3 Popular Cryptocurrencies That Trounced Shiba Inu Last Week | The Motley Fool
Shiba Inu ( SHIB -3.58% ) has certainly emerged as one of the top dogs among cryptocurrencies. The digital coin has amassed jaw-dropping gains over the past 12 months. And it now ranks as the No. 11 cryptocurrency based on market cap.
But Shiba Inu has now hit a rough patch. Its price fell nearly 22% between Oct. 30 and Nov. 6. The decline stemmed from worries that an anonymous billionaire who owns 70 trillion Shiba Inu coins is about to sell a big chunk of them.
However, those concerns didn’t drag down other digital coins. Here are three popular cryptocurrencies that trounced Shiba Inu last week.
Crypto.com Coin ( CRO ) is the token used by the Crypto.com chain. Crypto.com is best known as the fastest-growing crypto app. It has over 10 million users. Actor Matt Damon is now the face of the platform, appearing in an ad promoting Crypto.com.
Thanks to the increasing popularity of the Crypto.com app, its digital coin has achieved significant success as well. Last week, CRO soared nearly 58%. It now ranks as the No. 23 cryptocurrency based on market cap.
Businesses that use the Crypto.com checkout and invoicing capabilities give their customers the ability to pay using cryptocurrencies. These businesses then receive their payments immediately in CRO, stable coins, or fiat currency. Since CRO is the native token for Crypto.com, it’s not surprising that many businesses choose it for their payments.
VeChain ( VET -3.56% ) also handily beat Shiba Inu last week, with its price jumping nearly 23%. Coincidentally, VET also ranks No. 23 among global cryptocurrencies based on market cap.
While VET is a rising star, VeChain is more than just a cryptocurrency. Its blockchain technology is built to solve real-world problems. VeChain has even received a certificate from the China Association for Standardization.
A growing list of apps has been developed using the VeChainThor public blockchain. They include marketplaces for non-fungible tokens, games, and a decentralized voting platform. Recently, Chinese light food brand RECIPE teamed up with VeChain to use the company’s food safety software-as-a-service suite built on VeChainThor.
Polkadot ( DOT -5.15% ) wasn’t far behind VET last week with a solid gain of nearly 22%. And it’s ahead of all of the other tokens mentioned, including Shiba Inu, based on market cap. Polkadot currently ranks as the No. 8 cryptocurrency in the world.
There’s a clear reason behind Polkadot’s tremendous performance over the past few days. On Nov. 4, the Polkadot project began the process that will lead up to its parachain slot auction scheduled for Thursday of this week.
It wasn’t just Polkadot’s token that jumped as a result. Other digital tokens related to the Polkadot blockchain network soared as well. Kusama ( KSM ) rose more than 20% on Friday, while Enjin Coin ( ENJ -3.33% ) vaulted more than 26% higher.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis – even one of our own – helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.