Tesla CEO, Elon Musk’s favourite cryptocurrency, Dogecoin [DOGE] had been within the information all week following a big value surge. Nonetheless, the coin has been plummeting proving it was a sufferer of a pump and dump situation.
Has Dogecoin’s Sizzling Streak Ended?
Through the years, Bitcoin, the primary and the most important cryptocurrency has been dominating the crypto market. Though 1000’s of different cash popularly termed as different cash or altcoins entered the market, Bitcoin continued its reign and nonetheless has its personal fan base. Nonetheless, final week, altcoins had taken over the crypto market.
The second week of July proved to be immensely eventful for altcoins. The value of a number of altcoins was seen hovering immensely all through the week. Whereas the value of those cash might have been fueled by the alt season, Dogecoin [DOGE] was outperforming distinguished altcoins after a viral video.
TikTok consumer, James Galante posted a video urging different customers of the Chinese language utility to take a position as little as $25 in DOGE. Quickly the video garnered half one million views because it prompt that one might get wealthy investing within the altcoin. The value of the coin was seen climbing up the ladder and witnessed an 89.5 p.c weekly enhance on 9 July 2020. Aside from the constructive value change, the coin discovered shelter in a number of distinguished cryptocurrency exchanges together with, Bitfinex, Binance in addition to WazirX.
A number of in the neighborhood had been speculating that this was a mere pump and dump situation. Nonetheless, it looks as if the group was proper. On 9 July 2020, the value of DOGE hit a excessive of $0.00522. Over the past couple of days, the coin was seen plummeting. On the time of writing, the coin’s value has slumped to a low of $0.00362.
Dogecoin Following COMP Token’s Value Motion?
Final month, distinguished decentralized finance [DeFi] platform, Compound Finance, launched its very personal governance token. Only a few days after its launch, the token’s value witnessed a big rise in its value. The coin hit an all-time excessive of $372.27 simply days submit its launch. Nonetheless, its upward value motion was disrupted and the token recorded nothing however consecutive dips. On the time of writing, the token was priced at $176.57.
Regardless of, the token’s downfall, Compound has continued its dominance over the DeFi house. Whereas DeFi has a complete of $2.28 billion locked, Compound alone accounted for $692.5 million of the full USD stacked on the time of writing.