The sale of cryptocurrencies continues. The Bitcoin price is back below $ 30,000, and as always, the prices of other coins and tokens on the market follow in BTC’s footsteps. Meanwhile, the crypto community is still dealing with the aftermath of Terra’s spectacular crash. Fortunately, despite the harsh circumstances, some altcoins managed to make big profits. Without further introduction, let’s take a look at what has happened in the altcoin ecosystem over the last 7 days!
Efforts to revive Terra continue, but can confidence in the project be restored?
The developers of Terra (LUNA) are not giving up yet. While Terra’s recent collapse was one of the worst crypto bugs in recent history, the team behind the project is still trying to convince the blockchain community that Terra has a future.
To save Terra, Terraform Labs wants people to forget the failed coin as quickly as possible and immediately launch a new Terra blockchain. Although the launch of Terra’s new chain has already been postponed, the team guarantees that it will happen very soon.
The most important thing is that LUNA has already been given a new name. The failed cryptocurrency, formerly known as Terra (LUNA), is now listed on crypto-pricing sites such as Terra Classic (LUNC). Meanwhile, no new LUNA has yet been launched on a new blockchain, so for now an altcoin called Terra (LUNA) does not even exist.
However, many experts and analysts point out that simply launching a renamed coin will not change the fact that Terraform Labs is currently under investigation by South Korean authorities and that the company is facing more civil lawsuits. According to many members of the crypto community, the launch of Terra’s new blockchain can be nothing more than a desperate attempt to secure additional funding for the inevitable legal costs.
Elon Musk saves Dogecoin again
Dogecoin (DOGE) was about to fall out of the list of the 10 largest coins by market value. At the last minute, the Dogefather came to the rescue – when Elon Musk tweeted that Tesla was finally starting to accept DOGE payments, the Dogecoin price started to rise.
What’s even more promising for the long – term prospects for the DOGE award is that Tesla’s CEO also promised that Dogecoin payments will also be accepted for SpaceX. For Dogecoin holders, it is certainly optimistic to know that Elon Musk has not left his favorite coin.
Unfortunately, even with Musk’s announcement, Dogecoin has not made a profit this week, as the DOGE price has fallen almost 3%. However, it is worth noting that many altcoins lost 10% to 20% in value over the same period. For example, DOGE’s main competitor, Shiba Inu, has been devalued by a further 9%.
Ethereum drops over 10%, but “Ethereum Killers” performs even worse
While some of the smaller altcoins are still doing well, the large alternative cryptocurrencies seem to have many problems. This week, all of the 10 largest coins on the market have dropped significantly in value.
The Ethereum price has dropped more than 10% and is currently trading at around $ 1,770. This means that ETH has been devalued by 64% from its record high level of almost $ 4,900 reached 6 months ago.
However, Ethereum’s direct competitors are doing even worse. Cardano (ADA) has fallen almost 13% and Solana (SOL) more than 15%. If the current trend continues, it is not unlikely that these coins, once considered the potential “Ethereum killers”, will fall from the list of the 10 most valuable cryptocurrencies.
Tron exceeds expectations, winning more than 14% in one week
While most of the cryptocurrencies in the altcoin market have been devalued over the last 7 days, a large currency has managed to generate huge profits. Tron (TRX) has gained more than 14% – more than any other crypto in the top 100.
The main reason for Tron’s excellent performance this week is the success of USDD, a decentralized stack coin built on the Tron blockchain. USDD’s market value has grown gradually and has recently exceeded $ 600 million. This means that USDD is not only one of the fastest growing stack coins, but already one of the largest cryptocurrencies on the market overall.
The fact that Tron has made such impressive gains while other altcoins fell in value means that TRX could soon surpass coins like Cardano (ADA) and Solana (SOL) and enter the list of the 10 largest coins in the blockchain ecosystem .