Gnox Gains More Than 60% While Bitcoin and Ethereum Struggles

Gnox has increased by 60% despite Bitcoin and Ethereum dropping and the rest of the market falling along with them. Many investors are perplexed about how this new protocol has performed so well in the current market environment.

BTC and ETH are Finding it Difficult to Keep Up

Today, investors are judging whether the last week’s bounce was a bull trap or a maintainable bottoming process.

Ethereum has been the most bearish catalyst to note as the recent $3.8 million hack of XCarnival drives the continued concern about the security aspects of the top blockchain ecosystems. 

Meanwhile, Bitcoin has plunged below $21,000 as investors digest outflow reports showing more than $450 million in net outflows from Bitcoin-related funds. This is the largest outflow week on record, highlighting investor concerns about whether top tokens get the support from institutional capital at these levels.

What is Behind Gnox’s (GNOX) Impressive Run?

There is a cryptocurrency that’s exceptionally been performing in recent weeks. Its price has spiked more than 60% in recent weeks.

Gnox has already sold around 49 million coins, which is projected to improve. The upcoming burns are outlined to help lower supply, so its price might improve further.

Currently, Gnox, a unique type of reflection token, is in a presale phase. The project intends to change the process investors participate in DeFi, bringing it to a broader audience and a smooth-running process into a single investment vehicle. Investors will get exposure to DeFi yield-generating opportunities with the help of the protocol via buy and sell taxes. These yields are then swapped to stablecoin and reflected on Gnox’s holders.

The performance of the GNOX token from the last few weeks has been enormous, while most other cryptocurrencies are struggling. Holding Gnox for the long-term offers considerable profits to retail investors despite short-term price fluctuations. And this might have been hesitant about the wider crypto space recently, and that’s why GNOX is a winner.

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