In recent news, Uniglo has caused quite a stir in the crypto community after announcing a massive price hike. Some very large investors often referred to as “whales,” have moved their money from the Fantom (FTM) and Solana (SOL) cryptocurrencies to Uniglo (GLO) with hope for upcoming surges. The price of Uniglo shot up by almost 25% in the past weeks, while the prices of Fantom and Solana have remained relatively stable. This seems to have attracted the attention of some large investors.
Uniglo (GLO) is a DAO system that aims to bring together a community of crypto investors to create a common treasury for investing in digital assets such as cryptocurrencies and NFTs, as well as tokenized real-world commodities such as gold, collectibles, art, and rarities. The community votes on all decisions regarding which assets to buy and sell and other project operations.
The assets will exist on multiple blockchains, such as Ethereum, Binance Smart Chain, Polygon, Solana, Fantom, and Avalanche, with addresses accessible to the community.
Uniglo’s primary objective is to build a hyper-deflationary token backed by rare and leading assets so that its native currency can remain steady against market volatility. Uniglo leverages the ultra-burn mechanism, which burns 2% of $GLO tokens from each transaction, to achieve this objective. This “Ultra-Burn” method not only reduces the token’s supply, but also stimulates demand as the remaining tokens become increasingly valuable.
Uniglo also utilizes a buy-back and burn approach, meaning profits from the community vault are invested in repurchasing GLO tokens and burning them.
The price of Uniglo’s native digital currency has increased by more than 25 percent since the most recent KYC verification. The Uniglo Vault, a DAO system, is one of the primary factors contributing to this price rise.
Uniglo’s unique tokenomics and burning methods have become a major discussion topic among investors and DeFi project developers, with the big majority of whales migrating to this upcoming crypto star.
FTM is a member of the next generation of layer one protocols, termed “Ethereum killers” collectively. Fantom network has competed and won against some of the best initiatives in the ecosphere. Numerous Dapps (decentralized applications) have migrated to the Opera network and devoured the TVL of other chains, demonstrating the network’s DeFi success (Total Value Locked). However, FTM is notoriously a highly volatile token that rapidly rises and falls. This causes whales to seek out more solid and secure profit possibilities. Uniglo, designed to be a hedge against market volatility, has especially appealed to FTM whales since it gives them a sense of stability.
SOL, the Solana network’s native coin, experienced one of the most frantic runs of 2021. It began the year trading for approximately $2.50 and eventually surpassed $250. Numerous investors earned absurd profits. However, since the crazy surge, SOL has experienced one of the greatest retracements among altcoins, falling more than 85 percent from its all-time high (ATH) (All-Time High). The unreliability of the Solana network has driven away some investors. Though Solana’s use case and adoption are expected to grow, considering the current trends, SOL whales seem to prefer switching to more steady altcoins, like GLO.
Uniglo is distinguished by its extensive community support, knowledgeable development team, and innovative technology. These are the primary reasons why Fantom and Solana whales have chosen to migrate to Uniglo, along with the other factors that have led to Uniglo’s prosperity.