Shiba Inu Coin (SHIB), Dogecoin (DOGE) Surge Again, DeFi Small-Caps Follow: What is Calyx (CLX)?

18 April 2022

in DOGE

Reading Time: 3 mins read

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Here is why crypto-enthusiast are leaving Bitcoin in favour of lesser-known altcoins

Yesterday, Bitcoin fell, even if just for a brief minute, below $40,000, dropping over 10% of its value. Other big cryptos are in a slump. Solana’s SOL fell -10%, Cardano’s ADA -12, XRP lost 7 percent, and Dogecoin’s DOGE 5 percent in just one week.

Now, a few separate but apparently related events have spurred wild predictions about Bitcoin and cryptocurrency’s long-term position in the global financial system.

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First and foremost, both Russia and China are mulling about the possibility of allowing digital currency as payment for their fossil fuel exports. For most of the last century, oil has been solely handled in dollars, cementing the dollar’s position as the world’s reserve currency and earning itself the name “petro-dollar” – so the news is huge.

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Another huge change comes from Australia. An Australian firm, which runs over 170 BP stations, will accept cryptocurrency as a payment method.

On-chain data reveals that overall cryptocurrency purchasing activity remains favourable despite today’s drop in Bitcoin (BTC) and of the larger cryptocurrency market. So, why are crypto-enthusiast leaving Bitcoin in favour of lesser-known altcoins? Here is the answer.

Calyx Token (CLX) Presale Kicks Off

Calyx Token (CLX) is in presale right now and many crypto-enthusiasts are interested in the novel protocol.

The DeFi protocols must guarantee that decentralised projects have appropriate liquidity to avoid volatile token prices. Liquidity is the ability to buy and sell a token at a consistent price. So, if liquidity is minimal, a turbulent market will result in large price changes. However, if liquidity is adequate, markets would be much less turbulent and prices will remain stable.

Calyx Token’s CalyxSwap will combine liquidity from multiple sources operating on top of several blockchain networks, resulting in lower switch costs and speedier trades while having no need for leaving the wallet. This would enable atomic token swaps and a project’s native tokens to gain utility and be used across ecosystems, platforms, and apps in a fast, secure, and cost-effective way.

Shiba Inu (SHIB) and Dogecoin (DOGE): Brief Review

Despite Elon Musk’s attempts, Dogecoin (DOGE) just doesn’t seem to be able to recuperate in value and appreciation.

Elon Musk used drones to send a Shiba Inu-shaped mascot into the night sky at the Tesla “Gigafactory” opening ceremony in Texas last week.

It was “the largest party on earth,” said Tesla CEO and Dogecoin aficionado Elon Musk. The event brought the Dogecoin price to $0.1527. The “original” memecoin has now returned to $0.14, losing nearly 6% in one week.

Many in the “Dogecoin Army” believe Musk will integrate DOGE into Twitter, causing the price of DOGE to surge if this happens – So we’ll just have to wait and see what happens next!

Robinhood has added SHIB to its exchange platform, much to SHIB Army’s delight. The announcement caused a 20% increase in the token’s price on April 12. But it’s still roughly 70% behind the coin’s record high of $0.00008845 from late October 2021.

The 2nd biggest memecoin had declined from $0.00002748 to the current $0.000026. However, it is now up +8% in a week – can it keep up?