The past few days we have seen a steady decline in the price of dogecoin. Today, there was a 5.37% decrease in its price at the time of writing. Though the market price still rests at $0.12, there is a strong hope for a whopping increase.
One of the major reasons behind this hope is the approval of Dogecoin by Gucci. Gucci recently announced that they will be accepting Dogecoin, Shiba Inu, and a few other cryptos at selected locations. In the past 7 days, Dogecoin observed a 0.06% increase in its price.
One of the major utilities of stable coins is they act as a bridge for investors. Tether is one of the most frequently used stable coins for moving from one cryptocurrency to another.
There was a drastic decrease in the market price, as it went down by 6.78%. Over the past 7 days, there was a 0.03% decrease observed in its price. Consequently, the investors sold Tether contributing to a strong selling rate.
The crypto market remained stable for the USD Coin. The market price rested at $0.99 with a 0.05% increase over the last 7 days. Besides other statistics, the market witnessed a strong selling of USD coins.
USD Coin is the second-largest stable coin after Tether, which is currently struggling to keep its place in the not-so-volatile world of stable coins.
However, the announcement made by Twitter and Stripe about their arrangement with USD Coin is predicted to contribute to the betterment of its market position.
The last few months have been tough for XRP. It went through what analysts call a bottom reversal pattern. Today was another drawdown day for XRP, as it witnessed a 6.76% decline in market price.
The market price at the time of writing was $0.59. Though there is hope for a price rise, the current market trends are contributing to a volatile environment. In the past week, it observed a 1.74% surge in its price.
As Bitcoin and Ethereum are having a really hard time stabilizing their prices, meme coins are surging. Though nothing could be predicted about the drawdown yet, a strong selling trend has been witnessed among the top cryptocurrencies.