During an interview through Bloomberg, Binance CEO Changpeng Zhao shared some hypotheses directly related to the evolution seen around the price of Ether. In this sense, the CEO of Binance assured that the recent rise of Ethereum is thanks to the NFTs.
Likewise, Zhao, CEO of Binance assured that the demand for the digital currency is currently strongly influenced by the growing boom of non-fungible tokens (NFT). Which are becoming increasingly popular with artists and fans of digital collectibles.
Recall that the digital currency capitalizes on new historical highs after breaking the barrier of USD 3,400 per unit. Also, Zhao presented a much broader picture related to the price of Ethereum. Ensuring that this goes beyond just the demand for the digital currency itself.
During the interview, the CEO of Binance said:
“All those use cases are moving right now and people need the other currencies to do this kind of new transaction. Ethereum is one of those clear examples. That’s probably why Ether is going up. “
In this context, and after the CEO of Binance confirmed this hypothesis, we see that they go hand in hand with the opinion expressed by several analysts in relation to the Ethereum network. Which agree that the NFT market and the DeFi sector would be the main responsible for the increase seen in the price of the digital currency.
Dogecoin price finally surpasses 69c and climbs to position number four
Profits continue to skyrocket from the meme-based cryptocurrency that is now the fourth most valuable cryptocurrency in the world. DOGE is up a staggering 13.611% so far this year. And, it is up 1.017% in a 30-day period, according to data from Messari.
The Doge project appears to have “remarkably strong foundations and powerful forces behind its rise.” According to a report titled “Dogecoin: The Most Honest S ** tcoin” by Galaxy Digital Research on Tuesday.
Galaxy Digital is targeting greater user adoption. Analyzing various on-chain metrics to determine how popular crypto has become.
Galaxy Digital’s Alex Thorn, who leads the research at the company, said in the report that there were more than 3.6 million addresses with some amount of DOGE, and that about 60% of the total supply moved in 2021.
By this metric, Dogecoin is now worth more than the American multinational delivery services company FedEx.
They warn that on May 8 the cryptocurrency could suffer an XRP-style crash
As we mentioned earlier, the price of Dogecoin is rising while that of Bitcoin is resisting. But one analyst predicts that the DOGE bubble will burst this week.
In a series of tweets on Tuesday, the popular Lowstrife Twitter account highlighted the similarities between Dogecoin and XRP among warning signs that “the end” is near.
However, these are still market speculations. Recall that, the virtual currency Dogecoin soared to an all-time high on Wednesday, extending its rally from 2021 to become the fourth largest digital currency.
In 2021 alone it has climbed more than 13,000 to 14,000%. Thus surpassing the most used cryptocurrencies such as Tether and XRP, being the fourth largest by market capitalization.
The Dogecoin, whose logo is a dog used in memes, remains little used in commerce or payments. It is just as volatile as the rest of the cryptocurrencies and its price is highly influenced by users of social networks.
On Tuesday, New York cryptocurrency operator Gemini reported that it would begin allowing users to trade and guard the token.
Some players in the cryptocurrency market said that its volatility was its main attraction. With a mix of retail investors and market makers driving their trading volumes.