The cryptocurrency bear market continues with Bitcoin trading below $21,000 and these are prices that the bulls never thought they would see anymore. Filecoin (FIL) and Dogecoin (DOGE) are two coins that have been hit hard in the downturn. Filecoin soared last year when investors jumped onto coins that threatened the dominance of Ethereum. Dogecoin was a benefactor of Elon Musk’s support but that has also faded, and the project has stagnated this year. Investors looking to repair their fortunes could start to consider new projects like  Chronoly (CRNO) which is up 20% in the last 24hrs and up 500% over the last few weeks

Filecoin (FIL) Stalls but Can Wait for Web 3.0

Filecoin (FIL) was a top performer in 2021 as investors jumped into Ethereum competitors. FIL has dropped from highs of around $190 to a price of only $5.86 at the time of writing. That marks a huge collapse for a coin that was in demand last year. Filecoin has the potential to recover when the Web 3.0 revolution gets underway in full. Filecoin has positioned itself as a blockchain storage protocol where users can save and retrieve their data on a decentralized network. That has the potential for many partnerships in the future and could see the coin as a leader in the crypto market recovery but for now it is only pain.

Dogecoin (DOGE) – Every DOGE has its Day

Dogecoin investors are being hit hard as the meme pass has expired in stocks and in cryptocurrency. DOGE soared in 2021 into the top 5 coins in crypto but is now at risk of dropping out of the top ten. Dogecoin made big gains last year on the back of Elon Musk’s support but there has been no game changing development and investors continue to hold onto a loser. When assets crash like DOGE it is always a sign of a true bear market and there is no ‘pump’ or ‘moon’ on the horizon.

Chronoly (CRNO) A Good Option in this Environment?

Chronoly is at the start of its journey and also has first-mover advantage in a niche area of the crypto world. The project is minting NFTs of rare luxury watches that it holds in vaults and these NFTs are 100% asset-backed against the watches. It is the world’s first fractional investment platform for watches and allows anyone to check the authenticity of a pre-owned watch digitally on the blockchain. The watch NFTs will be tradeable on the project’s own platform or other third-party marketplaces like Opensea, also the NFTs can also be bought in fractional increments to allow smaller investors to participate in luxury watch ownership from as little as $10.

Chronoly is taking an old-world asset class into a new age and the platform will increase liquidity in a previously illiquid asset. Analysts are already excited about the project and it is still at an early stage so investors can get in ahead of mainstream attention. Since its debut in early May 2022, the price of Chronoly (CRNO) presale tokens has grown 500%, which has shocked the cryptocurrency market. The coin is currently in stage two of a presale after moving from $0.01 to $0.06 and once that is finished the project plan to list on Uniswap. 




Get the best African tech newsletters in your inbox