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Amid growing concerns for Dogecoin and XRP, Elluminex emerges as a promising new token with the potential to rival both in the rapidly expanding DeFi market.
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In recent months, incredible developments have been seen in the crypto markets. Bullish momentum impacted Dogecoin and XRP more than most other tokens. However, in the past few days, several risk factors have also appeared in these assets. In this environment, there is one token that could soon rival both Dogecoin and XRP.
Dogecoin sees volatility after 450% rise
Since Trump’s victory in November, Dogecoin has been one of the best performers. The token rose more than 450%, from around $0.1 to a yearly high of $0.48. However, one move by the recently elected President has caused a stir among Dogecoin investors.
The recent launch of the Official Trump meme coin has created some concerns among investors. The token, launched days before the inauguration, had already attained more than $10 billion in market cap. Critics claim that this move could undermine confidence in the crypto space, raising concerns about conflicts of interest.
Still, Dogecoin has supporters in the current administration. Elon Musk, Dogecoin’s biggest backer, will be in charge of the D.O.G.E. agency. This agency will be in charge of reducing government waste. However, this agency too has been under fire. Just minutes after the inauguration, the agency became the target of a lawsuit.
Recent uncertainty threatens Dogecoin’s gains. Still, despite it, the new crypto-friendy administration will still likely boost market sentiment. Moreover, unless Musk has a falling out with Trump, the billionaire will likely continue promoting Dogecoin.
XRP makes big moves on regulatory news
Ripple’s XRP was one of the best performers this cycle. Since Trump’s November election win, the token also rose 450%, about as much as Dogecoin did. Now, XRP trades at $3.06, and is the third-biggest crypto asset, following only Bitcoin and Ethereum.
The main reason for XRP’s spectacular rise was the likely regulatory changes in the US after Trump’s victory. For one, the hawkish Securities and Exchange Commission (SEC) Chair Gary Gensler is already out of office. This is significant, as the agency led a lawsuit against Ripple for years. With new leadership, investors believe that Ripple could settle this lawsuit, removing a major risk factor for XRP.
What is more, the new SEC’s leadership under pro-crypto Mark Uyeda will likely approve an XRP spot exchange-traded fund (ETF). This will further legitimize the asset, as well as bring more institutional capital.
Elluminex set to rival XRP and Dogecoin
While Dogecoin and XRP have seen significant growth, a new token could rival them both. Elluminex (ELX) is a DeFi hub on the TON blockchain, which was the fastest-growing network last year. The platform hopes to supercharge TON, by offering it much-needed liquidity.
The Elluminex Decentralized Exchange (DEX) will enable quick asset swaps with minimal fees. The platform will also enable easy cross-chain transfers, supporting over 40 major blockchains. These cross-chain capabilities will boost its liquidity and reduce slippage, which is key for traders.
What is more, Elluminex offers traders a range of advanced features. For one, the exchange will offer an AI-Powered Portfolio Tracker, helping investors make decisions based on real-time insights. Thanks to these features, Elluminex hopes to become the leading DeFi platform on TON.
If TON continues its growth, Elluminex could leverage its success to surpass the growth seen both by Dogecoin and XRP.
To learn more about Elluminex, visit the website, Twitter, and Telegram.
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This article first appeared at crypto.news
