After a turbulent start to the week for many cryptos like Ethereum (ETH), which is currently down 30% in the past week. Early traction sees the value of Gorilix’s SILVA token rallying nearly 10% today. The rally has been driven by supporters of the Gorilix DeFi project shifting away from larger cryptos that are feeling the strains of the market and backing Gorilix (SILVA) with token purchases. Touted as one of the hottest crypto picks this month by media worldwide, SILVA is ensuring it doesn’t disappoint. Analysts have predicted that if SILVA continues to garner attention by the end of June, the price could continue to rise and potentially triple in the next fortnight. This increase will surely put the token in a strong place ahead of the IDO launch.
Gorilix is shaking up DeFi banking with its staking and crypto loan products which will be available to SILVA token holders, but the project doesn’t stop there. A 1950 NFT collection has been announced, with the NFTs available on the Gorilix NFT marketplace and then on larger platforms such as Opensea.
While Gorilix has been enjoying increased momentum, the same cannot be said for Crypto.com governance token Cronos (CRO), which reached a low for 2022 earlier today as the price has fallen consistently over the last 90 days, down a total of 70% in that period. The fall initially came when the Cronos rewards offered by parent platform crypto.com were slashed, and then market conditions began to take an even heavier toll pushing the crypto down further than many of its peers. Over the same 90-day period, Cronos is down 45% against Bitcoin (BTC).
Ethereum, which also hit a 1-year low this week, has steadied the ship with minimal price fluctuation in the past 24 hours. It is thought that the loss in the price for many Cryptos this week is due to a change in strategy from institutions and casual investors alike.
Many casual investors are now shifting to altcoins with high growth potential, such as Gorilix, so they can capitalise off the presale hype and secure significant gains to offset losses they may have incurred elsewhere.
Gorilix seems to be a popular pick at the moment due to the roadmap and the features that it has to offer. A quick look at the whitepaper will show you that the future for Gorilix is bright.
Source: Plato Data Intelligence: PlatoData.io