Dogecoin rallied more than 8 per cent, whereas XRP gained 4 per cent. Shiba Inu and Polkadot added 3 per cent each. Polygon and Avalanche shed a per cent each.
The global cryptocurrency market cap was trading marginally up at the $1.15 trillion mark, gaining less than a per cent in the last 24 hours. However, the total trading volume tumbled over 16 per cent, close to $64.86 billion.
Expert’s take
Sathvik Vishwanath, Co-founder and CEO, Unocoin said that the crypto markets was stable to slightly bullish. Most of the gains among the top 100 coins. “The exceptions seen were for meme coins which have started to become attractive.”
On the other hand, EOS, which claims to become the opening system for cryptos, did have a 25% price increase as the party against EOS was not able to represent properly in case and this has skewed the odds of EOS winning or settling it off with that other party, he added.
Global updates
The US Securities and Exchange Commission has filed a complaint against blockchain startup Dragonchain for failing to register more than $16 million in crypto asset securities offerings over the course of five years.
Acala’s native stablecoin, aUSD, came close to regaining its peg to the US dollar after the Polkadot-based decentralized finance (DeFi) platform burned over 1.2 billion aUSD tokens that were minted by exploiters over the weekend.
In other news, Jump Crypto is trying to revamp a core part of Solana’s infrastructure, seeking to boost the throughput and reliability of a network that’s been plagued by frequent outages and slowdowns.
Tech View by Giottus Crypto Platform
DOGE had a roaring opening to the week with its 7-day gains going over 21%. The popular meme coin is back in the top 10 cryptocurrencies by market cap and has outperformed popular coins like DOT, MATIC and AVAX.
The euphoria around the Ethereum upgrade coupled with the sustained momentum in the crypto market is the main driving force behind the surge in DOGE prices.
Agencies
The positive news around DOGE which positioned it as a payment currency may have sparked investor interest in the meme coin. DOGE is a strong contender for integration into the global payment mechanism and it needs to find a real-world use case very soon.
