Polygon (MATIC) Hits All-Time High, Ethereum Retreats, And Dogecoin Finds Stability Since Musk’s ‘Dogefather’ Tweet

Ethereum (ETH) is markedly volatile over 24 hours while the joke cryptocurrency Dogecoin (DOGE) has found stability around the 30 cent level on Thursday.

What Happened: ETH touched an intraday low of $2,672.11 in the 24-hour period leading up to press time and a high of $2,797.97 — the latter is also its all-time high.

At press time, the second-largest cryptocurrency by market cap was trading 1.49% higher at $2,749.84.

DOGE hit an intraday low of $0.30 and a high of $0.32 in the 24-hours leading up to press time, when it traded 2.59% lower at $0.31.

The cryptocurrency shot beyond the 30 cent mark on Wednesday after Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk and “Dogefather” hinted on it making an appearance in his SNL episode and has found stability above the mark.

Meanwhile, the apex cryptocurrency Bitcoin (BTC) traded 1.9% lower over 24 hours at $53,522.12.

Why It Matters: Decentralized Finance (DeFi) associated cryptocurrencies in competition or complementary to Ethereum have been soaring lately.

See Also: Mark Cuban Says He’s Been Holding Crypto For Years Without Selling Anything

On Thursday, some such cryptocurrencies like Venus (XVS), Polygon (MATIC), and PancakeSwap (CAKE) hit new all-time highs.

XVS touched an all-time high of $123.63 and traded 48.56% higher at $110.34. The cryptocurrency was the top gainer on a 24-hour basis in the list arranged by CoinMarketCap.

Venus Protocol announced Thursday in a tweet that Binance and holders of Binance debit cards carrying Visa Inc’s (NYSE:V) brand can now spend XVS and Vai (VAI) stablecoin by transferring them from their cryptocurrency spot wallets to their card wallet.

MATIC traded 16.89% higher at $0.91 at press time and hit an all-time high of $0.94 on Thursday night. The cryptocurrency has gained 177.49% on a seven-day trailing basis.

CAKE traded 7.56% higher at $42.03. On Wednesday, it reached an all-time high of $44.02.

DeFi coins are buoyant as Ethereum’s blockchain suffers from congestion resulting in higher transaction costs — known as “Gas.”

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