The post Crypto Giants Apecoin (APE) and Litecoin (LTC) are Dying, Snowfall Protocol (SNW) Thrives on Innovation appeared first on Coinpedia Fintech News
Apecoin and Litecoin were incredibly popular at the time of their release. Litecoin is one of the oldest cryptocurrencies while Apecoin was inspired by one of the biggest names in the NFT business, Bored Ape Yacht Club. However, the future of both cryptocurrencies appears bleak at the moment. What’s changed?
Apecoin (APE) is In a Downward Spiral
Apecoin (APE) was launched with much fanfare in early 2022, but the token languishes at the bottom. After touching its all-time-high price of $23, Apecoin has tumbled in value. Every few months, Apecoin touches a new low, and investor confidence in the token has been waning. To be fair, Apecoin has made some progress over the past couple of months, but it’s far from recovering to its launch price.
The crypto universe is an increasingly competitive space where legacy cryptos are undergoing frequent hard forks to acquire new features and capabilities. In contrast, Apecoin continues to have a narrow focus. Apecoin is primarily used by APE ecosystem users. Although Apecoin has the potential to grow, innovation is needed to expand beyond its current limitations.
Litecoin (LTC) Is Being Forgotten
Litecoin (LTC) is one of the oldest cryptocurrencies in existence. It was the first big altcoin to challenge the dominance of bitcoin. Although Litecoin shared many similarities with bitcoin and was a derivative of bitcoin’s codebase, its low transaction fees and high speed have made it a hit among early crypt users. However, in the sea of new cryptos with advanced utilities and features, Litecoin has lost its relevance and uniqueness. Even the MWEB soft fork that granted it privacy features has failed to distinguish it from its competitors.
Today, Litecoin continues to be popular due to network effects for transactions. While Litecoin is far from dead, its users are slowly moving away from the platform. Litecoin is trying to become the most fungible, cash-like cryptocurrency and become the de facto choice for businesses accepting crypto payments. Whether that’s enough to help it thrive remains to be seen.
Snowfall Protocol (SNW) is Fast-innovating
Snowfall Protocol (SNW) is a soon-to-be-launched interoperability bridge that has already raised $3 million over three presale stages, even before its launch. A new token like Snowfall Protocol (SNW) could raise such funding because of its utility and real-world applications. (SNW) aims to connect all major cryptocurrencies and create an internet of blockchains. (SNW) will add stablecoins to its bridge in the first stage and then add other EVM and non-EVM blockchains.
Besides the core utility, Snowfall Protocol (SNW) also offers dex services, cross-chain swapping, staking, yielding, and other functionalities. For these reasons, the (SNW) price has increased by 250% between stage 2 and stage 3 presale events. Analysts expect the token to shoot up by 5,000% by Q2 2023.
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