The majority of crypto tokens are expected to recover in 2023. However, full recovery is still a long way off, with the bull run not expected to begin until mid-2024. For Snowfall Protocol (SNW), 2023 will be just another day in the office— crushing bears. For Convex Finance (CRV) investors, 2023 holds only minor gains throughout the year. For NEXO (NEXO), things will get worse before they get better if they ever get better at all.
Is NEXO A Red Flag?
As the FTX contagion spreads throughout the crypto ecosystem, all eyes are now on NEXO as the next victim in the firing line. Speculations about NEXO’s insolvency, which began after FTX filed for chapter 11 bankruptcy, intensified last week following BlockFi’s fall and subsequent bankruptcy filing. NEXO quickly refuted these claims, adding that it has no exposure to insolvency or “struggling” entities.
Aside from pointing out several red flags in NEXO’s operations, as detailed in the twenty-eight-tweets thread, what most people found odd was that NEXO failed to publish addresses to its reserve while claiming that its assets outweighed customer liabilities. However, the recent events involving crypto exchanges and lenders have taught the majority of cryptocurrency investors not to take claims without proof. As a result, many investors have sold their NEXO tokens to avoid being burned, resulting in a 6.40% price in the last 7 days.
Convex Finance (CVX) May Take Some Time to Recover
Convex Finance (CRV) has been on a long decline since the token, like the rest of the crypto ecosystem, peaked in 2021’s market rally. Convex finance (CRV) reached an all-time high of $62.69 on January 1, 2022, after adding Frax Finance’s Frax Shares (FXS) to its system. From here, Convex Finance fell to a low of $15.13 on March 4, before recovering to $39.73 in April. From this high, Convex Finance plummeted to a new low of $3.12 on June 18.
Convex Finance token then slightly recovered and had been trading between $5 and $6 for the majority of the second half of the year before the collapse of FTX pushed it to a low of $3.63 on November 13. Convex Finance has struggled to recover from this ordeal following a series of other market crashes that have been triggered by the FTX fall. Convex Finance token (CVX) was trading at $3.98 as of December 3. CVX is expected to continue trading sideways for a while. At least until the FTX dust settles.
With investor confidence in NEXO dwindling and Convex Finance (CRV) far from recovering, Snowfall Protocol (SNW) has emerged as a viable alternative for CRV and NEXO holders. With the ongoing DeFi migration,Snowfall Protocol (SNW) is poised to become a major market player. Snowfall Protocol (SNW) takes pride in being the first cross-chain solution capable of transferring both fungible and non-fungible assets across EVM and non-EVM chains. A preview of Snowfall Protocol (SNW) cutting-edge dApp, which will enable the safe and easy swapping of these assets, is already available at Snowfall Protocol (SNW) telegram community.
After two successful rounds, Snowfall Protocol (SNW) is now in its third and final round of presales. A total of 195M sold out in the first and second rounds, raising $3M. The second round was particularly jolted by additional investor deposits, causing it to sell out one day early. Snowfall Protocol’s price also increased by 250% during this round, and it is now worth $0.075. According to market analysts, Snowfall Protocol (SNW) continued success puts it in a good position to easily surpass 1000X returns.
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