Cryptocurrencies have been heavily discussed over the past thirteen years since they came into existence in 2009. With Bitcoin pioneering the revolution of cryptocurrencies, people have never been so curious about why it is a good substitute for traditional centralised finance institutions. Although the market has recently not been the best, there is a high chance that there will shortly be a swift recovery for many blockchain networks, and with new cryptocurrencies entering the market, it provides people with further opportunities to invest their money. This article will explore the impact that the new cryptocurrency FIREPIN Token (FRPN) could have on the crypto market, whilst looking at the utility token UNUS SED LEO (LEO).
The Newcomer – FIREPIN Token (FRPN)
FIREPIN Token (FRPN) is a new cryptocurrency that commenced on 25 February 2022, being branded as a token that is building towards a community-driven universe. The blockchain network describes itself as a decentralised protocol that is backed by the metaverse decentralised autonomous organisation (DAO). Their purpose is to use treasury funds which are allocated from participants towards NFT VR games and game development. It also invests directly into institutions and teams that have a long-term vision of METAVERSE play-to-earn (P2E) and games.
Additionally, FIREPIN wants to be a community-driven platform with token holders voting on important decisions regarding the token’s future. FIREPIN has also implemented a multi-chain integration which permits the coin to be exchanged across several blockchain platforms. These blockchains include Binance Smart Chain, Polygon, Ethereum, Avalanche and Solana.
Having this feature fills in a void in the crypto market by allowing people to conduct transactions quickly and cheaply, since they’d be utilising the most efficient blockchain at the right time. FRPN is currently in its presale phase with an inexpensive initial cost of $0.000067. If you are interested in a community-governed blockchain network that has multi-chain compatibility, FIREPIN could be the coin that will contribute to recovering this current bear market.
The Utility Token – UNUS SED LEO (LEO)
UNUS SED LEO (LEO) is a utility token that is utilised across the iFinex ecosystem. It officially launched in May 2019 and quickly rose to the top of the crypto market through its token burn mechanism. Burning cryptocurrencies refers to removing several tokens from circulation, which is potentially beneficial for users. The blockchain network describes itself as a token built to empower the Bitfinex community – a cryptocurrency exchange owned by iFinex Inc. LEO allows Bitfinex users to save money on trading fees depending on the number of tokens they have in their wallet – with the savings on offer being spread across three tiers.
Its unusual name derives from a Latin citation from an Aesop fable. LEO distinguishes itself from other cryptocurrencies by issuing tokens through two blockchain networks, which contrasts with other coins that are primarily run under one platform. LEO is currently positioned fifteenth on CoinMarketCap, with its volume increasing by 0.78% within the past 24 hours. Its strategic burning mechanism can help contribute to the recovery of the bear crypto market depending on user sentiments.
In a time when the crypto market is volatile, people are searching for the most efficient way to manoeuvre correctly. Investing in crypto has never been a guaranteed success, but no investment ever is. No matter how many times the market crashes, crypto will remain a prominent part of society. UNUS SED LEO has not been significantly affected by the crypto crash, with its market capitalisation only decreasing by 0.58%, according to CoinMarketCap.
If you are someone who is looking for an established currency that has a low probability of drastically dropping, LEO could be a viable investment. Furthermore, a new cryptocurrency that has a high potential to succeed and has a low-risk factor due to it being in its presale is FIREPIN Token. Do further research if you are interested in getting involved with these blockchains as the market is fluctuating.