2022, has been tough for digital currencies with some like Binance (BNB) and Solana (SOL) seeing significant drops in their value. Meanwhile, Snowfall Protocol (SNW) is making waves as investors scramble to buy the coin before the beginning of the year.
In this post, we will delve deeper into the reasons for the decline of Binance Coin (BNB) and Solana and also look at why Snowfall Protocol is becoming a household name.
Binance Coin Is On the Fall
Binance (BNB) is one of the top cryptocurrency exchanges. Binance (BNB) coin is the native cryptocurrency of the Binance (BNB) blockchain. The coin is used for governance. The value of Binance (BNB) coin is usually closely related to the performance of the Binance (BNB) cryptocurrency exchange.
Binance (BNB) coin reached its all-time high price of $686.31 on May 10, 2022. However, Binance (BNB) has been on a steep decline in recent weeks. The value of Binance (BNB) has fallen by more than half of its all-time high, leading investors to question the validity of Binance (BNB) coin as a worthy investment option.
Solana’s Uncertain Future Leaves Investors Stranded
Solana (SOL) is a blockchain platform that uses smart contracts to enhance the speed and reliability of decentralized applications. Solana (SOL) has done well in previous years, even ranking among the top cryptocurrencies by market capitalization.
However, in 2022, Solana (SOL) has taken a hit (like most cryptocurrencies) and lost a majority of its value. Other than the crypto winter, there are two other reasons why Solana’s (SOL) price is on the decline.
First, the FED decided to implement inflationary regulations, causing a sharp decline in the demand for Solana (SOL). Investors have been changing their Solana (SOL) for the USD dollar and investing in other coins that seem to have a better future.
The second reason Solana (SOL) has been declining recently is its close ties to the collapsed cryptocurrency exchange, FTX. FTX’s founder Sam Bankman Fried was one of the biggest supporters of the Solana (SOL) blockchain. When his cryptocurrency exchange collapsed, investors were worried that the price of Solana (SOL) would be negatively affected, what followed was intense selling pressure that doesn't seem to be reducing.
Snowfall Protocol is Stronger Than Ever
Snowfall Protocol (SNW) is changing the way things happen in the blockchain world by making it possible for users to send data from one blockchain to another. By using Snowfall Protocol (SNW), users don’t have to leave their favorite chain to enjoy the major benefits of other blockchains. Instead, they can send data from one blockchain to another as needed.
For example, users can take advantage of canonical bridging by using Snowfall protocol’s (SNW) NFT bridge to send non-fungible tokens from one blockchain to another. Fungible tokens are also transferable. Additionally, users don't have to worry about sending information from one blockchain to another, Snowfall Protocol (SNW) makes it possible, whether or not the blockchains involved are compatible with the Ethereum virtual machine.
Despite being a new coin in the market, Snowfall Protocol (SNW) has become a favorite among investors, due to its utility and fast growth. Even before the end of the presale, investors have already seen a growth of more than 250%.
In 2023, Snowfall Protocol (SNW) is expected to top the list of the best investment options in the cryptocurrency world. Cryptocurrency market analysts predict that based on its value in the blockchain space and its early and warm reception Snowfall Protocol (SNW) will X1000 in the coming years.
The decline of popular cryptocurrencies such as Binance (BNB) and Solana (SOL) has pushed investors into looking for alternative investments such as Snowfall Protocol (SNW). Although only time will tell, market observers believe that Snowfall Protocol (SNW) is one of the best coins to invest in in 2023 and beyond.
Learn more about Snowfall Protocol (SNW) in the following links