Saturday, November 26, 2022

Cryptos in the green, Dogecoin rallies 26%

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The crypto market notably reversed yesterday’s deeply bearish trend with most cryptos in the green at the time of writing. 

Top cryptos

Bitcoin added more than 3% to its value today, currently trading for $40,500. Ethereum is up by over 5%. Other gainers include Terra and NEAR Protocol, whose tokens LUNA and NEAR are each up 7%.

The biggest top 20 winner by far is Dogecoin. It rallied 26% after Elon Musk’s offer to buy Twitter was accepted. The eccentric billionaire is taking the social media giant private. 

Dogecoin’s role as a payment method in it is expected to become far more significant. Shiba Inu also registered gains, albeit more modest ones of around 5%. 

Top movers

Top 100 cryptos are in the green with very few exceptions. Most added 3-6% to their value in the last 24 hours. 

More notable gainers include THORChain, Kadena and KNC with 9% each, The Graph with 14%, Oasis with 15%, and Synthetix at #100 with 11%. 

Why the surge of Oasis? 

To celebrate Oasis’ Mainnet upgrade Fountain Protocol, a lending platform on the blockchain, launched an airdrop with a total prize pool of 40,000 $ROSE and 400,000 $FTP. This event, in which these funds are being given out to participants, ends today. 

The reason for Synthetix’ surge could be its recently announced launch of liquidity incentives on Layer-2 Optimism. The ecosystem has allocated 12,000 SNX per week to incentivize voting for the sUSD Curve pool.

NEM and Amp are among the few losers, each down 2%. PanCake Swap shed 4% of its value in the last 24 h. All stablecoins are down, possibly signifying a retreat in USD value. 

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Predictably, the biggest gainer is ELON BUYS TWITTER, which we introduced in yesterday’s recap. The newly created token on Binance Smart Chain (created by and for meme artists) gained a whopping 3,063% in the last 24 h. 

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