The ONI token, associated with the Anonify platform, has undergone a significant downturn, plummeting by over 90% in recent weeks, contrasting sharply with the broader cryptocurrency market’s upward trend.
Initially experiencing a surge in demand following its launch on February 20, the token reached an all-time high of $1.18 on February 28 before plummeting to $0.01974 by March 13. This rapid decline has led to speculation regarding the possibility of a rug pull by the project developers.
Anonify, a privacy-oriented Telegram bot, offers secure cross-chain swaps across multiple blockchains, emphasizing anonymity and eliminating the need for personal information. The project’s Blast Bridge, designed to facilitate smoother interactions between Ethereum and the Blast Layer 2 network, was introduced alongside claims of increased liquidity inflow into the Blast Ecosystem.
However, concerns arose when the Anonify team addressed an issue where some users accessed the Blast L2 mainnet prematurely using an Ethereum contract address, prompting a delay in bridge activation to mitigate risks. Despite this, the team announced the shutdown of the Blast -> ETH bridge due to lack of demand, with plans to repurpose the UI for a forthcoming web app.
Investors, such as “Grinding Poet” and “Mr Castiel,” expressed apprehensions about the project’s direction, citing a lack of developer communication and uncertainty surrounding the token’s future. Despite varying opinions within the ONI investor community, frustrations have mounted over the project’s perceived lack of transparency and the significant decline in token value.
While criticisms regarding project management and marketing efforts persist, some investors view the current market cap as a potential investment opportunity, demonstrating a mixed sentiment towards the project’s trajectory.
Attempts to reach out to the Anonify team for clarification have been unsuccessful. At present, the ONI token is priced at just $0.02474, marking a substantial decline from its all-time high.