One of the ways to make money in the cryptocurrency market is to follow the news of projects, Investment, network updates and promotions can trigger price rallies after announcements. In this article, let’s take a look at DOGE and 4 altcoins that have skyrocketed with news doping, from analyst Joel Frank’s list. We list the altcoin news of the week.
DOGE, Tezos, Shiba Inu, Solana, and Cardano jumped with this news
Tezos (XTZ)
According to crypto social intelligence analytics website Lunacrush, Tezos’ the social dominance score rose from 2.0% earlier in the week to 3.7% on Saturday. The surge in interest exploded after Tether (USDT) announced the launch of a USD-pegged, fully-backed stablecoin on the Tezos Blockchain. XTZ/USD tumbled more than 10% on Friday in line with broader crypto selling. XTZ/USD is currently trading around $1.83.
Solana (SOL)
Solana, who started the week with a social dominance score of around 1.7% in Lunarcrush, ended the week with 7.5%. It looks like it will close with a score close to e. As we covered in the cryptokoin.com news, the developers of Solana announced a $100 million fund this week to support South Korean crypto projects.
In terms of price action, SOL/USD was last traded around $37.50 on Saturday. It fell with broader markets on Friday. For now, however, it is far from testing last week’s lows of $35. Analysts still expect Solana to drop just over 2.0%.
Cardano (ADA)
Cardano is poised to end the week on Lunacrush with a social dominance score of 2.7%, up from about 1.6% last week. Despite broader macro/crypto market conditions, the ADA/USD price has risen for two consecutive weeks from Saturday. ADA was trading around $0.60, up about 6.5% on the week after gaining 18% last week.
Analysts attribute the ADA price boom to the FOMO before the Vasil hardfork scheduled for later this month.
Dogecoin (DOGE)
DOGE recorded a 2.5% social dominance score Saturday, with little change since last week. However, this was not enough to protect DOGE/USD from further declines. It then fell another 5.8% from Saturday, recording the sixth consecutive weekly red candle. Dogecoin bears are in a strong position right now. DOGE is changing hands around $0.076, while bears are testing previous annual lows in the 0.07 region.
Shiba Inu (SHIB)
Dogecoin killers, Shiba Inu, saw their social dominance score in Lunacrush decrease from approximately 1.3 to 2.0% on Saturday. He saw it rise. But like DOGE, SHIB/USD had a rough week. It fell more than 5.0 percent to just over $0.0000010 per token. Thus, it entered the red candle route for eight consecutive weeks. Shiba Inu bears will take action if broader cryptocurrency market conditions do not improve. Bears will test yearly lows in the $0.0000087 area, according to analysts.
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