Dogecoin biggest crypto loser over past week

Bitcoin steadied in early Asian trade on Monday, at $462,300, but major cryptos still nursing double-digit losses over the last seven days, with meme token, dogecoin, down nearly 23% over this time period. 

The most high profile crypto hit a high of $52,770 last week, ahead of El Salvador’s adoption of bitcoin as a legal tender. Within hours of trading, BTC’s value plunged to $43,767, sparking a fall in prices of the majority of the 10 largest coins by market capitalisation, according to data from

Dogecoin, whose image uses stock internet meme a Shiba Inu dog, is currently at $0.2408 – a 22.84% decline over seven days. 

Solana bucks market trend

Bitcoin is 12.8% down in the last week, while cardona, ethereum, binance coin and XRP are nursing losses in the high teens. 

Altcoin Solana bucked the trend – and is still up over 12% over the past seven days, despite losing ground in the last 24 hours to hit $156.82.

Solana, which only launched in 2020, is designed for the creation and implementation of decentralised apps – similar to Ethereum and TRON.

Polkadot also up 

Solana touts itself as both the fastest blockchain in the world and fastest growing network over 400 projects spanning DeFi, NFTs and Web3.0 – essentially a way for people to use the internet without revealing their data. 

Fellow decentralised token Polkadot, was also up over the week, posting near 5% seven day rise. 

On 10 September, Jeremy Allaire, CEO of peer-to-peer payment provider Circle, pointed to the huge volume of stablecoin USDC, which has traded on the Solana network over the previous week. Over $2bn of the stablecoin were transacted across the Solana network in that time. 

Solana may be “overbought”

However, crypto price website AltFins says Solana is “bullish but extremely overbought” and suggests a correction may be due.

Last week Nikolaos Panigirtzoglou, a global market strategist at JPMorgan told Insider that the recent price rise in altcoins, such as Solano was: “largely driven by unrealistic expectations about the tokens”. 

Read more: Digital wallet crash day one of El Salvador’s Bitcoin uptake

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