Uniglo (GLO), Optimism (OP) and Celo (CELO) Showing Promising Strength
Photo: Uniglo
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Pandemic brought an influx of Bitcoin and other asset investors to the crypto space, as we witnessed a huge spike in institutional demand. After a heated bull market in 2021, we are going through a deep correction phase. The bounce back from the yearly lows had a ripple effect on altcoins such as Uniglo (GLO), Optimism (OP), And Celo (CELO). Let’s catch a glimpse of why they are showing strength amid turbulent conditions.
Uniglo (GLO)
Uniglo is a new entrant to the crypto space that has garnered a lot of attention among retail and institutional investors. It is the first-ever social DAO platform, which is asset-backed by a basket of digital currencies, NFTs, digitized gold, and real-world collectibles. These are stored in a vault to protect the underlying value of the token amid volatile market conditions. All the decisions regarding the purchase and sale of digital assets are taken through the result of community voting. The token is currently in the presale phase, and the rising demand has already pushed the prices by 25%. Thanks to the ultra-burn mechanism in action, we may continue to witness price appreciation over the long term.
Optimism (OP)
Optimism rollup network is one of the many blockchains designed to leverage the security of Ethereum while reducing its latency and gas fee. The OP token powers the ecosystem and is utilized for collective governance regarding protocol upgrades, treasury disbursements, and network parameters. It has shown a strong bullish trend over the past few weeks, as the value skyrocketed from $0.45 to $1.9. The structure remains intact with the potential for a further upside move. Once it breaks through $2.2, OP will be in price discovery mode.
Celo (CELO)
Celo is an EVM-compatible Layer-1 protocol, featuring the ability to have transaction fees paid with stablecoins or tokens. It is primarily focused on mobile users looking for a way to send and receive payments conveniently from anywhere to anyone. The native token CELO is used for paying transaction fees on the blockchain, for staking and securing the network, and for governance. It is up by over 200% in the past year and has shown good strength in the recent crypto debacle. It is expected to add further gains as the 24-hour trading volume continues to creep up.
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