DOGE: One of the ways to make money in the cryptocurrency market is to follow the news of projects, Investment, network updates and promotions can trigger price rallies after announcements. In this article, let’s take a look at DOGE and 4 altcoins that have skyrocketed with news doping, from analyst Joel Frank’s list. We list the altcoin news of the week.
- 1 DOGE, Tezos, Shiba Inu, Solana and Cardano jumped with this news
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DOGE, Tezos, Shiba Inu, Solana and Cardano jumped with this news
According to cryptocurrency social intelligence analytics website Lunacrush, Tezos’ social dominance score rose to 3.7% on Saturday from 2.0% earlier in the week. The surge in interest exploded after Tether (USDT) announced the launch of a USD-pegged, fully-backed stablecoin on the Tezos Blockchain. XTZ/USD tumbled more than 10% on Friday in line with broader crypto selling. XTZ/USD is currently trading around $1.83.
Solana, who started the week with a social dominance score of around 1.7% in Lunarcrush, seems to close the week with a score close to 7.5%. AmkNews.com As we covered in the news, the developers of Solana announced a $100 million fund this week to support South Korean crypto projects.
In terms of price action, SOL/USD was last traded around $37.50 on Saturday. It fell with broader markets on Friday. For now, however, it is far from testing last week’s lows of $35. Analysts still expect Solana to drop just over 2.0%.
Cardano is poised to end the week on Lunacrush with a social dominance score of 2.7%, up from around 1.6% last week. Despite broader macro/crypto market conditions, the ADA/USD price has risen for two consecutive weeks from Saturday. ADA was trading around $0.60, up about 6.5% on the week after gaining 18% last week.
Analysts attribute the boom in ADA price to the FOMO before the Vasil hardfork scheduled for the end of this month.
DOGE recorded a 2.5% social dominance score on Saturday, with little change since last week. However, this was not enough to protect DOGE/USD from further declines. It then fell another 5.8% from Saturday, recording the sixth consecutive weekly red candle. Dogecoin bears are in a strong position right now. DOGE is changing hands around $0.076, while bears are testing previous annual lows in the 0.07 region.
Shiba Inu (SHIB)
Shiba Inu, one of the Dogecoin killers, saw his social dominance score on Lunacrush rise from around 1.3 to 2.0% on Saturday. But like DOGE, SHIB/USD had a rough week. It fell more than 5.0 percent to just over $0.0000010 per token. Thus, it entered the red candle route for eight consecutive weeks. Shiba Inu bears will take action if broader cryptocurrency market conditions do not improve. Bears will test yearly lows in the $0.0000087 area, according to analysts.
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