A devastating crash has rocked the cryptocurrency market, total losses have surpassed 1.5 trillion dollars and all major cryptocurrencies have lost their market value.
Unfortunately, this is the second noteworthy crypto crash since November last year. In May 2022, Terra Luna’s downfall meant that the crypto market lost more than 500 billion.
June 2022 has not been kinder, with an additional 400 billion dollars being wiped from the market collectively. This meant that the overall market capitalization dropped below 1 trillion for the first time since November 2021, when it hit a peak of 3 trillion dollars.
Since inflation and interest rates have been climbing considerably, even the largest cryptocurrencies like Bitcoin, Ethereum, and BNB have been affected by the crypto crash.
The value of Bitcoin has plummeted by more than 50% this year while Ethereum’s prices plunged by a staggering 65%.
According to United States federal authorities, 46,000 individuals have cited losses exceeding 1 billion in cryptocurrencies since January 2021. Even celebrities, who often promote or invest in cryptocurrencies, are not free from the historic crash.
Filecoin (FIL)’s Most Successful Presale
One of the biggest cryptocurrencies on the market, Filecoin has been fortunate enough to avoid the ill effects of the crypto crash. FIL ranks at number 41 overall with a market cap of 1.235 trillion dollars. A single FIL token is worth 5.77 dollars.
Filecoin is a decentralised storage platform meant to collect large volumes of information.
When its makers conducted an initial coin offering (ICO) in 2017, they managed to raise more than 205 million dollars. The initial idea was to release Filecoin in 2019 but the launch was postponed until 2020.
FIL was created as an incentive for the Interplanetary File System (IPFS), a peer-to-peer (P2P) network.
The Filecoin token is an open protocol based on a blockchain that records transactions made by users, who utilise the native currency FIL. The blockchain uses proof of replication and proof of spacetime.
Mushe (XMU) To Conquer The Market
The latest cryptocurrency looking to follow in Filecoin’s footsteps is Mushe (XMU). It is a decentralised token that offers peer-to-peer engagement, governance, and participation rewards. P2P is a pivotal attribute of Mushe and gives users ample liquidity and an excellent experience.
Mushe was created using Ethereum, although plans are in place to move to the Stellars network, which will give way to cheaper transactions and greater financial inclusivity.
Additionally, Stellars is linked with Fintech organisations, financial institutions, and other providers that facilitate on and off-ramping services.
The developers of Mushe are seeking to amplify blockchain. They want to ensure that XMU users have increased access to digital assets. Features include the Mushe Wallet, which guarantees greater flexibility for users.
The wallet is easy to use and there are no concerns like payment blocking, displacement of funds, or intricate memo identification.
Mushe Chat is a viable feature of XMU. It consists of end-to-end encryption and messages are sent directly from one user to another with the intervention of intermediaries.
Yet another useful attribute of Mushe (XMU) is MusheVerse. This is a metaverse where all transactions are completely secure. It will also contain gaming services, which will make the user experience fun.
Finally, we have MetaVerse Banking, where XMU will partner with a digital bank to expedite transactions from fiat to crypto.
As things stand, Mushe (XMU) won’t be launched until 4th July 2022. However, it is available on a pre-sale basis, and experts are claiming that it will be the biggest launch of the summer, although that prediction lacks precision due to the crypto crash. If history has shown anything, it’s that presale is usually the best time to invest in a cryptocurrency.
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