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Dogecoin, Solana, XRP Lead Post-Thanksgiving Gains as Bearish Sentiment Wanes

Posted on: November 28, 2022, in ZyCrypto
  • DOGE is up by a double-digit, while XRP has gained by 7% in the last seven days.
  • The overall crypto market valuation is up as tokens recover post-FTX collapse.

Dogecoin’s native token, DOGE, gained 25% to an intraday high of $0.109 to become the top gainer on Thanksgiving- data from CoinMarketCap shows. The Elon Musk-supported DOGE added 30.77% in the past week from a low of $0.07 on rumours that Twitter is set to release its highly anticipated payments feature.

XRP, Dogecoin, Solana and Ether also saw a recovery as negative sentiment caused by the FTX fall cooled off. ETH added 3.5% to an intraday high of $1,217 in the same period. Overall, the market valuation was up 1.2% in the last 24 hours at $842 billion at the time of this writing.

Despite SOL’s rosy gains, the token is on a sharp correction year-to-date. The hybrid proof-of-history and proof-of-stake digital asset has dropped by 91% from its all-time high – a significant drop aggravated by the monumental FTX collapse.

Solana users are concerned about the impact the bankrupt exchange will have on Solana. At its peak, the creator of FTX and its sister company Alameda Research, Sam Bankman-Fried, was a prominent investor in Solana. That investment, including those placed in SOL, could be disposed of to repay the affected investors. Countering the fears, Solana co-founder Anatoly Yakovenko has disputed claims that his blockchain held assets in FTX.

Five days ago, Yakovenko announced a blockchain upgrade urging Solana block validators to ‘upgrade to 1.13.5.’ He touted the update as a solution to the Solana network outages– which have held down SOL prices. 

Solana has had five major network interruptions since its inception, three of which happened in 2022. The technical problems were largely caused by bugs in the network code or high transaction volumes overwhelming the network, says Yakovenko. 

According to its website, Solana’s transactions per second currently stand at 3,758, with an average block time of 0.5 milliseconds. The number of the blockchain’s validators is 1,850. SOL has seen a decline in network activities due to reduced daily programs.

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