Uniglo Price Increase To Be Fueled By Burn Event: Could (GLO) Pass Monero in 2023?
The post Uniglo Price Increase To Be Fueled By Burn Event: Could (GLO) Pass Monero in 2023? appeared first on Coinpedia Fintech News
Uniglo, the long-anticipated project, has increased significantly in price after beginning its presale. Following its idiosyncratic tokenomics and price performance, the coin has piqued the attention of many crypto enthusiasts.
Although the coin is not tradable yet, it’s surrounded by lots of hype, making it one of the most popular new crypto in the market. Experts express positive speculation about the future of the project, calling it the best ever. The coin is built on the Ethereum network, and the circulating supply will be capped at 218.7 million, although this will likely be less straight after launch, as will be covered later.
Uniglo Burn Event
One of the determinants of Uniglo’s significant increase is the tokenomics of the ultra-burn mechanism. Using this unique mechanism, the system burns 2% of every $GLO buy and sale transaction. These burned tokens are sent into the Uni Abyss, which is a wallet with unknown private keys.
This constant reduction in the circulating supply of the token creates scarcity and, in turn, a possible system for positive price performance. Thus, solving the problems typical with quantitative easing in fiat currencies.
Also, Uniglo is backed by various stable and volatile digital assets, including real-world digitized assets, cryptocurrency, NFTs, digital gold, and others. These assets are stored in the Uniglo treasury vault. The developers purchase the assets in the event of market depression to keep the $GLO floor price backed. This makes the coin stable even in the bearish market and provides a basis for price gain.
Uniglo is a social currency. In other words, it’s a DAO protocol that comprises a democratic community wherein you can become a member by holding the token. The members have a participatory right in the project and vote to decide which asset to buy or purchase for the expansion of the treasury. They can also vote to decide the number of tokens to burn.
An incredible positive aspect of GLO is that any unsold tokens at launch will be burned, meaning an immediate reduction in circulating supply and a potential price pump straight after.
Monero
Monero is one of the coins in the crypto market voted for high appreciation in the future following its unique privacy advantage. The coin started the month of October at the price of $147.48 but plunged to $137.06, making about a 7% loss. But it recovered its loss as it reached $148.71 on the 30th of October.
Monero is a decentralized digital currency launched in 2014 by groups of 7 developers. Two of the developers, David Latapie and Riccardo Spagni are known, while the rest choose to stay anonymous.
Monero is a privacy-oriented blockchain project which allows users to make anonymous transactions. It hides the user’s transaction history and wallet address through advanced cryptographic technology keeping him safe from any possible trace. With regulations coming thick and fast, this may work against any future for Monero.
Final Thoughts
With Monero staying relatively stable recently, it has failed to make an impact in the same way that Uniglo has. With a gigantic burn on launch, GLO is a 20x potential on the cusp of launch.
Learn more:
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
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