Altcoins
Dogecoin (DOGE) Price Drops After Weekend Surge
Dogecoin (DOGE) has had an exciting price surge in the previous several days, especially after news of Dogethereum, or DOGE’s plans to become compatible with the ETH network. However, it would seem that the excitement has passed, and DOGE’s price is dropping once more.
Dogecoin price surge surprises the crypto world
Dogecoin has started off years ago as a meme, and a lot of people do not see anything more than that when they look upon it. However, even though the coin may have started out as a joke, it has managed to surprise quite a few investors when its price surged a few days ago.
Dogecoin is often underestimated, but it remains one of the most mineable coins on the market. Additionally, it is often used in transactions, which increases its activity, and the coin is already more active than Litecoin or Bitcoin Cash. Despite this, however, the coin will likely not go anywhere due to the fact that it has an unlimited supply, which means that the mining will never stop. That way, its price can only get lower and lower, as there are more coins in circulation.
A couple of days ago, DOGE’s price suddenly jumped, possibly led by Gate.IO, where an entire third of its volumes are concentrated. The spike has reminded people about DOGE, and many even started talking about the coin getting on Binance.
In the meanwhile, there was also news of Dogethereum, a new DOGE project that will allow the coin to become compatible with ETH’s own network. Dogethereum will basically be a smart contract that allows direct swaps, which is how DOGE might be able to exist on ETH network. As usual, there are skeptics who believe that the project has no future. However, Dogethereum is still expected to launch soon, likely within days.
If it does happen, and DOGE gets to ETH network, it will be a perfect coin for micropayments, rewards, and alike. Currently, DOGE lacks a proprietary wallet, since its own has had a lot of issues lately. The flaw of the project is that there is likely going to be a need for a centralized party that would have to approve the asset switch, new Dogethereum’s issuing, as well as the release of Dogecoins that will be locked.
The excitement is over, as so is Dogecoin price surge
After an entire weekend of going up, DOGE price dropped by an entire 35% yesterday. The coin’s current price is $0.005199, and it still continues to drop at the time of writing. The drop came after the price surged by 70%. Luckily, the drop did not really have much of an effect on the rest of the market. Most of it is currently in the red, but the analysts claim that DOGE is not responsible for this change.
So, what happened to DOGE? Well, it might seem that the initial excitement regarding the Dogethereum simply blew over and that DOGE’s price is simply correcting itself. Many also claim that this is not the last we will hear of this coin and that it might go up once again as soon as Bitcoin makes a significant move. Another possibility is that Dogethereum coming to life will also spark a new wave of interest in the coin. It remains to be seen, and the next few days may be quite interesting for DOGE.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
-
Blogs7 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs7 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs7 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs7 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss7 years agoRipple’s five new partnerships are mouthwatering
-
Blogs7 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs7 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs7 years agoIs Litecoin (LTC) Changing Its Game Plan By Going For Mass Adoption?
