Crypto Market Update: Dogecoin Bucks Trend, Ethereum and XRP Down
The crypto market saw a downturn Friday morning Eastern Time, with most major digital assets recording significant losses, except for Dogecoin (DOGE). Dogecoin, the original meme coin, experienced a 4% increase over the past 24-hour period, currently trading at $0.08. This week, Dogecoin has seen a 10% increase in value, making it the best-performing top digital currency, according to CoinGecko. In the past day, Dogecoin saw $2.7 billion worth of transactions, marking high trading volume. The previous instances of such high volume were attributed to Elon Musk’s involvement and a Dogecoin developer teasing new developments.
Other Major Digital Assets
Ethereum (ETH) has dropped by over 4% in value, currently trading at $1,941, losing the $2,000 per coin level it reached last week. Bitcoin has also experienced a 2% decrease in value, maintaining a trading price slightly above $36,000 and a dominance of 51% in the market. Solana (SOL) has lost over 9%, trading at $56.82 per coin, while XRP recorded a 5% drop, trading at $0.59. Avalanche (AVAX) lost over 10% of its value following a surge, now trading at $20.97.
Market Sentiment and Trading Volume
The overall market sentiment has been impacted by the decrease in Bitcoin’s dominance and the fluctuations in the value of major assets. Stablecoins have dominated the trading volume, accounting for 89% of the total crypto market’s trading volume in the past 24 hours.
Edited by Stacy Elliott.
Hot Take: Dogecoin’s Resilience in Unstable Market
While the overall crypto market experienced a significant downturn, Dogecoin has shown resilience by bucking the trend and maintaining an increase in value. The high trading volume and consistent performance of Dogecoin amidst the market instability indicate its ongoing appeal and potential for further growth. Despite the volatility of other major digital assets, the continued traction of Dogecoin suggests sustained interest and confidence in the original meme coin.
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