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Biggest Movers: DOGE Nears 20-Day High, as TRON Also Surges

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DOGE was trading higher on Monday, as prices rose to their highest level in almost 20 days. TRX was also in the green to start the week, as prices continued to climb, following a recent streak of bullish momentum.

Dogecoin (DOGE)


DOGE was a notable mover during today’s session, as prices rose to their highest point in nearly 20 days.

On Monday, DOGE/USD rose to an intraday high of $0.07839, which came less than 24 hours after trading at a low of $0.07184.

As a result of today’s move, the meme coin collided with a price ceiling at $0.07830, which is the highest point DOGE has hit since June 10.

Since hitting this peak, bulls have vacated earlier positions, pushing prices lower in the process, giving bears a green light to re-enter.

Although still up almost 6% from yesterday’s low, DOGE is currently trading at $0.0756, which is marginally below earlier highs.

This comes as the 14-day RSI hit the 53.9 level, which is its highest reading since April 26, and also a point of resistance.

Should DOGE eventually overcome this point, then we may see further gains in price.

TRON (TRX)


TRX was also trading higher to start the week, as prices continued to rise, following a recent streak of upward momentum.

Following a low of $0.06415 on Sunday, TRX/USD surged to a peak of $0.07005 earlier in today’s session.

This move saw prices climb to their highest point since June 13, when TRON was making its way down to a then one-year low at $0.04700.

Since then, prices have been in an ascending triangle, hitting a streak of higher highs in the process, with today’s the latest one of these climbs.

In order to climb further, we might need to see price strength push through an upcoming resistance level on the RSI indicator.

This point, at 50, is one of the only current obstacles in the way of the token recapturing its long-term resistance level at $0.07560.

Do you expect TRX to reach this level in July? Let us know your thoughts in the comments.

Value Locked in Defi Jumped 7% in 5 Days — Harmony’s Horizon Bridge Siphoned for $100M

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Value Locked in Defi Jumped 7% Higher in 5 Days — Harmony's Horizon Bridge Siphoned for $100M

While crypto prices have seen some healing during the last few days, the total value locked (TVL) across the entire decentralized finance (defi) ecosystem has also improved. The TVL in defi has seen an increase of 7.19% since June 20, and the defi protocol Makerdao’s TVL dominates by 10.37% this weekend.

Defi TVL Improves, Cross-Chain Bridge TVL Slips, $100 Million Stolen From Harmony’s Horizon Bridge

Decentralized finance has taken a hit from the recent crypto bloodbath following the Terra blockchain fallout, the most recent Federal Reserve rate hike, and the alleged financial issues surrounding Celsius and Three Arrows Capital (3AC). On June 17, Bitcoin.com News reported on the bear market affecting defi negatively and three days later the TVL in defi dropped to a low of $71.98 billion.

Since then, there’s been a 7.19% increase as the TVL rose from $71.98 billion to today’s $77.16 billion. The Makerdao protocol has the largest TVL out of all the defi projects and dominates by 10.37% this weekend with $8 billion TVL.

Value Locked in Defi Jumped 7% in 5 Days — Harmony's Horizon Bridge Siphoned for $100M

Makerdao’s TVL has increased 6.89% during the past seven days. The second largest defi protocol in terms of TVL size is Aave, with $6.59 billion, and Aave recorded a 27.13% increase during the course of the week. As far as blockchain TVL distribution is concerned, Ethereum commands 63.98% with $49 billion TVL.

Binance Smart Chain (BSC) is the second largest chain by TVL with 7.85% or $6.01 billion locked. After the market capitalization of the top smart contract tokens hit $245 billion last week, the market cap has swelled to $280 billion, up 1.4% during the last 24 hours.

Ethereum (ETH) increased 12.7% against the USD, and BSC jumped 10.5% this past week. Solana (SOL) swelled by 37.1%, avalanche (AVAX) recorded a 32.2% increase, and polygon (MATIC) rose more than 50% during the seven-day period.

The biggest gainers in the top smart contract token list during the past week were ronin (RON), zilliqa (ZIL), and polygon (MATIC), respectively. Despite smart contract tokens seeing some gains this week and the TVL in defi improving, the TVL across the cross-chain bridge sector is down 60.4% during the past 30 days.

At the time of writing, the cross-chain bridge TVL across 16 different protocols is $11.77 billion in value. Polygon commands the largest cross-chain bridge TVL with $3.6 billion locked on June 25.

Meanwhile, the defi ecosystem has seen a few hiccups over the last seven days as Convex Finance is asking users to review approvals while it evaluates a “potential front end issue.” Additionally, Harmony’s cross-chain bridge lost $100 million in a theft that took place on June 23.

“Note this does not impact the trustless [bitcoin] bridge; its funds and assets stored on decentralized vaults are safe at this time,” the Harmony team wrote about the situation. “We have also notified exchanges and stopped the Horizon bridge to prevent further transactions. The team is all hands on deck as investigations continue.”

What do you think about the value locked in defi improving and the increases smart contract tokens saw during the past week? Let us know what you think in the comments section below.

Defi Protocol Abracadabra’s Stablecoin MIM Briefly Slides to $0.91 During the Crypto Market Rout

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Amid the crypto market carnage this weekend, another stablecoin slipped below the $1 peg on Saturday, June 18, as the crypto asset called magic internet money (MIM) briefly dropped to a low of $0.914 per unit. The Abracadabra-issued stablecoin dropping in value follows the recent terrausd (UST) failure and USDD’s recent volatility last week.

Stablecoin Magic Internet Money Loses $1 Parity But Regains Strength After the Fall to $0.91

In mid-May 2022, the entire world witnessed an algorithmic stablecoin called terrausd (UST) depeg from its $1 parity and slide below a U.S. penny in value. In fact, UST’s failure obliterated the entire Terra blockchain ecosystem of tokens until they were near worthless.

Last week, Bitcoin.com News reported on Tron’s algorithmic stablecoin USDD and how it dropped to a low of $0.95 per unit. The Tron Reserve DAO has been adding significant amounts of reserves like USDC and TRX to keep the token overcollaterized.

Despite the funds being added, on June 18, USDD slipped to a low of $0.948 per unit and the crypto token is currently exchanging hands for $0.964 at the time of writing at 6:05 p.m. (ET).

On the same day, the Abracadabra-issued stablecoin magic internet money (MIM) also slipped below the asset’s $1 parity, dropping to a low of $0.914 per unit. By using the protocol Abracadabra.money, users create MIM by adding collateral and today, there’s 197,674,194 MIM in circulation.

MIM is leveraged on various blockchains like Ethereum, Fantom, BSC, and Avalanche. Despite the slide to $0.91, MIM did rebound on Saturday and at 6:05 p.m. (ET), it was trading for $0.992 per unit. The fall below the $1 parity brought MIM a lot of attention during the day, as the “MIM depeg” was a trending subject on social media. The day prior, one Twitter account said that MIM was “about to depeg (yet again) with a 95.8% liquidity imbalance. There’s only $6m of liquidity left in the pool.”

Abracadabra Dispells Insolvency Rumors and Addresses Depegging Incident

Furthermore, Abracadabra published a blog post that addresses “a large number of false Twitter threads.” Abracadabra said that the false information “created extreme volatility that has affected the MIM peg and the MIM-3pool liquidity on Curve Finance.”

“One of the central pieces to the FUD revolves around Abracadabra’s treasury composition,” Abracadabra’s blog post notes. “Our operational treasury, which does not include SPELL tokens, currently owns more than $13.2M in assets (at the time of writing). Roughly half of the treasury is in MIM stablecoin, and the other half is in CRV tokens which are fundamental assets for us to hold.” The decentralized finance (defi) project’s blog post adds:

If you are looking for the exact amounts, the treasury holds 6,619,923.5 MIM and 10,380,153.06 CRV tokens.

Abracadabra’s blog post also asks people with outstanding loans to repay the balance while the peg is low in order to rebalance the MIM-3pool.

“As we write this post, the health of the Curve pool continues to improve and we fully expect the MIM peg to be restored shortly. In addition, we plan to share a more detailed set of dates around when and how repayment will occur,” Abracadabra’s blog post concludes.

In addition to USDD and MIM, the stablecoin neutrino usd (USDN) has been volatile in recent times dropping below $1 parity. While it was trading for $1 at 6:05 p.m. (ET), earlier on Saturday USDN slipped to $0.931 per unit.

What do you think about the stablecoin magic internet money (MIM) depegging on Saturday? What do you think about Abracadabra’s blog post statement? Let us know what you think about this subject in the comments section below.

Value Locked in Defi Slips to $74 Billion, Top Smart Contract Tokens Down Over 70% This Year

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Decentralized finance (defi) has been hit hard by the recent crypto market rout as the total value locked (TVL) across 118 different blockchains has slipped below the $100 billion mark to today’s $74.27 billion. The TVL in defi today is down more than 70% from its December 2, 2021, all-time high (ATH) at $253.91 billion. Moreover, since December 2021, the top smart contract platform tokens have lost 70% in value against the U.S. dollar as well, sliding from $823 billion to today’s $245 billion.

Defi Continues to Get Slammed by the Market Carnage, Top Smart Contract Platform Tokens Record Significant Losses

While a great number of cryptocurrencies including the leading crypto asset in terms of market valuation, bitcoin (BTC), slid significantly in value, smart contract platform tokens and decentralized finance (defi), in general, suffered a great deal.

While Terra’s LUNA and UST fallout primed the flames, issues with Celsius, Three Arrows Capital (3AC), and the lack of trust in algorithmic stablecoins have continued to keep defi fires roaring. Six days ago, Bitcoin.com reported on how defi and smart contract coins got slammed by significant blows and at the time, there was still $104 billion in value locked into a myriad of defi protocols.

Today, the total value locked (TVL) in defi is $74.27 billion, down 70.74% since the all-time high 197 days ago on December 2, 2021. The defi protocol Makerdao dominates the pack with 10.43% in terms of the application’s TVL of $7.75 billion out of the $74.27 billion.

During the past 24 hours, the entire TVL across 118 different blockchain networks dropped by 6.03%. Makerdao’s TVL shed 15.19% during the past seven days and the second-largest protocol in terms of TVL size Aave lost over 40% last week.

Today, ethereum commands the largest TVL size out of all the blockchains with $47.33 billion or 64.18% of the aggregate locked. The second-largest defi blockchain as far as TVL size is concerned is Binance Smart Chain (BSC) with $6.06 billion or 8.22% of the $74.27 billion locked in defi today.

Tron is the third-largest blockchain network in terms of TVL size with 3.99 billion or 5.42% of the aggregate locked across the 118 chains. Furthermore, the total value locked in cross-chain bridges from Ethereum has dropped more than 60% during the past month, according to Dune Analytics metrics.

The tokens often leveraged in defi, smart contract platform coins have also shed more than 70% since December. At that time, the market capitalization of all the smart contract platform tokens was $823 billion and today it is hovering just above $245 billion.

Ethereum (ETH) is the leading smart contract platform token as it commands $131.50 billion of the $245 billion. ETH is down 39.3% over the last seven days and most smart contract tokens have seen considerable losses during the past week.

Avalanche (AVAX) shed 34%, binance coin (BNB) lost 25%, cardano (ADA) dropped by 22.5%, polkadot (DOT) slid by 20.7%, and solana (SOL) lost 22.3% in seven days. One of the only smart contract coins not down this past week is chia (XCH) as it is up by 1.2% against the U.S. dollar.

What do you think about the value locked in defi slipping to fresh lows and the losses smart contract platform tokens have seen during the last year? Let us know what you think about this subject in the comments section below.

Defi Platforms and Smart Contract Tokens Suffer the Most During the Crypto Market Rout

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Defi Platforms and Smart Contract Tokens Suffer the Most During the Crypto Market Rout

While the crypto economy has dropped lower in value against the U.S. dollar, sliding to just under $1.2 trillion, the value of decentralized finance (defi) protocols and smart contract tokens has suffered a great deal. Statistics show that the total value locked in defi has dropped 7.96% since May 18, to roughly $104 billion, and the combined value of all the smart contract tokens lost 8.2% during the last 24 hours.

Bear Market Shreds Defi — TVL Down Over 7% This Month, Smart Contracts Coins Lose Significant Value Over the Last Week

Defi metrics indicate that the world of decentralized finance has been stagnant since the fall of Terra’s UST and LUNA. 24 days ago on May 18, the total value locked (TVL) in defi was around $113 billion, and today it is 7.96% lower, hovering just above $104 billion.

30-day metrics indicate that out of the top five defi protocols in terms of TVL size, four application TVL metrics have dropped significantly. Makerdao commands the top position in defi in terms of TVL size with $8.82 billion locked. However, Makerdao’s TVL has dropped 13.23% lower during the last 30 days.

Curve’s, Aave’s, and Lido’s TVL shed between 7.21% and 19.74% during the past month as well, while Uniswap gained 1.92% during the last 30 days. The defi protocol Nord Finance was the month’s biggest loser, as its TVL dropped by more than 71% last month.

Defillama.com metrics show that Ethereum is the top chain in defi with $63.23 billion total value locked. Money held on ETH-based defi protocols represents 60.97% of all the value locked in defi today. Binance Smart Chain (BSC) is the second-largest chain with $7.78 billion TVL, and Tron is the third-largest with $5.95 billion.

Additionally, the top five smart contract protocol tokens have lost significant value during the last week, except for cardano (ADA). Ethereum (ETH) lost 12.4% in value this week, binance coin (BNB) shed ​​7.9%, solana (SOL) slipped by 9.1%, polkadot (DOT) lost 12.1%, but cardano (ADA) managed to gain 1.6% this past week.

At the time of writing, the top smart contract platform coins by market capitalization are collectively worth $327 billion. One notable smart contract token gainer last week was chainlink (LINK) as it managed to rise like ADA, but jumped 8% higher against the U.S. dollar. A lion’s share of smart contract tokens lost between 2% and more than 30% during the last seven days.

What do you think about the bear market gripping defi and smart contract token values? Let us know what you think about this subject in the comments section below.