Moves in Dogecoin’s value bucked the altcoin price trend by posting a gain over the past week.
DOGE was up about 3% for the seven-day period that ended Wednesday evening in North America, according to CoinMarketCap data. The popular meme coin was one of the few top 10 cryptocurrencies to get in the green after the market grappled with an extremely challenging week.
Week to forget
For many altcoins, it was a week to forget as the market suffered from crypto lender Celsius Network’s decision to freeze client deposits and transfers, prompting its coin CEL to implode, hedge fund Three Arrows unveiled large losses, and the US Federal Reserve (FED) hiked its benchmark interest rate by 75 basis points – the largest increase in three decades. The crypto sector also battled rapidly rising inflation, usual volatility, and uncertainty that has been prevalent since January, if not longer.
According to CoinMarketCap, tether (USDT) and USD coin – both of which are stablecoins pegged to the US dollar – and Solana (SOL) were the only other top 10 coins that were up from a week earlier.
DOGE managed to gain even though it was the focal point of a $258bn (£210.25bn) lawsuit that one of its investors filed against Tesla CEO Elon Musk. Kevin Johnson claimed that Musk manipulated the coin’s price, causing a loss for investors.
BNB to USD
DOGE down on day
The…