Anonify’s utility token, ONI, has undergone a significant price drop. The value has plunged by more than 90% in recent weeks, in contrast to the rest of the cryptocurrency market, where prices have risen dramatically, with Bitcoin reaching new highs.
ONI coin, which enjoyed a surge in demand following its launch on February 20, reached an all-time high of $1.18 but has subsequently fallen into a bearish trend, trading at a measly $0.025 on March 14.
This substantial fall has raised speculation among investors and analysts about Anonify being a hoax. Anonify, a privacy-focused Telegram bot, claims to provide secure cross-chain swaps across many blockchains while emphasizing full anonymity and protecting users’ identities.
The project’s Blast Bridge, which is intended to improve the user experience by allowing for easier interactions between Ethereum (ETH) and the Blast Layer 2 (L2) network, was revealed alongside the launch of Blast’s mainnet on February 26.
While the company announced intentions to repurpose the user interface for a future web app aimed at providing a more smooth exchanging experience, the project’s claims of supporting a considerable increase in liquidity influx into the Blast Ecosystem over the last five days have sparked criticism.
The precipitous decrease in the ONI token, combined with the project’s shifting narratives, has sparked speculation that Anonify is a scam operation, raising worries among investors and the larger cryptocurrencycurrency community.
