could memecoins revive crypto bull run?
See: Doge jump: can memecoins revive the crypto bull run?
The price of dogecoin (DOGE-USD) rose this week after the new Dogechain platform gained traction from retail investors.
The new platform enables the creation of decentralized finance protocols (DeFi), NFT collectibles, and decentralized apps (dapps) and games with memecoin.
The new platform hasn’t been built or approved by the official dogecoin founders, but that hasn’t stopped traders from rushing to buy dogecoin to spend on the new marketplace.
The buying frenzy put dogecoin back into the cryptocurrency market capitalization top 10.
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Tesla ( TSLA ) CEO Elon Musk’s favorite cryptocurrency jumped 13.5% over the past seven days, and was at $0.077 at the time of writing.
The Polygon Edge-based (MATIC-USD) Dogechain has locked away nearly $5m (£4.2m) in liquidity, and data from on-chain trackers shows an increasing amount of value migrating to Dogechain-based products since its launch earlier this week .
The Dogechain platform has been called a layer-2 for dogecoin has promised to give dogecoin more utility.
Dogechain is compatible with the Ethereum Virtual Machine, meaning it can run apps and games built for the Ethereum network.
Shiba Inu follows Dogecoin in memecoin rally
A memecoin rally has rippled through the crypto markets over the past week, signaling that risk behavior has returned to the crypto markets.
Shiba inu (SHIB-USD) rallied 19.78% to $0.000014 in the past seven days, overturning Avalanche (AVAX-USD) in the market capitalization rankings to occupy 12th place.
Read more: Crypto: What Is Ethereum’s Soulbound Token?
The relentless rally of the two biggest memecoins is an opposite move compared to the downward trajectory of the other major cryptocurrencies.
Major blue chip cryptocurrencies have suffered heavy losses during the week, with bitcoin (BTC-USD) down 4% to $23,414 over the past seven days.
Ethereum (ETH-USD) fell 8% to trade at $1,873.
Bitcoin adoption is increasing in Brazil
The largest investment bank in Latin America, BTG Pactual (BPAC11.SA), this week announced the launch of a bitcoin and cryptocurrency exchange in Brazil, an investment bank that has more than $200 billion in assets under its custody.
The bank’s new trading platform is called Mynt and will give users direct access to bitcoin.
Andre Portilho, partner and head of digital assets at BTG, said: “Our vision is that crypto-technology will do to the financial industry what the internet did to the information industry, it completely changed it”.
