Doge prowls with its tail between its legs as Uniswap and XRP dominate the market.
While most of the market hibernates, some coins managed to drag themselves from the marshland last Sunday and, to ascend skywards, reached the crypto heaven.
Uniswap’s cryptocurrency now hit new highs of $20 in the early hours of the morning. XRP, the currency, is now under barricade from a lawsuit the US Securities and Exchange Commission slapped against the Ripple Labs, absolved its sins in the eyes of the market. It is up 50% today, persisting a 75% increase in the past week.
Concurrently, aside from a 17% drop in Dogecoin, which is still befuddled from a crash that followed its momentous price boom early this week – the top 20 cryptocurrencies have suffered no loss in value today.
A fighting cry from XRP When the US Securities and Exchange Commission filed a lawsuit against Ripple last December, the company whose founders created XRP, the market crashed. Fortunately, the XRP market bounced back this week.
As a part of this series, Ripple filed a legal rebuttal last Friday, which laid into the SEC’s arguments. But Larry Cermak, the research director of The Block, chalked it down to the actions of a pump n’ dump Telegram group. For whatever reason, the coin surged in price.
Today’s talk of the down is DeFi platform Uniswap’s native governance token UNI, which passed $20 at 03:44 AM UTC, marking a new record in a small run that commenced last January 27 and has taken UNI’s market capitalization up to second place among other DeFi tokens. Its price dipped to $19.
Uniswap’s trading volume is still high.
Uniswap’s governance token is powering its decentralized exchange. According to Uniswap’s protocol analytics, under $800M worth of crypto has been traded on the exchange in the last 24 hours. It is a daily increase of 10%, keeping Uniswap (V2) steadily at the DEX tables’ top.
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