In September, Ethereum (ETH) completed an upgrade from a proof-of-work protocol to a less energy-intensive proof-of-stake consensus algorithm. The smart contracts platform is now at a post-Merge stage. What effect did this event have on the performance of ETH?
Investors were initially eager for a growth spike, buying heaps of ETH coins in preparation for the final steps of the major upgrade. However, in reality, the price of ETH has not surged significantly. Although it is trading within a price range higher than in September, the coin still fails to break far from the $1,500 mark. Part of the reason for this is the fact that ETH has started to move in tandem with high-risk stocks and now feels pressure from inflation and other macroeconomic factors.
Nonetheless, Ben McMillan, Chief Investment Officer of IDX Digital Assets, expects ETH to exceed $2,000 by year’s end. This price increase on top of the protocol upgrade is good news for Uniglo.io (GLO), a social currency that is currently on its initial coin offering (ICO). Known for its mega burn events, Uniglo.io is a high-potential crypto that can take full advantage of Ethereum’s developments.
Uniglo.io is (GLO) built on the Ethereum network, and its protocol is designed to favor the GLO community, especially presale contributors.
Using a Community Asset Vault, Uniglo.io is eyeing to hold rare non-fungible tokens in its Vault along with cryptocurrencies, stablecoins, and digitized physical assets. The variety of assets in the Vault is intended to keep the GLO currency more resilient to market changes while ensuring constant profits for the community. The project features a multi-signature vault for Ethereum, Solana, Polygon, and Binance Smart Chain. All vault addresses are accessible to the public, providing transparency to community members.
However, many analysts are focused on the project’s Ultra-Burn Mechanism, which is designed to buy back and burn GLO tokens from the market. This mechanism aims to reduce the overall supply of GLO, leaving more value to be shared among long-time token holders.
The community has a massive burn event in the works, which is scheduled to happen after Uniglo.io launches on the 19th of November. This event could push GLO’s base price to skyrocket, complementing the network upgrades within Ethereum.
Ethereum is an open-source, decentralized blockchain system governed by its own cryptocurrency, Ether (ETH). It is a platform for cryptocurrencies and the execution of smart contracts. Ethereum’s blockchain was designed to make it more robust, censorship-resistant, and less prone to fraud.
Now after the completion of The Merge, many developers predict Ethereum to become more affordable and scalable. However, ETH fails to hit the price points that investors anticipated. Currently, the price of ETH is down from an all-time high price of more than $4,600 in November 2021. It can go over $2,000 but will need bull run support.
The bottom line
Cryptocurrencies like ETH can be volatile and high-risk. IDX Digital Assets’ McMillan says that investors should worry less about short-term performance and think about where a certain cryptocurrency project could be five to 10 years down the line. In that time, the price of Uniglo.io’s token could exponentially rise after regularly implementing its Ultra-Burn Mechanism.
Learn More Here:
Join Presale: https://presale.uniglo.io/register
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.