What is behind the growth of the cryptocurrency?

The crypto rally continues. While the prices of projects like The Sandbox, NEAR Protocol and Ethereum Hard Fork ETC were able to report double-digit growth yesterday, the signs are still pointing to growth. Bitcoin, for example, is currently trading at around $ 23,500, up 8.35 percent overnight. Ethereum is trading at $ 1,544, only 2.25 percent higher than yesterday, but on a weekly basis it is already over 48 percent – possibly a foretaste of the ETH rally that will be triggered by the upcoming change in the Ethereum consensus mechanism from Proof of Work on Proof of Stake is imminent.

However, three other cryptocurrencies are in focus in today’s trading: DOGE, SHIB and ADA. Why is altcoins showing particularly strong growth?

Dogecoin (DOGE): Is Robinhood behind the cryptocurrency explosion?

Dogecoin (DOGE) course in 24-hour comparison. Source: Coinmarketcap

The US financial company Robinhood has moved 3.2 billion DOGE, probably to keep tokens offline via cold storage, such as the Twitter account Dogecoin Whale Alert reported.

A bullish sign of the original memecoin? At least that’s what a look at the Dogecoin course suggests. Because DOGE is trading at a price of 0.074 US dollars at the time of writing, 14.44 percent higher than yesterday’s trading day. On a weekly basis, Altcoin can even report 26.34 percent and on a monthly basis it is 25.38 percent.

At the current exchange rate, Dogecoin is currently worth well over a tenth of its record high on May 8 last year ($ 0.732). So there is potential for growth. DOGE can be traded on Binance, eToro, Kraken and all other popular crypto exchanges.

Shiba Inu (SHIB): Follows Dogecoin on each turn

Shiba Inu (SHIB) course in 24-hour comparison. Source: Coinmarketcap

A look at the prices of Dogecoin and Shiba Inu makes it clear: memecoins behave the same way. If the value of the token for one of the two increases, the other follows – sometimes more, sometimes less pronounced. So it is not surprising that the news about Shiba Inu on today’s trading day does not provide any information about the SHIB price growth – this is probably based on the price growth on Dogecoin and the general trend in the crypto market.

Shiba Inu is currently trading 10.89 percent up from yesterday to $ 0.000013. On a weekly basis, it gives an increase of 28.91 percent and on a monthly basis even an increase of 57.17 percent – here a SHIB investment would have been worth much more than with the big brother DOGE.

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Cardano (ADA): Crypto Gold Medal for Monthly Developments

Cardano (ADA) course in 24-hour comparison. Source: Coinmarketcap

While Ethereum does not reach the top 3 despite the upcoming merger, Cardano leads the ranking of the most active developer scenes in the last 30 days. This is based on data that Santiments on-chain analytics team. According to this, the Cardano network recorded the largest developer activity on Github, with a wide margin over Polkadot and Kusama. Ethereum, however, only managed fourth place.

The Cardano (ADA) award is also experiencing strong growth. At the time of writing, the ADA is trading at $ 0.535. Still 9.91 percent higher than yesterday’s trading at the same time. On a weekly basis, it is even 26.08 per cent, while on a monthly basis there are still 9.58 per cent to be reported.

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