Three Things To Know Before Investing In Uniglo (GLO), Dogecoin (DOGE), And Avalanche (AVAX)
Though cryptocurrency investment is one of the most popular methods to accumulate wealth, it’s often associated with high risks. The first and most prominent risk is market volatility, affecting even such strong and popular cryptos as Bitcoin. The other one is the security and legitimacy of the team, which is mostly relevant to new ICOs. Last but not least is engaging and active community.
Investors should consider these three most important things before investing in any project. This article will discuss how the current market’s most trending projects – Uniglo (GLO), Dogecoin (DOGE), and Avalanche (AVAX) fulfill these rules.
How Uniglo, Dogecoin, And Avalanche Fight Against Volatility?
Following Terra’s collapse, the value of Bitcoin, Ethereum, and the rest of the digital asset market fell precipitously, bringing the total market worth of all cryptocurrencies below $1 trillion for the first time since January 2021.
Market trends often change, influencing the investors to dump their tokens and further decrease the value of cryptocurrencies. Thus, volatility is a huge deal for crypto projects.
Uniglo, a newly emerged DeFi project, intends to create a hyper-deflationary cryptocurrency with the ability to hedge against volatility. It accomplishes this by constructing an asset-backed vault and dual burning processes. GLO vault stores major tangible and digital assets, such as cryptocurrencies, NFTs, collectibles, and digitized gold, which provide actual stability and a value resistant to over-speculation boom and bust cycles.
In addition, Uniglo employs an ultra-burn technique to erase 2% of all $GLO transactions. The protocol also intends to purchase and destroy previously issued $GLO tokens on the secondary market. Clearly, the intensive burning process is a shrewd strategy for limiting the already low supply of GLO and allowing the price to remain stable even in the hardest market conditions.
Dogecoin and Avalanche both utilize the burning process to deal with the volatility. Dogecoin was one of the first crypto projects to burn tokens to boost its pricing, while Avalanche is designed to be a deflationary network. The network gathers transaction fees from various acts and then burns AVAX. By burning these tokens, the total amount of AVAX in circulation is reduced.
How Legit Are Uniglo, Dogecoin, And Avalanche?
While Dogecoin and Avalanche have been on the market for a considerable time with a proven track record and solid protocols, Uniglo is currently in an ICO phase, where trust issues arise. Initial coin offering, or ICO, uses blockchain-based crowdfunding to support the project’s future development. However, ICO programs are often plagued by fraud.
Regarding Uniglo, the team has previously passed the KYC verification conducted by the leading security and auditing firm Coinsult.net, indicating that the team is completely responsible and authentic. Moreover, Uniglo’s roadmap and white paper illustrate the company’s goals and market solutions in a transparent manner. Therefore, there are hardly any red flags in the project.
While Uniglo appears trustworthy, many ICOs are not; therefore, you should always double-check the security measures of any future cryptocurrency project you plan to invest in.
Do Uniglo, Dogecoin, And Avalanche Have Strong Communities?
Being an early adopter of prospective crypto gems will undoubtedly increase your profits. However, the community always reflects on the project’s success or failure.
Dogecoin, a cryptocurrency based on a popular internet meme, entered the crypto business in 2013. Therefore a long time has passed to build a solid community. DOGE has produced hundreds of millionaires over the years and has millions of followers on Twitter. Additionally, the Avalanche community appears substantial, with over 20k active Telegram users and over 700k Twitter followers.
Speaking for the newcomer Uniglo (GLO), the figures are fairly small. However, the project has only been available for a few weeks, and the increasing adoption is evident in their Telegram and Discord channels and news feeds. After all, GLO is the DAO where the community’s voice is most influential.
The rising popularity of the recent $GLO token is also reflected in the token’s 25 price surge that especially came after the KYC announcement.
Overall, Uniglo, Dogecoin, and Avalanche are solid examples of successful crypto projects worthy of getting the investors’ attention.
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