While newer cryptocurrencies have not risen much in the past few days, old, trusted cryptocurrencies are actually doing very well. These so-called ‘dino coins’ are increasing in popularity, and not without reason.
Old coins like XRP & ADA are being shaken up
‘Dino coins’ is the name for old coins that have been around for several cycles. Ripple (XRP), hedera (HBAR) and cardano (ADA), among others, are dinosaur coins that have risen enormously in recent weeks. For example, HBAR increased by more than 600% in the past 30 days, after years of only sideways price movement.
The absolute winner among the dino coins seems to be XRP. The price of the coin increased by more than 450% within a month, but even more impressive was XRP’s market capitalization. This passed that of both solana (SOL) and tether (USDT).
Trump causes crypto price increases
It is partly thanks to Donald Trump’s victory during the American presidential elections that the crypto market is doing so well. With Trump’s arrival, there is finally more clarity about future crypto policy. Trump promises that this policy will be very crypto friendly.
The new presidency is especially beneficial for XRP. Trump plans to replace the head of the Securities and Exchange Commission (SEC) Gary Gensler with Paul Atkins. Gensler is partly responsible for the lawsuit against Ripple and had a strict crypto policy, but under new administration, XRP may win the legal battle.
-‘Dino coins’ are old and familiar
Dino coins such as XRP and ADA are trusted and well-known, after all they have been around for years. Private investors may therefore be inclined to invest in them. Murad Mahmudov, a true memecoin enthusiast, believes that this is because a community is created around a coin, he even calls it a kind of cult. Because there are public figures who praise a coin, others also flock to the coin, the public figures becoming a kind of evangelists for the coin.
Analyst Kun disagrees with Mahmudov. He https://twitter.com/0x_Kun/status/1863846483910598910 that it is the fundamental values of dinosaur coins like XRP that make them popular. Dino coins perform so well because people believe in the usefulness of the coin.
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