Meme coins conquer the cryptocurrency world

CONTENT

  • Meme coins rise in price amid the development of the DeFi market

  • YFI tokens fall in price by 20% per day

  • The decentralized finance market remains unstable

International consortium of news organizations developing transparency standards.

DeFi Market Decentralized finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More has increased to $ 15 billion over the past three months. Coins have also increased in value. the cost of which directly depends on their popularity on the Internet. Surprisingly, zero-value tokens can skyrocket in value if social media users find them cute.

Tacos, Sushi and Dogs Rise in Price

DeFi hysteria continues to consume the cryptocurrency market. In the last week alone, the decentralized finance sector has raised another $ 1 billion. Surprisingly, not only serious DeFi tokens are growing in price, but also meme coins, which in fact have zero value..

Token has become the undisputed leader among coin-memes.As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More Sushi. The SushiSwap Protocol, which is an evolutionary version of the Uniswap DeFi Protocol, allows Sushi token holders to earn money by providing liquidity to the pool.

“In the current Uniswap configuration, 0.3% of all trading commissions in any pool are prorated among the pool’s liquidity providers. In SushiSwap, 0.25% goes directly to active liquidity providers, and the remaining 0.05% is converted back to SUSHI (obviously through SushiSwap) and distributed among SUSHI token holders, “the protocol developers explain.

The token, which appeared at the end of August, was able to rise in price to $ 10 apiece in a matter of days and also quickly fall. Today the coin is trading at $ 3.03.

                                                                                 CoinMarketCap Resource Data

Another “edible” Tacos token is rising in price by an average of 2-3% per day. As the developers themselves explain, it is a deflationary currency that allows liquidity providers to provide assets to users of the UniSwap protocol. It is not yet clear how effective the token is, but the organizers do not hide that this is a crypto game and a token meme. Today the coin is trading at $ 0.022 per share.

Dogecoin, often referred to as Elon Musk’s favorite coin, has also risen in value and is currently trading at $ 0.002. The developers are positioning Dogecoin as an alternative digital currency. Recall that the token rate soared back in July of this year after the tweet of Tesla founder Elon Musk. It depicted Dogecoin crushing the entire financial system. “This is inevitable,” Musk commented on this prediction that the coin could gain the status of a hegemonic currency in the global monetary system..

Immediately after that, information appeared on the network that hackers were using Dogecoin for their own purposes. As reported by BeInCrypto, Intezer Labs reported that hackers control malware on Linux operating systems to mine Monero cryptocurrency using the Dogecoin meme coin. Analyzing the relatively new Doki backdoor Trojan virus, they discovered that it is being used to attack public web servers for mining..

Meme coins conquer the cryptocurrency world

However, experts themselves do not take such coins seriously and consider their popularity to be a temporary phenomenon..

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If the above coins are traded relatively cheaply, then on the decentralized finance market there are coins at exorbitant prices. For example, YFI and YFII, the price of which immediately grew by 100-200% per day. The growth rate of DeFi tokens this year is well ahead of Bitcoin and other large-cap digital coins. On this wave, projects that serve the DeFi infrastructure are floating well. For example, LINK, the token of the Chainlink project, also shows a powerful upward trend..

As previously reported by BeInCrypto, the token of the yearn.finance project, YFI, has risen in price by more than 151% in a week and is currently testing the $ 38,883 area, leaving bitcoin holders biting their elbows with envy. At the time of writing, the coin’s price has dropped 23.6% and is trading at $ 22,347.

                                                                              CoinMarketCap Resource Data

This outcome was quite predictable, as experts warned that the DeFi market would collapse before the end of the year..

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Meme coins conquer the cryptocurrency world
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Coins-memes conquer the cryptocurrency world

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