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As the new week starts, let’s look at the cryptos that have taken the spotlight this week. According to various industry experts, Ripple (XRP), Dogecoin (DOGE), and Injective Protocol (INJ) are the cryptos that you can watch this week, as they have shown significant resilience against the backdrop of Bitcoin’s (BTC) recent decline and a global crypto market cap reduction of approximately $100 billion amid fluctuating prices.
On January 11, Bitcoin soared to a two-year high of $49,000, coinciding with the Bitcoin ETF launch in the U.S. However, the asset has since experienced a sharp decline, currently hovering at INR 36,33,277, reflecting a minute 0.32% decrease as of Monday, January 22.
Let’s look at the quick overview, price changes, and news updates of these top cryptos of this week.
#1 Ripple (XRP)
Ripple is the creator of the open-source distributed ledger known as XRP. Compared to the distributed blockchain utilized by Bitcoin (BTC) and its Proof-of-Work mining mechanism, XRP transactions are handled by a network of dependable validators on the XRP Ledger.
Ripple records transactions for public viewing on its open-source distributed consensus ledger, which resembles a blockchain in that each new data block contains the previous block’s hash. Its consensus method differs from that of Ethereum and Bitcoin, though. Since it doesn’t rely on Proof-of-Work (PoW), mining XRP is not necessary.
The price of Ripple (XRP) on WazirX is INR 47.4500 today. According to CoinMarketCap, the 24-hour trading volume of XRP is $618,386,774, with a circulating supply of 54,339,837,528 XRP and a market cap of $29,328,261,625.
XRP has recently been in the spotlight due to promising developments hinting at a breakthrough with U.S. banks. Ripple, the driving force behind XRP, is actively engaged in discussions with U.S. financial institutions regarding the potential adoption of XRP for facilitating international payments. This positive news signals a significant step forward for XRP, showcasing its potential utility within the traditional banking sector.
#2 Dogecoin (DOGE)
Derived from the famous “doge” Internet meme and adorned with a Shiba Inu on its logo, Dogecoin (DOGE) was conceived as an open-source digital currency by Billy Markus of Portland, Oregon, and Jackson Palmer of Sydney, Australia. Launched in December 2013 as a fork from Litecoin, Dogecoin was envisioned by its creators as a playful and lighthearted cryptocurrency with broader appeal than the traditional Bitcoin audience, owing to its association with a popular dog meme. Adding to its prominence, Tesla CEO Elon Musk has expressed his fondness for Dogecoin through several tweets on social media.
The price of Dogecoin (DOGE) on WazirX is INR 7.4798 today. According to CoinMarketCap, the 24-hour trading volume of DOGE is $611.72M, with a circulating supply of 142.75B DOGE and a market cap of $11.95B.
Dogecoin (DOGE) has experienced a notable surge in price, rising by as much as 12.8% to reach a 7-day high. The surge coincides with the launch of an ‘@XPayments’ account on Elon Musk’s X platform, accumulating over 106,000 followers. While details remain unconfirmed, speculation suggests that DOGE and other cryptos may be integrated for payments on the platform. Elon Musk’s advocacy for DOGE and X’s payment plans, expected to launch in 2024, have spurred market confidence, indicating potential collaboration between the memecoin and one of the world’s influential social platforms.
#3 Injective Protocol (INJ)
Injective Protocol is a finance-focused blockchain offering an open, interoperable layer-one solution that drives the development of next-generation Decentralized Finance (DeFi) applications. These applications encompass decentralized spot and derivatives exchanges, prediction markets, lending protocols, and more.
What sets Injective Protocol apart is its provision of robust core financial infrastructure primitives, including a fully decentralized, MEV-resistant on-chain order book. Notably, all types of financial markets, such as spot, perpetual, futures, and options, operate entirely on-chain. Furthermore, Injective Protocol’s decentralized cross-chain bridging infrastructure is compatible with Ethereum and non-EVM chains like Solana.
The price of Injective Protocol (INJ) on WazirX is INR 3,000 today. According to CoinMarketCap, the 24-hour trading volume of INJ is $119,561,599, with a circulating supply of 88,392,222 INJ and a market cap of $3,009,484,535.
Injective (INJ) is on a positive trajectory with Injective Labs’ groundbreaking announcement of gas compression. This innovative feature is set to redefine transaction costs, making Injective’s fees the lowest in the crypto industry. With almost zero costs for transactions like staking, trading, lending, NFT minting, and governance voting, Injective demonstrates enhanced cost-effectiveness.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.