The cryptocurrency market has been continuing a short-term rally for the past 24 hours. However, the ranking is changing among the altcoins that dominate the trending list. According to CMC data, instead of SHIB or Dogecoin, ETH and GVR are at the top of the trends.
SHIB and Dogecoin trends have lost to these altcoins
The cryptocurrency market spent most of the day in the green. In particular, altcoins such as Terra and Shiba Inu, which previously dominated the list, are being replaced by different altcoin projects. According to CoinMarketCap data, Ethereum (ETH) was the most trending altcoin today. The leading altcoin is rising 15% daily and over 10% weekly, meanwhile. It keeps its gains over 30% since last month.
Environmentally friendly project Grover (GVR) is in second place with 574.95% gain in the last 30 days. Green Satoshi Token (GST) is in third place, followed by Terra Classic (LUNC). Bitcoin (BTC) is in fifth place.
Ethereum rolls up before merge
Indeed, Ethereum’s ranking correlates with its recent gains following the Merge upgrade, which will migrate the network to PoS. Notably, following the latest update, Ethereum has rallied despite weighing on the overall cryptocurrency market meltdown. As a result, on-chain analysis shows that investors are betting on a future Ethereum rally. The data shows that Ethereum whales continue to accumulate despite the prolonged market meltdown.
It is worth noting that the appearance of major cryptocurrencies on the trend list has a positive effect on the market. The cryptocurrency market marked a significant trend change, recovering $1 trillion in market cap on July 28. Meanwhile, Ethereum’s 50% gain was a sign of a strong rally.
Declining interest in altcoins
LUNA and the platform’s legacy Blockchain, TerraClassic (LUNC), were still gaining traction despite the controversy surrounding the ecosystem. Terra’s drive to regain customer trust began with challenges, with Terra 2.0 making major fixes. Currently, only LUNC sustains gains. Interest in LUNC continues despite the high volatility of the crypto market. Analysts point out that the real return for the token may be a lack of intrinsic value.
Additionally, interest in meme cryptocurrencies like Shiba Inu (SHIB), which has previously recorded huge price spikes, seems to be waning. It is worth noting that in the midst of sales in the crypto market in 2022, meme coins are struggling to recapture the gains recorded in 2021.
It can be fruitful to get the community’s opinion on this matter. As you follow on Kriptokoin.com, the recent Finder and CoinMarketCap surveys answered this question. The community expects these levels from Dogecoin and Ethereum.
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