Cardano
Shiba Inu Record 30% Yearly Spike While Bitcoin is Down 42%
Shiba Inu is turning out to be a tough competitor of Bitcoin, winning the hearts of investors amidst a bear market.
The whole cryptocurrency scenario is in a jeopardy and it is not one reason that is responsible for it. From global volatile markets to macroeconomic uncertainties, monetary policy tightening is reflecting upon the investors’ confidence. The only crypto coin that is defying this downward trend is Shiba Inu. Shiba Inu is famous for its unique token which is inspired by a very special dog and has gained quite a popularity in a short period. The crypto market is struggling currently with the valuation diving below $880 billion on Tuesday. Major cryptocurrencies have taken a massive beating due to panic selling resulting in hefty losses for investors, exchanges, and others. But amid the chaos and pressure, Shiba Inu has emerged as a success story with returns of more than 31% in a year. The token has also outperformed the leader Bitcoin.
Shiba Inu is trading at $0.00001033 lower by 5.7% with a market cap of $6.09 billion. Unlike Bitcoin, Shiba Inu’s dominance is of a fraction in the market to the tune of 0.662%%. But Shiba Inu is a new age stable coin and Bitcoin has stayed for more than a decade. As per the Coingecko data, in a month, Bitcoin has nosedived by over 30%, and the yearly decline is more than 42%. On the contrary, Shiba Inu has made a nearly 11% gain in a month and skyrocketed by at least 31.5% in a year. According to platform Coin98 Insights, in the last 24 hours, over $600 million traded volume for meme tokens with Shiba Inu witnessing massive demand. In Shib, about $332.6 million in traded volume was recorded followed by $273.6 million in Dogecoin and $6.5 million in Elon.
Where Bitcoin is at?
From today’s reading of Coinmarketcap, Bitcoin has retouched its US$20k mark and it seems to be recovering with an upward surge of 0.16%. However, with the pace Shiba Inu is moving forward, it will soon compete with Bitcoin when it comes to becoming the best choice for investors.
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Original Source: https://www.analyticsinsight.net/shiba-inu-record-30-yearly-spike-while-bitcoin-is-do…
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Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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