A cryptocurrency whale, often referred to as a “crypto whale” or just a “whale,” is a word used in the community to describe people or organizations that hold substantial quantities of cryptocurrencies. Whales have access to enough cryptocurrencies to heavily influence exchange rates. In the crypto world, achieving “whale” status is a matter of opinion. Generally speaking, whales appear to have more than 2% of the total supply of a particular cryptocurrency. Here is why the “whales” who previously invested heavily in Axie Infinity are now jumping that ship and climbing aboard Chronoly (CRNO).
Back in March of this year, Axie Infinity suffered a major hack that resulted in many of its users losing a lot of money; in some cases, life-changing sums of money. According to most reports, the total cost of the hack, believed to have originated from North Korea, came to well over $500 million.
Axie Infinity is actually an online gaming application that has a play-to-earn scheme whereby users can earn crypto tokens which they can then swap for Ethereum (ETH). With the aid of Ronin, a sidechain that helps reduce fees and transaction delays, the game is run on the Ethereum blockchain. The majority of the action takes place during turn-based fights, either online against real opponents or against Axie teams controlled by computers.
The hack has proved to be a massive blow to the credibility of Axie Infinity which prior to this disaster was actually growing in popularity and value. However, it has now lost a staggering 99% of its value and while some of this loss may be due to the wider crypto crash, a large proportion is due to the exodus of the whales.
Chronoly is not a game. Nor does it rely on hype and publicity to grow either in value or credibility. The native token for this platform contains a structure for exchanging NFTs in exclusive and rare timepieces from brands like Rolex, Audemars Piguet among other luxury brands. Wealthy investors have long recognized the value of investing in fine watches as a store of value and a hedge against inflation. Chronoly NFTs are backed by the watches, the physical forms of which are then stored in secure vaults. The NFT is subdivided into fractions that can be bought for as little as $10 each.
With the extra amenity of being able to participate in staking and lending on the network, Chronoly can provide access to generating passive income by lending their NFTs to other investors temporarily, as well as by staking the CRNO native token in exchange for a reward. Chronoly is still in its presale phase until the end of September, but it is already hauling in those whales who are looking for better and surer feeding waters.
Since launch, the price has increased 500% from $0.01 to $0.06. Many crypto analysts predict that the price could increase by as much as 2,500% by the time the presale period ends on September 27th. Some are even predicting a 5,000% increase.
For more information about the Chronoly presale:
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