Why Elon Musk Might Start to Drop Dogecoin (DOGE), as Holders Jump Ship to Chronoly.io
A new digital token, Chronoly.io, has become the talk of the town as it has made a significant impact on the cryptocurrency market, owing to its innovative and distinctive value proposition. The popularity of Chronoly.io can be gauged by the fact that although the digital token is in its second phase of the presale, it is up 400% and has been successful in impressing and building a new community.
Chronoly’s success also becomes a hot topic in times when conventional and long-standing cryptocurrencies are losing their investor base. For the last few months, conventional digital tokens and meme coins, like Dogecoin, have been stumbling at a constant pace. Their market value is showing a declining trend, causing gradual erosion of investors’ trust in them. Notably, Dogecoin prices have nosedived drastically. While many reasons can be attributed to Dogecoin’s fall, the most important one is the skepticism of investors over the sustainability of Dogecoin as it is just a meme coin without any backing from real assets.
It must be noted that the value of Dogecoin touched its peak in May 2021 following the remarks made by billionaire Elon Musk about this digital currency. However, DOGE, the digital token of Dogecoin, could not sustain its momentum, and it fell 90% from its peak in May 2022. Several holders of Dogecoin are worried about their investment in DOGE, and Elon Musk might also reconsider his stand on this cryptocurrency.
Consequently, investors are exiting the conventional cryptocurrencies and engaging in digital tokens like Chronoly.io, whose NFT marketplace is backed by real assets held off-chain.
What is Chronoly?
Chronoly.io is the first-of-its-kind fractional watch investment marketplace built on the Ethereum blockchain. Chronoly enables its users to gain partial ownership of luxury watches from high-end brands like Rolex, Patek Philippe, Richard Mille, and Audemars Piguet, among others. Interestingly, Chronoly users can gain partial ownership of the luxury watches by purchasing NFTs (Non-fungible Tokens) of the watches for as less as $10.
How Does Chronoly Work?
Each NFT on the Chronoly.io marketplace is backed by a certified and authenticated physical version of the luxury watch, which is insured and stored in a depository vault.
Since these NFTs are backed by real-world assets, it becomes more attractive to investors than meme coins like DOGE, as it is pegged to the value of the real asset. Chronoly.io ensures that watches deposited in the vaults are certified and authenticated before creating NFTs and dividing them into fractions. Once a watch is deposited in the vault and an NFT is created against it, Chronoly shares all the data with its users for product verification, eliminating risks of fraud and counterfeiting.
Besides, if a user purchases 100% of the luxury watch NFT in the Chronoly vault, they can redeem their NFTs with the physical watch.
The Chronoly native token CRNO is the currency that powers the Chronoly ecosystem and enables users to borrow and stake their tokens to earn a passive income. Interestingly, the prices of CRNO tokens have already risen 400% since its launch, and analysts are expecting an increase of over 2,500% in the price of Chronoly’s CRNO token during the presale alone.
Why are investors dumping meme tokens like Dogecoin?
Dogecoin is just like other conventional cryptocurrencies that are not backed by any physical assets. It was first minted in 2013 and is used mainly on Twitter and Reddit to reward individuals for creating or sharing quality content.
However, the value of DOGE, like other conventional cryptocurrencies, depends largely on speculation and market trends since it is not backed by any real-world assets. Additionally, Dogecoin is inflationary in nature as it can be supplied for an unlimited amount, a case that goes against the standard required for market stability and can lead to a fall in DOGE’s value.
These concerns have prompted investors to look out for sustainable crypto projects like Chronoly.io
For more information about the Chronoly.io pre-sale:
Website: https://chronoly.io/
Presale: https://presale.chronoly.io/register
Telegram: https://t.me/Chronolyio
Twitter: https://twitter.com/Chronolyio
