Dogecoin has a rather unusual distinction among the cryptocurrencies presently available on the market in that it was launched in December 2013 as a joke. It was based upon, and named in honour of, a popular meme that was circulating at the time involving a Japanese breed of dog known as a Shiba Inu. An image of the dog remains the logo of Dogecoin. That said, and despite its unserious origins, it does have some worthy fundamentals that mean it still has trading status and a loyal following, including no less a figure than Elon Musk. But how does it shape up when compared to Chronoly (CRNO)?
Dogecoin (DOGE) is mired in scandal
As at the time of writing, the DOGE price is $0.066 which is unimpressive considering that it has been around nearly nine years. Of course, and in common with all other cryptocurrencies, it is caught in the grip of a bear market right. But while other cryptocurrencies are looking to grow and develop their way out of the morass, Dogecoin appears static. It is actually in the news but for all the wrong reasons because a Dogecoin investor has launched legal action against Elon Musk claiming that Musk is promoting Dogecoin as a pyramid scheme i.e., intentionally driving up the price to attract investors and then let the price tumble again when profits are taken. This claim is still in early stages.
Dogecoin enjoyed some great days during 2019-2020 when the price was riding high. But, given market conditions, the scandals and the lack of any novel ideas, it is likely that Dogecoin will really struggle to reach $1 in the foreseeable future.
Chronoly (CRNO) soothes investor nerves
Chronoly could not be more different from Dogecoin. Chronoly (CRNO) has piqued the interest of investors following a 500% increase in the token in phase 1 of the presale which opened only a few weeks ago in early May 2022.
Chronoly is the first fraction investment platform for watches that manages to solve the digital currency trust problem because it is not reliant on memes and hype. Chronoly (CRNO) is an initiative that allows investors to own shares in rare watches from the world’s most prominent watchmakers, including Rolex, Patek Philippe, and Audemars Piguet. Each watch NFT is minted and backed by the physical version, which is completely insured and housed in a depository vault. This creates a real asset-backed cryptocurrency with the potential to boost returns for investors.
The world is beginning to take up to the fact that much of the excitement around cryptocurrency was based on nothing more than hype. With so many bubbles bursting, investors are demanding safety, security, and value stores. For hundreds of years, watches have shown to be dependable investments, and the physical backing will add a floor under the price of Chronoly (CRNO) with a physical book value. You only have to look at the figures to understand the potential of this coin. Its opening presale price was just $0.01 and in the few weeks since it has gone up to $0.05, or pretty much the same price as DOGE. But while DOGE appears to be going nowhere, Chronoly is racing ahead.
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