Dogecoin (CRYPTO: DOGE) soared 4,179.61% in the first half of this year, but the meme-themed cryptocurrency was bested by two other cryptocurrencies.
What Happened: Telcoin (CRYPTO: TEL) skyrocketed a whopping 15,889.24% by the end of June, while Polygon (CRYPTO: MATIC) rose 6,151.32% in the same period.
See Also: How To Buy Polygon (MATIC)
In the first six months of the year — the largest cryptocurrencies by market capitalization — Bitcoin (CRYPTO) and Ethereum (CRYPTO: ETH) have risen 16.47% and 200.18%, respectively.
Other notable gainers on a half-yearly basis are PancakeSwap (CRYPTO: CAKE), Solana (CRYPTO: SOL), and Fantom (CRYPTO: FTM), which gained 1,889.35%, 1,734.70%, and 1,212.26%, respectively.
Why It Matters: The gains in these coins come as global cryptocurrency market capitalization has risen by $644 billion dollars or 82.98% in the six months leading up to July; to $1.42 trillion from $776.02 billion.
Competitors and complementary coins to Ethereum have been on the upswing this year buoyed by a trend that favors projects related to Decentralized Finance or DeFi, smart contracts, and decentralized applications or DApps.
While meme coins have been surging this year and gaining lots of interest from investors on social media, coins like Telcom, which is listed on an exchange operated on Polygon have been buoyant in the Ethereum-alternative wave.
Even so, Ethereum is getting a bullish endorsement from institutional investors as the flows by asset in June highlighted, which is a trend in contrast to the outflows seen in Bitcoin.