Each week, we take a closer look at the top-performing cryptocurrencies with significant gains, highlighting the tokens that are leading the way in the ever-changing digital asset market. This week: DOGE, DYDX, and Litecoin lead the pack.
Megacap (market capitalization >10 billion USD)
Dogecoin (DOGE) – $0.14, up ~29.2% in the past 7 days
Dogecoin (DOGE) is one of the most famous and popular meme coins in cryptocurrency, and its name comes from the 2013 Shiba Inu meme. It was originally devised by developer Jackson Palmer as a satire, mocking the sudden appearance of low-quality blockchain projects littering the ecosystem five years ago. It is often referred to as the original meme coin.
Dogecoin is up about 30% in the last week. Source: Brave New Coin market capitalization table
The Memecoin project takes inspiration from memes, which are cultural “inside” jokes that are instantly recognizable to the target community. These meme coins base their marketing and communication on memes to leverage their meme-ready relevance, and meme culture ensures that there is an audience to connect with ready-made marketing strategies.
DOGE also received encouragement from Elon Musk at Pennsylvania City Hall. Musk said he plans to launch a Department of Government Efficiency, codenamed DOGE.
Large-cap stocks (market capitalization between USD 1.5 billion and USD 10 billion)
Litecoin (LTC) – USD 74.47, up ~15.6% in the past 7 days
Litecoin is a fork of the Bitcoin (BTC) blockchain created by Coinbase’s former CTO Charlie Lee. Litecoin was created with faster block times, increased supply, and a different hashing algorithm. Litecoin is said to be Bitcoin’s silver to gold.
Litecoin has gained 15.6% in the past seven days. Source: Brave New Coin market capitalization table
Brave New Coin covered Litecoin’s rise in a recent article published on October 20th. This article explains: “Analysts believe that the increase in Litecoin’s on-chain activity, including record intraday trading volume of $4 billion, is due to increased adoption at payment gateways. As we increasingly recognize the benefits of cryptocurrencies for transactions, more global payment systems are integrating Litecoin, increasing its accessibility and ease of use.”
Mid-cap stocks (market capitalization between USD 500 million and USD 1.5 billion)
dYdX (DYDX)- USD 1.28, up ~37.0% in the past 7 days
dYdX is an Ethereum-based decentralized exchange offering spot trading, perpetual trading, and futures trading. Founded by former Coinbase employee Antonio Juliano. dYdX offers margin trading of derivative products, a feature not found on many decentralized exchanges. It is known for fast settlements and low transaction costs, leveraging a zero-knowledge proof-based layer 2 settlement model.
Dydox is up 37% in one week. Source: Brave New Coin market capitalization table
dYdX enjoyed alpha price momentum last week thanks to the hype surrounding the project’s upcoming conference in Dubai. It is also speculated that the recent increase in trading volume is being driven by the launch of a perpetual swap market for the US presidential election (with bets on Trump winning) on the platform.
