In recent months, the cryptocurrency market has been experiencing an incredible bearish stage. Several old cryptocurrencies like Axie Infinity (AXS) have been struggling to maintain value in the bearish market. Unfortunately it's struggle is unyielding as its value has dip over the last couple of weeks.
Due to the struggles of old cryptocurrencies, investors are now looking for new projects with potential to invest. Sparklo (SPRK) is one such project. It is quickly getting attention from the crypto community due to its unique idea based on the blockchain technology. An idea that will enable it to outperform many old cryptocurrencies including Axie Infinity (AXS).
Before the scheduled Sunday unblocking of tokens worth millions of dollars from the blockchain-based, play-to-earn business, Axie Infinity, the cryptocurrency AXS is suffering losses.
According to CoinDesk data, the price of AXS is currently $8.22, down 12% for the week.
Axie infinity began a gradual 65-month token unlock in 2020, with 176.55 million tokens made available so far.
When a protocol unlocks its tokens, it is generally considered as trying to attract bearish catalysts. This is because holders who benefit from the unlock may boost the market's supply because they now have the opportunity to sell their coins. To avoid holders with big portions from dumping all of their tokens at once and driving down values, early-stage companies commonly lock their tokens. Holders with big portions are typically early investors or project team members.
However, unlocks do not always result in lower pricing, and AXS's worth had consistently climbed prior to unlocking events. In other words, the decline of AXS appears to be, at least partially, impacted by a broad fear of risk.
According to Coinglass data, the dollar value locked in futures linked to AXS has dropped by nearly 20% this week to $44 million as a result of the token's price drop.
Sparklo will be the first blockchain-based trading platform for investments with a focus on Silver, Gold, and Platinum. Following each one, users can utilize the newly created and fractionalized NFT to make additional investments.
It plans on keeping silver, gold, and platinum investments in legally approved bullion storage facilities managed by competent vault managers who are among the world's leading suppliers of secure shipping and precious metal vault services.
Investors will be able to exchange minted or fractionalized NFTs backed by gold, silver, and platinum through Sparklo. After acquiring a full NFT and having it delivered to their location, investors acquire their actual assets. It will also work with jewelry retailers to market these products and provide investors with access and discounts.
Sparklo is now at stage one of its presale with a selling price of just $0.015.
Due to the platform's prospective use cases, some market analysts expected that Sparklo would expand by more than 5,000x in the first year after its IPO.
The project has potential, and even though the global economy is on the cusp of a recession, Sparklo has what it takes to be ranked among the top 100 cryptocurrencies by market capitalization.
Buy Presale: https://invest.sparklo.finance
Website: https://sparklo.finance
Twitter: https://twitter.com/sparklo_finance
Telegram: https://t.me/sparklofinance
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.