Cryptocurrency markets fell back to two-week lows on Friday in wake of US inflation data that surprised to the upside and was interpreted by market participants as raising the likelihood that the Fed continues with aggressive rate hikes all the way through September. Total cryptocurrency market capitalization was last around $1.175 on Saturday, having fallen over 4.0% from closer to $1.23 trillion on Friday, and eyeing a test of late May lows just under $1.15 trillion.
5 Most Popular Cryptos of the Week:
Tezos (XTZ)
According to cryptocurrency social intelligence analytics website Lunarcrush, Tezos’ social dominance score jumped to 3.7% as of Saturday from closer to 2.0% earlier in the week. The jump in interest came after Tether announced that it had launched its USD-pegged, fully backed stablecoin USDT on the Tezos blockchain, a move that crypto market commentators said would unlock new Decentralised Finance (DeFi) opportunities within the Tezos ecosystem.
While XTZ/USD saw a more than 10% slump on Friday in tandem with the broader crypto sell-off, the cryptocurrency remains on course to close out the week in the green and with gains of close to 5.0%. XTZ/USD is currently changing hands around $2.04.
Solana (SOL)
Having started the week with a social dominance score of around 1.7% on Lunarcrush, Solana looks set to end the week with a score closer to 7.5%. Solana’s developers announced a $100 million fund this week to support South Korean crypto projects.
In terms of price action, SOL/USD was last trading around $37.50 on Saturday, having fallen on Friday in tandem with broader markets, though having for now avoided testing last week’s lows in the $35s. SOL/USD nonetheless looks on course to post a WoW loss of just over 2.0%.
Cardano (ADA)
Cardano looks set to end the week with a social dominance score on Lunarcrush of around 2.7%, up from around 1.6% this time last week. Despite difficult broader macro/crypto market conditions, ADA/USD’s price has pumped for a second successive week as of Saturday. The cryptocurrency was last trading around the $0.60 mark, up around 6.5% on the week following last week’s near 18% gain.
Crypto traders have attributed the recent upside as down to Fear Of Missing Out (FOMO) ahead of the Cardano blockchain’s much anticipated Vasil hardfork later this month that should deliver some significant upgrades.
Dogecoin (DOGE)
The ever-beloved dog-inspired memecoin had a social dominance score of around 2.5% on Saturday, little changed from this time last week. But that wasn’t enough to shield DOGE/USD from further downside, with the cryptocurrency dropping a further 5.8% on the week as of Saturday, putting it on course for a sixth successive weekly loss. Dogecoin bears are eyeing a test of earlier annual lows in the 0.065 area, with the cryptocurrency currently changing hands around $0.076.
Shiba Inu (SHIB)
Not to be outdone by its “older brother” (Dogecoin), fellow dog-inspired memecoin Shiba Inu, which describes itself as the “Dogecoin killer”, saw its social dominance score on Lunarcrush rise to around 2.0% as of Saturday from around 1.3% this time last week. But like its older brother, SHIB/USD had a tough week, dropping more than 5.0% to just above $0.000010 per token, putting it on course for an eigth successive week in the red. Shiba Inu bears will be eyeing a test of annual lows in the $0.0000087 area should broader cryptocurrency market conditions fail to improve.
Solana’s developers announced a $100 million fund to support South Korean crypto projects.
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