It has been a tough year for long-standing crypto projects like Filecoin (FIL) and VeChain (VET). In tune with the dominant bearish trend in the global crypto market, FIL and VET tokens have also struggled in terms of price appreciation. One of the reasons behind poor performances of crypto assets like Filecoin and VeChain is the fact that investors are increasingly finding it tough to relate to the offerings of such projects.
Investors are now searching for more tangible investment opportunities in crypto markets, especially projects that are backed by some real-world assets. Thus, a new project like Chronoly.io (CRNO) has found more traction among investors.
Here’s a look at the exciting prospects Chronoly.io’s (CRNO) token presents compared to performances of projects like Filecoin (FIL) and VeChain (VET).
Filecoin 97% down from ATH
Filecoin (FIL) token is currently down 92.5% from its price one year back, according to CoinGecko data at the time of writing. While Filecoin has managed to rise around 17% from the all-time low price of $4.83 recorded on 18th June 2022, it is still around 97% down from the all-time high on 01 April 2021. Currently trading at around $5.6 and ranked 34th on CoinMarketCap as of 01 September 2022, FIL is not expected to reach its glory days soon.
While the Filecoin project has proven its utility as a blockchain-based storage solution for the emerging Web3 ecosystem, lack of investors’ and traders’ interest is keeping the price of FIL token low.
Filecoin provides an economic incentive for anyone to become a storage provider on the network. The project believes the same incentive will also ensure the data is stored safely. However, the project has not been able to take off as projected and eat into the market share of large storage service providers like Amazon and Google.
VeChain, victim of negative crypto market Trend
Like Filecoin, VeChain (VET) token also appears to be struggling to attract investors. The struggle reflects in the falling price of the VET token. Trading at around $0.023, VET price is down 91.48% from the all-time high of $0.27 recorded on 17 April 2021, according to CoinGecko data.
VeChain offers an enterprise grade L1 smart contract platform. With the support of distributed governance and Internet of Things (IOT) technologies, VeChain project aims to solve major data hurdles for multiple global industries ranging from medical to energy, food and beverage to sustainability. The project hopes to become the digital backbone of the fourth industrial revolution. But it has been the victim of the overall negative trend in the crypto markets.
Chronoly.io’s golden run Continues
Chronoly.io (CRNO) has come as a wave of fresh air in crypto markets jinxed by negative investor sentiments. Chronoly.io (CRNO) platform offers individuals an opportunity to own a stake in rare and luxury watches through fractionalised Non-Fungible Tokens (NFTs). It is the world’s first decentralized fractional watch marketplace.
Unlike other NFT and crypto projects, each NFT offered by Chronoly.io (CRNO) platform is backed by real world assets i.e. luxury smart watches held in a vault. Investors can own a fractional NFT of luxury watches for as low as $10.
Chronoly.io (CRNO) is the native utility token of this platform. Since the very beginning of the project, investors have been attracted to the Chronoly.io (CRNO) project, which was recently sold-out during the presale phase of CRNO tokens. Interestingly, the CRNO token price has appreciated nearly 690% in the presale stage. Each CRNO token was initially available for purchase in the presale stage at a price of $0.01, which has now gone up to $0.079.
Chronoly.io’s (CRNO) token is set to be listed on centralized exchanges in the next phase of the project. It is expected that the price of this token will jump higher as many investors and traders would find the project very attractive.
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