Fireworks are exploding in the cryptocurrency market. After the latest developments, the expectation that the Federal Reserve will reduce or not take steps in interest rate hikes triggered enthusiasm in the market. In this environment, positive news brought strong rise in altcoin prices like SNX.
The excitement continues in the market: DYdX, FIL, SNX and 5 altcoins exploded!
DYdX passes bid to reduce trade rewards by 45%, altcoin takes flight
DYDX, the native token of the decentralized exchange of the same name, gained 29.89% on Monday after a management vote to reduce trading rewards by 45%. With over 25 million votes in favour, compared to five million votes against, the proposal aims to increase the amount of tokens in the protocol’s prize treasury through a decision on what happens to the tokens that will be determined at a later governing vote. DYDX is currently trading at $2.44 after surging from a 24-hour low of $1.87.
Filecoin (FIL) skyrocketed before network upgrade
Filecoin’s native token FIL is leading a network upgrade that will make the storage network programmable. cryptocoin.com As we have reported, the Filecoin Virtual Machine (FVM) network upgrade is set to go live on Tuesday at 15:14 UTC. The software platform will offer smart contracts and allow developers to design decentralized applications on the Filecoin network. FIL rose 18% to $6.20 on Monday ahead of this development.
How Cardano (ADA) has challenged market turmoil
In a series of tweets from COTI Network, it has been reported that the increasing demand for Cardano’s stablecoin DJED has led to record trading volumes in DEXs and a spike in DJED printing. Meanwhile, Cardano DEX MuesliSwap has announced a major milestone, the first Multi-Hop swap performed on Cardano DeFi. The transaction included concentrated LP ADA/DJED and continuous product LP DJED/HOSKY pairs, as stated in a tweet. Cardano’s token ADA price made a sharp recovery after touching the $0.333 lows on March 12. ADA is trading at $0.338 after hitting intraday highs of $0.344, up 10.75% at the time of writing.
Synthetix (SNX) hits key growth metric and its price is up 30%
As decentralized liquidity delivery protocol Synthetix (SNX) shared on its official Twitter account, it has recorded more than $200 million in daily trading volume. This is an indication that it has been adopted more than before. Growth metrics underlined a steady rise at a time when both the Decentralized Finance (DeFi) ecosystem and the broader Web3.0 world were facing massive downturn on all sides. Synthetix (SNX) is among the top-performing altcoins today after an important milestone was announced. The SNX token is up 30.72% at the time of this writing and is changing hands at a spot price of $2.85. Last week, SNX is still down 11% and the continued rally is helping the asset recover in the medium term.
Robinhood stores 33.5 billion Dogecoins, DOGE up 6.3%
Popular trading app Robinhood continues to hold 33,562,118,379 Dogecoins, according to data provided by DogeWhaleAlert. The amount of this meme token, which is highly preferred by the crypto community, is equal to $2,206,373,662. That’s a little less than the company held a week ago.
The current total combined amount of #Dogecoin held by @RobinhoodApp 🪶 on behalf of its investors is:
33,562,118,379 $DOGE
$2,206,373,662 USD
24.23% of the circulating supplyhttps://t.co/iWz81VqfEE— Ðogecoin Whale Alert (@DogeWhaleAlert) March 12, 2023
According to the tweet, this also accounts for 24.23% of the circulating DOGE supply. Meanwhile, DOGE price is showing signs of recovery. It has increased by more than 6% in the last 24 hours and by more than 1.72% in the last hour.
Polygon introduces EUROe, a digital Euro
Polygon Labs recently announced the launch of a digital euro. The digital Euro, called EUROe, is based on the GEN-X network. The launch is in partnership with deltaDAO and Membrane Finance to make EUROe the primary exchange token. The collaboration also includes EUROe, the only fully-reserved stablecoin regulated by the EU.
Seamless settlement for digital transactions #onPolygon ⚡️
We are thrilled to announce the release of EUROe, a digital EURO, on the GEN-X network.
The token launch will enable digital txn at lightning speed for enterprises in the Polygon ecosystem.
— Polygon Labs (@0xPolygon) March 13, 2023
With the effect of the rally mood in the market, the price of Polygon’s native token MATIC rose 6.2% to $1.19 in the last 24 hours.
Stellar connects fiat and stablecoins to Polkadot
Cryptocurrency payments specialist Stellar connects to Polkadot and its sister network, Kusama, via the newly built Spacewalk bridge. Constructed by Pendulum, a recent Polkadot money-chain auction winner, the bridge is a partnership between decentralized finance (DeFi) applications with foreign exchange (forex) markets, particularly companies like cross-border payments company MoneyGram, where Stellar has built a footprint since its founding in 2014. aims to connect the emerging markets it has established. Stellar’s native token XLM was trading at $0.08455, up 4.1% in the last 24 hours.
Decentralized exchange Uniswap hits record single-day volume
Decentralized exchange Uniswap announced on March 11 that it had reached its highest daily volume of $11.84 billion ever. According to Dune analytics, the exchange doubled its all-time high in November 2021, marking a major milestone for the decentralized protocol.
🦄 @Uniswap at almost $12b in daily volume, hitting 11 digits for the first time ever!!!
👀 I don't often tweet volume milestones anymore but that's over 5% of Nasdaq https://t.co/ZUszhiUNPu
— hayden.eth 🦄 (@haydenzadams) March 12, 2023
Uniswap’s native token UNI was trading at $6.17 at press time, up 7.74% in the last 24 hours.
