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Gnosis (GNO) Is Only Top-Tier Currency Remaining in Green, Here's Why

Fri, 08/19/2022 - 12:01
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Arman Shirinyan
Gnosis is at top of cryptocurrency market following potential onboarding news
Gnosis (GNO) Is Only Top-Tier Currency Remaining in Green, Here's Why
Cover image via stock.adobe.com

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Unfortunately, at the end of the week, a large portion of the cryptocurrency market faced an unpleasant correction that caused up to 10% plunges in the last 24 hours on various assets. Gnosis is one of a few assets that remained in the "green zone," and here's why.

According to the most recent post by MakerDAO, GnosisDAO has submitted MIP6 Collateral Onboarding Proposal for GNO, which is the organization's governance token. With the new proposal, the target is to generate at least 30 million DAI against GNO collateral within the first year of collaboration.

The onboarding application was welcomed warmly by the MakeDAO community, considering Gnosis' rich experience in the industry and positive image in the space. The project was founded back in 2015 by Stefan George and Martin Koppelmann as a part of ConsenSys. Back in 2017, Gnosis became an independent entity and separated itself from ConsenSys.

By onboarding on MakerDAO, Gnosis will become available for users of MakerDAO, which is going to attract more investments to GNO and potentially push the value of the cryptocurrency higher.

GNO technical analysis

In a similar way to other cryptocurrencies, GNO showed successful performance a few days ago, gaining around 15% to its value and reinforcing its position above the 50-day moving average.

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While other cryptocurrencies like Bitcoin and Ethereum are on their way down to new local lows, GNO avoided the crash and still remains in the local uptrend it entered back in July.

At press time, the token is changing hands at around $183 and losing more than 7% of its value, which is relatively acceptable considering the asset's volatility.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.