Cryptocurrency news: Polkadot declines by 6%; Dogecoin falls by 3.9%

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Seven of the top cryptocurrencies were trading in red in the past 24 hours with Polkadot showing the highest decline of 6.02% to $34.75, while Dogecoin fell by 3.98% to $0.23. Ethereum, the second largest token was down by 0.88% to $3,503.62. Others like Solana, Cardano, Binance Coin and XRP also slumped by 3.11%, 1.62%, 0.27% and 0.55% respectively on Monday. The world’s biggest and oldest cryptocurrency Bitcoin rose by 3.01% to $56,478.30 levels. In terms of ranking all the cryptocurrencies were in the same position, except for Polkadot which moved one position higher to eigth, while Dogecoin slipped one position to tenth.

Cryptocurrency prices

Market manipulation in meme coins continue to worry investors

As social media influencers continue to intervene and affect the crypto world, especially with meme coins, investors who are in for the long haul continue to worry about this market manipulation techniques.

Almost two weeks ago, Tesla boss Elon Musk’s tweet about his pet dog Floki, sent prices of cryptocurrencies based on the same theme rise to record levels. Last week, one of the highest gainers was the meme coin Shiba Inu.

Cryptocurrencies to go mainstream by 2023: Report

According to Capgemini’s World of Payments 2021 report, it was estimated that 45% of customers will be using cryptocurrency payments, as increasing number of people look to send money overseas by 2023. This would potentially replace Western Union, MoneyGram and WorldRemit.

The report said that companies like Ripple and its XRP protocol are already being touted as the next phase of transformation in the global remittance service market. It was further noted by the financial services giant Credit Suisse that platforms like Ripple have the potential to reduce settlement times from days to seconds and provide savings.

During the Covid-19 pandemic, Ripple, Mobile Money and bKash services helped deliver faster settlement, greater operational efficiencies and more competitive foreign exchange rates, as per the Asian Development Bank.