In the first week of December, bear conditions persisted in the broader crypto ecosystem, sending tokens even lower. Ripple’s XRP and the canine token Dogecoin have taken a beating. Dogecoin’s 15% gain from the previous week has been reduced to 7.89%, while XRP is down 4.16%. So, why are Dogecoin and XRP holders selling their once-valuable tokens as the festive season approaches?
Coinbase Delists XRP
Coinbase announced on November 29 that it would discontinue support for Ripple’s XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM). According to Coinbase, XRP and the other three blockchain networks mentioned above have low usage and will no longer be supported in its wallet app from January 2023.
Coinbase had previously halted XRP trading on their exchange at the start of the year, so this latest move effectively removes XRP from Coinbase. Given that Coinbase is rallying behind XRP in its case against the U.S. Securities and Exchange Commission, this latest move has caused investors to panic, leading many to believe that XRP may not be faring well in court. The SEC sued Ripple for unregistered XRP token sales.
Dogecoin Continues to Suffer Setbacks
Dogecoin, like the rest of the crypto market, has been trading sideways since the collapse of the crypto exchange FTX. However, following rumors of a Musk-Buterin collaboration to modify Dogecoin, the coin experienced a minor recovery. Dogecoin’s price rose again on Wednesday following Fed Chair Powell’s speech. Mr. Powell asserted the need to slow the pace of rate hikes, allowing for a 50-basis point hike at the December 14 meeting after four consecutive meetings with 0.75% hikes.
On Thursday, Dogecoin struggled to maintain its momentum as the fallout from the FTX saga continued to haunt the crypto ecosystem, overpowering Powell’s good news of a possible increase in liquidity. Dogecoin and the rest of the cryptocurrency ecosystem fell even further on Friday following the better-than-anticipated November U. S jobs report. According to the report, the United States added 263,000 jobs in November, far exceeding the 200,000 expected by economists.
Snowfall Protocol (SNW) Just Closed Round 2 Of Presales At $3 Million
On Friday, the newest market player on the block—who, by the way, has been getting a lot of attention ticked another significant milestone, instilling fear in the competition. Snowfall Protocol (SNW) is a forerunner in cross-chain solutions that allow users to swap fungible and non-fungible tokens. Snowfall Protocol (SNW) enables easier swapping of these assets across EVM and non-EVM compatible chains.
While still in the presales phase and scheduled to launch on January 3, Snowfall Protocol (SNW) has seen tremendous success. Snowfall Protocol (SNW) has sold out a total of 195M snowfall tokens (SNW) to early investors flocking to the platform in the two completed presale rounds (round 2 closed on Thursday). The second round ended early with a price of $0.075, representing a 250% increase from the opening price of $0.03. In the two rounds, Snowfall Protocol (SNW) has raised $3 million, exceeding expectations at a time when the majority of investors are hesitant to invest.
The third round of theSnowfall Protocol (SNW) presale has begun. The success of theSnowfall Protocol (SNW) is expected to grow even more in this round leading up to the protocol’s official launch early next year. Register now for the third round with a 50% bonus at: https://presale.snowfallprotocol.io
Snowfall Protocol (SNW), among other cutting-edge features, includes a dApp feature that enables secure and seamless asset swapping across chains. Here is a sneak peek of the dApp that the team shared on the Snowfall telegram channel: https://t.me/snowfallcoin
Snowfall Protocol (SNW) has relieved investors in a largely barren market, and it’s only up from here. Join the SNW ARMY today for up to 1000x post-launch returns!
Presale: https://presale.snowfallprotocol.io
Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin
Twitter: https://twitter.com/snowfallcoin
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