All that glitters is not gold. This proverb applies perfectly to many crypto assets. Millions of investors have suffered from the fall of several high-flying cryptocurrencies in 2022. Projects that were sold as crypto golds last year are now finding it difficult to attract users. Bruised in the crypto market crash, users are also getting smarter and keeping away from speculative assets and platforms that offer no real value. According to DappRadar data at the time of writing, Decentraland, a leading metaverse platform with a valuation of over $1 billion, had only 22 active users in 24 hours. The price of Decentraland’s cryptocurrency, MANA, has also plummeted to as low as $0.69. Interestingly, investors are finding value in Chronoly (CRNO), the utility token of Chronoly.io, a 24/7 watch investment platform. On October 6, CRNO was officially launched on Uniswap Exchange, where it has witnessed a sharp increase in price.
Sharp fall in Decentraland (MANA) disappoints investors
On-chain activity data tracked by DappRadar shows there were only 508 active users on the Decentraland platform over 30 days while the number of active users in 24 hours was only 22. DappRadar defines active users as unique wallet addresses interacting with the platform’s smart contracts. It is not just the number of active users on Decentraland that shrunk in the weeks following the recent crypto market crash, the price of its native token, MANA, has also witnessed a massive correction this year. MANA’s current price of $0.69 is 88.2% lower than its all-time high (ATH) of $5.9, recorded just 10 months back on November 25, 2021.
Decentraland is an Ethereum-powered metaverse ecosystem that allows users to create, experience, and monetize content and applications. In Decentraland metaverse, users can purchase plots of land on which they can later navigate, build upon, and monetize. However, a sharp downturn in crypto markets seems to have taken its toll on Decentraland and its token MANA.
Driven by the hype surrounding the metaverse, many investors had put in real money to buy plots of land in the Decentraland and MANA tokens for quick gains. However, their hopes have been dashed. At the start of the year, MANA was trading around $3.3. It fell to $0.78 in May 2022 and has failed to recover since then.
Investors rush to buy Chronoly (CRNO) ahead of recession
While metaverse investors are sceptical about Decentraland and its token (MANA), they are finding Chronoly.io interesting. Chronology.io an Ethereum-based watch marketplace that is also planning to incorporate metaverse functionality for its platform. Chronoly.io offers fractional non-fungible tokens of real luxury watches that can be traded like company shares. Users will be able to show off their collection of luxury watches in the Chronoly metaverse once these plans are incorporated.
The unique offering of Chronoly investment platform has generated a lot of interest in its utility token, CRNO. During the presale phase, CRNO tokens jumped 690% from $0.01 to $0.079. CRNO was introduced on Uniswap exchange at a launch price of $0.079. Data at the time of writing shows CRNO token’s price has already surged another 42% to $0.118 within a few days of going public.
At a time when fears of global economic recession are increasing, investors are seeing an opportunity in CRNO tokens. Analysts have predicted that CRNO token’s price would soon jump to $3 and has the potential to rise up to $8 in near future. Chronoly also offers users to earn over 18% APY by staking their CRNO tokens and stand a chance to win a Rolex by participating in a monthly watch lottery organized by the platform.
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