With traditional financial markets in flux over recession fears, investors are keeping away from risky assets, including many cryptocurrencies. This has resulted in a massive fall in the prices of high-value crypto assets like Monero (XMR) and Maker (MKR) this year. Interestingly, investors are showing much interest in new tokens like Snowfall Protocol (SNW), which has witnessed a sharp jump during the first phase of the presale. In this article, we take a look into how Monero (XMR), Maker (MKR), and Snowfall Protocol (SNW) are doing in a falling market.
Monero (XMR) battles fiercely for revival
Monero is the leading privacy crypto coin. It has been battling fiercely for revival since the market crash in May 2022. Monero (XMR) token price fell to $137 in May, just a few weeks after touching a high of over $279 on April 22. In June, the Monero token’s price dropped to $104. However, the privacy cryptocurrency has risen above $141 since June, according to CoinMarketCap data at the time of writing. The XMR price touched an all-time high (ATH) price of $517.62 on May 7, 2021. Its current price is over 72% below the ATH.
Monero was recently in the spotlight for the Optus data breach, which exposed the accounts of 10 million customers to hackers who demanded $1 million in Monero (XMR) in exchange for not selling the stolen data.
Maker (MKR) jumps over 65% in 30 days
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While Monero (XMR) hasn’t gained much in the last 30 days, Maker cryptocurrency has risen over 65% in this period, according to CoinGecko data at the time of writing. But Maker has failed to maintain the momentum after a bull run of about four weeks.
MKR is currently trading at a price of around $1041. MKR is the governance token of the Maker ecosystem consisting of Maker Dao and Maker Protocol.
Maker is currently one of the leading crypto lenders in the decentralized finance space. At the start of the year, the Maker (MKR) token traded near $2400 but fell to $1063 during the market crash in May.
Snowfall Protocol (SNW) quickly emerges as a promising cryptocurrency by 500% during presale!
SNW, a new cryptocurrency from Snowfall Protocol (SNW), has quickly emerged as a promising option for high gains during the recession. Snowfall Protocol solves one of the biggest blockchain problems – secure asset transfer and cross-chain transactions. Snowfall Protocol bridge has been designed to generalize cross-chain communication and optimize the security model between asset transfers. SNW, the governance token of Snowfall Protocol, has found massive traction among investors.
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The SNW token is still in the second presale phase, but its price has already increased by 500% to $0.045. Analysts believe that Snowfall Protocol could be the next 1000x token. Moreover, Snowfall Protocol (SNW) also has the potential to grow quickly by 5000%.
