily during the same phase. Chronoly’s CRNO token has increased by over 500% in its pre-sale phase. Let’s dwell deeper into these three cryptocurrencies.
Klaytn (KLAY) Finds Current Market Situation Harsh
Klaytn (KLAY) is a blockchain-based public platform built for the metaverse, gaming, and the creator economy. It is intended to be a launching platform for real-world metaverse solutions. Klaytn network’s token is KLAY. The token is used for all transactions on the platform and all other blockchain applications on the network.
However, Klaytn is relatively small and faces a lot of competition. Besides, at this time, most metaverse-related activities are being built on more well-known networks like Enjin or Decentraland, keeping the adoption of the Klaytn network low. Above all, KLAY has been developed for metaverses; it does not have any real-world utility, making it highly sensitive to market speculations. Hence, the current crypto market downfall has made the KLAY price lag behind.
Stellar (XLM) Sees Reduction in Investors
Stellar (XLM) is an open-sourced network used for transactions in different currencies. The decentralized platform allows trading in all types of currencies like Bitcoin (BTC) and others. It supports the exchange of money between users and countries, and is accessible to all. Even those who do not have access to banking services can use this platform. It considers all currencies equal and does not favor any specific one, although it has its own native token Stellar Lumens (XLM).
Yet, Stellar (XLM) has been following the general market sentiments and going downhill for the last few weeks. Its value relies heavily on trade volume without real-world use cases, making Stellar (XLM) susceptible to the macro-economic environment. Even the recent decisions by the Stellar Development Foundation (SDF) to increase the use cases of XLM have not been able to make a significant impact due to an overall bearish environment. The current market downfall has also deterred investors from putting money in projects that have low trade volume and no real-world use.
Chronoly.io (CRNO) Becoming More Valuable Day-by-Day
Chronoly.io has introduced a new and unique concept in the cryptocurrency market. It is the first-of-its-kind blockchain-based fractional watch marketplace in the world. Chronoly.io lets people make small purchases and gain fractional ownership of high-end luxury watches from brands like Patek Philippe, Richard Mille, Rolex, and others.
The way Chronoly’s CRNO works is its USP. The company first buys physical versions of luxury watches and then mints NFTs against them. The watches that Chronoly.io buys are kept in secured vaults across the world. This means all the NFTs minted by Chronoly.io are backed by real-world luxury watches, making the NFTs highly stable and secured against real assets.
Thus, crypto traders worldwide have placed Chronoly.io among the market’s top newcomers. Its popularity and acceptance can be understood by the fact that Chronoly’s CRNO token registered a growth of over 500% in just two months since its launch in May 2022. Its price has increased from $0.01 to $0.06 during its pre-sale phase, and analysts are speculating that the price could increase once the token officially launches on a centralized exchange.
For more information about Chronoly.io presale