HomeCryptoPerformance of Cronos, Shiba Inu, Algorand and Luna

Performance of Cronos, Shiba Inu, Algorand and Luna

Despite the phase of lateralization that has been going on in the crypto markets for a month now, there are still some interesting movements, marked by Cronos, Shiba Inu, Algorand and Luna.

Price analysis of Cronos, Shiba Inu, Algorand and Luna

These tend to be movements involving second-tier, or minor, cryptocurrencies, while BTC and ETH in fact continue to lateralize instead. 

Cronos (CRO)

One of the most interesting cryptocurrencies to follow at this time is CRO, which is the cryptocurrency on Crypto.com‘s Cronos blockchain. 

In fact, its performance is closely linked to the affairs of the well-known crypto exchange, which came under the spotlight after the FTX collapse for fear that it might do the same. 

Before the collapse of FTX, CRO’s price was above $0.12, but on 10 November it fell as low as $0.08. 

However, in the following days, its decline continued, until it hit an annual low on 14 November below $0.06. In other words, its price due to the failure of FTX and fears that Crypto.com would also fail halved within a week. 

By the time it became clear instead that Crypto.com was not failing, CRO’s price recovered somewhat, returning close to $0.08. 

In the following weeks, the price of CRO did not lateralize but rather underwent an almost steady descent back to nearly $0.06. In other words, it is now again close to the annual lows. 

It is worth noting that the current price is 93% below last year’s highs, and is well below even the $0.10 touched in June after the implosion of the Terra/Luna ecosystem and the Celsius bankruptcy

This is therefore a moment of significant weakness for the price of Cronos, certainly related to the difficult time Crypto.com is going through, despite the fact that its operations have shown no signs of letting up. This is indeed a difficult time somewhat for all crypto exchanges. 

Shiba Inu (SHIB)

After last year’s incredible performance that catapulted Shiba Inu into the top 10 cryptocurrencies by market capitalization in no time, 2022 is instead proving to be a difficult year. 

However, although this is mainly due to the general crisis in the crypto markets, SHIB’s price trend has for months now entered a long phase of relative stability. 

Indeed the real slump ended in mid-June, when it hit an annual low at just over 8 millionths of a dollar. 

To be fair, by the end of June it had already returned to 10 millionths, and by mid-August it had climbed back up to almost 17 millionths. But then by the end of October it was back below 10 millionths.  

What is somewhat surprising is the fact that not even with the collapse of FTX did the price drop any more to 8 millionths, hitting a low of 8.3 in November. However, this is perhaps due to the fact that in the days leading up to the collapse SHIB’s price had temporarily climbed back above 13 millionths, which allowed it to start the decline from a higher level than in previous weeks. 

Currently, its price is back above 9 millionths, which is still well above the yearly lows. 

But what is probably most curious is that such movements are not associated with major news regarding the project, because in fact there has been none lately. Then again, the resounding boom of 2021 was basically a speculative boom, so it is possible that the current -89% from the highs also has the same basic logic. This would also explain why SHIB’s price has been sideways above 8 millionths of a dollar for months now. 

Algorand (ALGO)

Unlike SHIB, for Algorand there have been many new developments, first of all the one with FIFA announced in late November

The project is evolving thanks precisely to numerous partnerships and increasing use of its blockchain, but despite this the price of ALGO continues to fall. 

That is, while SHIB lateralizes in the absence of major new developments, ALGO falls in the presence of numerous commercially important innovations. 

In fact, just recently it made a new annual low below 22 cents. 

Moreover, the current price level, just above that threshold, is 93.7% below last year’s highs, so this is a curious situation, to say the least. 

In mid-June it had fallen to 30 cents, and by the end of August, it had also fallen below that threshold. What’s more, in 2021 it had not boomed in a way comparable to SHIB, so it is somewhat surprising to see such a large drop in 2022. 

The current price is even lower than it was at the end of 2020, which was before the last big bullrun began, and it is also much lower than the launch price in 2019. Perhaps the market value of ALGO in past years was overvalued, even before the 2021 speculative bubble was triggered, and now it is paying the price. In contrast, for example, for SHIB it was the opposite, with a debut in the markets at a derisory price. 

Luna (LUNC)

A separate story goes about LUNA and LUNC, namely the cryptocurrency born after the implosion of the Terra ecosystem, and its original cryptocurrency renamed to Luna Classic (LUNC). 

Luna debuted in the markets just at the end of May this year, taking the name of the old cryptocurrency from the Terra ecosystem. Since then it lost value until mid-June, and then practically lateralized below $2. 

With the collapse of FTX, it dropped to $1.6, and has since lateralized around that figure. 

Then again, the new Terra 2.0 project currently does not seem to be able to get off the ground. 

As for Luna Classic (LUNC), it is not worth taking as a reference the pre-crash values of early May, but those of late May by about 0.1 thousandths of a dollar. 

By September, it had managed to rise as high as above 0.5 thousandths, with a real small post-crash surge. 

Since then, it has begun a downward trend that still seems to be continuing, although the lowest peak of this trend was reached in late November below 0.15 thousandths of a dollar. For now, there has been a small rebound up to 0.16 mills, but it should be remembered that this is only a speculative token, as the old Terra ecosystem is pretty much stuck at what it was at the end of May. 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".
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