Pay Attention to These Coins
The cryptocurrency market had a good week last week as bitcoin crossed the $20,000 mark and most other cryptocurrencies had double-digit increases. The market may seem to be moving towards a bullish period, but it will take a while for it to reach its highs.
This week, we'll look into The Sandbox, Flow, Shiba Inu, Ethereum, and Dogecoin (DOGE) (SAND). The decision is made in light of recent developments that are favorable, noteworthy news stories, and price fluctuations, among other things.
Dogecoin (DOGE)
Dogecoin (DOGE), which has increased by more than 100% and is currently trading at roughly $0.14, has had the strongest performance over the past week. In terms of market cap, DOGE has beaten all other coins in the market and surpassed Cardano's ADA, moving it up to eighth place. Over the last weekend, a sizable wave of liquidations was brought on by the token's price increase.
Elon Musk's purchase of Twitter is to blame for the sharp increase in price. Tesla also accepts payments in DOGE, and Musk is well known to be a fan of the cryptocurrency. The businessman recently made a suggestion that Twitter might accept cryptocurrency payments. The team is developing a Layer2 scaling solution as well as substantial amounts of the currency have been purchased by crypto whales.
Shiba Inu (SHIB)
Investors were interested in other meme coins last week in addition to Shiba Inu (SHIB) DOGE. Over the previous seven days, the price of Shiba Inu (SHIB) increased by 22%. Even while it isn't quite as remarkable, it still stands out from the competition. Last week, SHIB began trading at $0.0000099 and ended at $0.0000121.
There are several explanations as to why this could have occurred. SHIB is the second most popular meme coin after DOGE, and they frequently go hand in hand. A high burn rate for the coin may have contributed to its bullishness.
Burning tokens raises value by reducing supply. Shibarium, the project's eagerly awaited Layer 2 scaling solution, is also inspiring expectations of a price increase.
Ethereum (ETH)
Ethereum, the biggest platform for smart contracts, has also seen a considerable increase, rising by 23% over the previous week. As opposed to the meme coins, the reasons why this occurred are less obvious.
Rostin Behnam, the chair of the CFTC, stated that he believes that ETH is a commodity, which may have had some influence. The amount of money invested in DeFi protocols is indicated by the total value locked in Ethereum, which has been rising. Currently, it is worth about $32 billion. ETH was trading at $1,328 a week ago and is currently around $1,636.
Flow (FLOW)
The NFT token increased by 17%, while the gaming-focused blockchain Flow also had a successful week. The expansion of the token is probably due to a number of technological advancements.
There are new tools available for using Flow's smart contract language and for expanding on it. It was produced by the DZone development community and is known as Cadence. NFT Tweet Tiles, which make information about NFTs on Twitter more clear, are now also supported by Flow. The price of the coin is currently $1.72.
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The Playground (SAND)
Another well-known blockchain network with a gaming-focused focus is The Sandbox, whose celebrity-friendly metaverse is widely used. Those who fervently believe that metaverses will play a role in the future will be pleased with the 19% price increase for the SAND token. The price of the trade right now is about $0.73.
Gucci and the project are currently working together to introduce the GucciVault in its metaverse. The SAND cryptocurrency will be listed on Binance US, too.
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