Fantom (FTM) hits 8-month lows, Gnox (GNOX) passes KYC verification, Solana (SOL) NFT sales gaining momentum

Bitcoin has been bearish for most of 2022, and the recent meltdown has further compounded the pain for cryptocurrency holders. Weeks and months of gains have been wiped out, and tokens like Fantom (FTM) have suffered the worst.

In January, FTM traded at a yearly high of $3.37. Four months later it has plummeted to levels not seen in the last 8 months. The price has moved into oversold territory and it is currently trading around $0.50. Further downside is possible if the bulls fail to defend the critical support level at $0.45,

The recent exit of a key advisor, Andre Cronje, is partly to blame for the sharp sell-off, alongside the generally negative market sentiment. The low prices may encourage investors to buy the dip, but experts say more pain is to come.

Gnox(GNOX) completes KYC audit

Regardless of the current market conditions, Gnox is not lagging behind in its efforts to develop a community-centric ecosystem. The contract was recently audited and certified by one of the leading blockchain security companies, Soken. This reinforces the authenticity of a promising project that aims to make DeFi earning easy for novice investors.

GNOX, the protocol’s native asset, will be the world’s first self-accumulating reflection token, where holders will benefit from Treasury yield farming rewards. It’s like DeFi being served on a platter to users who only need to buy and hold the coin to reap the rewards. The first week of pre-sales was strong with widespread coverage across multiple media outlets.

Solana’s NFT market is on the rise

Magic Eden, the leading NFT marketplace in the Solana ecosystem, reported higher daily transactions than its Ethereum counterpart OpenSea. For the past week, the market has consistently averaged 47,000 real sales per day.

Low network fees have been a key difference in the way NFT traders interact with these two platforms. The gas fee for buying a single Solana-based NFT is less than a cent, while Ethereum’s is around $30. The monthly usage stats show that the volume of traders increased by 316% month-on-month. This shows that the NFT market is moving away from Ethereum-based platforms, with traders looking for low-fee transactions.

Learn more here:

Join the presale: https://presale.gnox.io/register
Website: https://gnox.io
Telegram: https://t.me/gnoxfinancial
Discord: https://discord.com/invite/mnWbweQRJB
Twitter: https://twitter.com/gnox_io

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