Along with the overall recovery in the crypto ecosystem, improved fundamentals and positive news have been key price drivers this week. Solana (SOL) and XRP have particularly done well. But not as well as the relatively new market player, Snowfall Protocol (SNW).
Since launching its presale campaign, Snowfall Protocol (SNW) has steadily made a name for itself in the crypto ecosystem, recently reaching a new all-time high of $0.191. Snowfall Protocol (SNW) has piqued the interest of astute investors and market analysts alike, thanks to its unique functionality and continuous ecosystem upgrades. The result has been spectacular price performance, with one ATH after another being broken.
SEC-sued XRP and SBF-plagued Solana have also seen some green movement this week. Here’s a breakdown of the three assets.
XRP Buyback and Confiscation Not Possible, Says Ex-Ripple Executive
Since the SEC filed a lawsuit against Ripple, XRP’s issuer, in 2018, investor confidence in the token has suffered significantly. XRP even failed to break its all-time high in the 2021 market rally, unlike most of its competitors.
One of the issues that XRP has had to deal with throughout the trial period is rumors that could potentially cause FUD in the community, the most recent being the US government’s possible buyback or confiscation of XRP tokens. Ripple’s former director of developer relations, Matt Hamilton, has come forward to address these rumors dismissing them as false.
Hamilton goes on to say that XRP is a decentralized cryptocurrency that cannot be seized without the participation of key holders. Furthermore, if the government requires its digital token, it can easily create one. And, if the US government prohibits everyone from using XRP, the token will simply cease to exist and be replaced by a fork.
Solana Witnesses Increased User Activity in 2023
Solana’s popularity plummeted in late 2022 when reports of fraud at Sam Bankman-Fried’s then-dominant crypto exchange FTX surfaced. However, developers seem to be drawing people back to the Solana network in 2023. According to Token Terminal data, Solana has seen a significant increase in daily active users in recent weeks, outperforming many cryptocurrencies in user engagement.
The main contributors to this growth in daily active users are the growing interest in Solana’s DeFi and NFT spaces. Solana’s DeFi daily active users, for example, increased over the last month, resulting in a jump in Solana TVL from $206 million to $242.77 million in just one month. Furthermore, interest in Solana NFTs has been increasing heavily.
Snowfall Protocol Extends Its Bullish Rally Past $0.19
Snowfall Protocol (SNW) has emerged as one of the best-performing crypto assets during this bear run. Snowfall Protocol (SNW), which is in the final stages of its presale campaign, has continued to outperform its competitors, achieving gains of more than 500% in just a few months. The continued price increase in Snowfall tokens (SNW) can be attributed to a spike in investors flocking to the protocol’s presale. Snowfall Protocol (SNW) has also experienced increased social dominance during the presale period, which has sparked interest in the asset and resulted in a price surge.
Snowfall Protocol (SNW) is the first cross-chain solution that enables users to exchange fungible and non-fungible tokens between EVM and non-EVM chains.
Snowfall protocol (SNW) set a new record when tokens sold out a day ahead of schedule in its second round of presale. With two weeks to go, the final round is well on its way to breaking this record, with over 85% of the round’s tokens sold. As a result, there has never been a better opportunity to join. Invest in Snowfall Protocol (SNW) today for a profitable return. Top market analysts forecast up to 5000% returns for early investors.
Snowfall officially launches on February 3rd, with the first listing on Pancakeswap.
Become an early investor today!!!
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