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oi-Oneindia Staff
Over the past year, prices for cryptocurrencies have been on a wild ride, rising dramatically and then plummeting. Dogecoin (DOGE) and Chiliz (CHZ) are two examples of cryptocurrencies that have suffered greatly in recent months. Snowfall Protocol (SNW) is the one coin that is defying this trend. Let’s examine why Snowfall Protocol (SNW) is doing so well despite the current market circumstances.
Experts warn Dogecoin (DOGE) is not a sound long-term investment
Investors anticipated Dogecoin’s (DOGE) entry into Twitter when Elon Musk bought Twitter and the meme coin saw a considerable rise. Since then, the excitement has died as Musk seems to be prioritizing other Twitter features. Thus, whales cashed out. Moreover, as a result of FTX’s drop, a significant portion of the coin’s momentum was lost. This isn’t the first time Dogecoin (DOGE) has risen and then fallen in value. Dogecoin’s (DOGE) current price is $0.088296, with a 24-hour trading volume of $783,513,926. Dogecoin (DOGE) was created for fun and had no real-world applications, making it an accessible pump-and-dump vessel. As a result, coin adoption is impeded. Moreover, Dogecoin’s (DOGE) infinite supply works against it. Every year, 5 billion Dogecoin (DOGE) tokens enter circulation, and if they aren’t used up in a super high-demand situation (which is extremely unlikely), the price may plummet. Thus, Dogecoin (DOGE) is a speculative tool lacking the fundamentals of a sound long-term investment. Investors are currently forgoing it in favor of superior substitutes like Snowfall Protocol (SNW).
Financial advisors urge caution when investing in Chiliz (CHZ)
Chiliz (CHZ) is a fan engagement platform built on the blockchain. Chiliz (CHZ) has recently had a huge price spike, but analysts believe that it is not a sustainable cryptocurrency. Experts believe it will soon revert to its previous levels because Chiliz (CHZ) has no practical use cases outside of the sports industry. Thus, it appears that Chiliz (CHZ) is not a wise long-term investment. Chiliz (CHZ) is losing investor base because it has such a narrow use case. Chiliz (CHZ) is currently trading at $0.1360, which is 80% lower than its all-time high price of $0.8915 (as seen on March 13, 2021). Chiliz’s (CHZ) token has dropped in value since the start of the World Cup 2022. Only time will tell whether Chiliz (CHZ) will recover its losses or continue to lose money in the months ahead.
Snowfall Protocol (SNW) innovates to stand out among cryptocurrency projects
Snowfall Protocol (SNW) has differentiated itself from its competition by creating a cutting-edge, one-of-a-kind blockchain solution. With this objective in mind, Snowfall Protocol (SNW)developed its token system. Snowfall Protocol (SNW) has released a realistic answer to the compatibility issues that most blockchains are suffering from. Liquidity farming, also known as yield farming, is a popular cryptocurrency function. This feature encourages users to find decentralized finance (DeFi) networks where their capital can multiply. This has boosted the demand for cross-chain functionality to connect all essential crypto chains. The cross-chain capability enables users to conduct transactions across several chains and allows smart contracts to transfer from one crypto chain to another. This enables DeFi platforms to perform better and more efficiently than when operating on a single chain.
Snowfall Protocol (SNW) provides a welcome possibility for blockchain users to earn money through liquidity farming and allows smart contracts to transfer from one crypto chain to another, as needed. The present crypto market is plagued by a number of difficulties, which have caused coins to become unstable. The feature-rich Snowfall Protocol (SNW) has witnessed over 300% growth in its presale stage due to its revolutionary compatibility architecture.
Conclusion
Both Chiliz (CHZ) and Dogecoin (DOGE) have problems that will probably cause investors to lose a lot of money, making neither of them good long-term investments. In contrast, investing in Snowfall Protocol (SNW) is a lot safer and more sustainable. Snowfall Protocol (SNW) offers the best characteristics. Snowfall Protocol (SNW) features are determined by investor and customer demand. Due to the company’s developing reputation in the cryptocurrency market, this DeFi cryptocurrency release has been one of the most anticipated; this is great news for cryptocurrency investors as it demonstrates the new coin’s durability. If you invest in Snowfall Protocol (SNW), your money will most likely rise 1000x faster!
Story first published: Thursday, December 15, 2022, 16:31 [IST]