XRP, the native currency of the XRP Ledger (XRPL) developed by Ripple Labs, and Dogecoin (DOGE), the original meme coin, are among notable fast-falling assets in the top-10 looking at developments in the daily chart over the past week.
When writing on August 17, XRP is down 10% while DOGE is dumping even harder, losing 13% in the last seven trading days.
The Altcoin Sell-off
At this rate, XRP and DOGE match MATIC, down 13%, and SHIB, the Shiba Inu’s native token, fell 15% in the same time frame. The sell-off of these altcoins is noticeable and comes amid encouraging fundamental developments.
What’s also evident is that traders are dumping DOGE and SHIB, two of the most valuable meme coins, and decentralized finance (DeFi) tokens at a relatively higher pace than other coins. Apart from MATIC, the token behind Polygon, the Ethereum sidechain, and XRP, tapped by Ripple for its On-Demand Liquidity (ODL) solution, LidoDAO (LDO) and Uniswap (UNI) are deep in red when writing.
UNI, for example, is down 15% despite being the dominant decentralized exchange (DEX). Meanwhile, LDO is down 10%, albeit the most significant DeFi protocol by total value locked (TVL) according to DeFiLlama data. As of August 17, LidoDAO and Uniswap had TVLs of $14.3 billion and $3.5 billion,…
