The very long crypto winter seems to be unending and the prices of most tokens are at record lows. This article will analyze Dogecoin, Polkadot, ATOM and AXS.
News and prices of Dogecoin, Polkadot, ATOM and AXS
The Dogecoin Foundation, which was co-founded by Dogecoin together with Elon Musk four years ago, welcomes the Canadian entrepreneur’s move to create Twitter’s official cryptocurrency.
However, there is bad blood between Musk and Doge’s parent company because of the latter’s legal complaint against the Twitter CEO dating back to June this year.
The contention is the accusation of changing the price of the cryptocurrency at will and following new alleged maneuvers of the entrepreneur, the legal action was implemented on September 6 with new supporting evidence, on top of that according to the judges Dogecoin should be treated in the same way as a security.
The Securities and Exchange Commission, announced on 8 September this year that in its opinion crypto assets are subject to the laws governing forex securities.
On 20 January 2023, the US Court will rule on the matter, and both Dogecoin and Elon Musk have hired a pool of lawyers to protect themselves.
Meanwhile, in the prosecution’s docket, the ranks of the disgruntled are growing, and other users harmed by the alleged artificially induced price swings have been included; one user who lost $150,000 trading the currency is just the latest in a long line of investors who felt cheated.
Prosecutors have estimated the average loss from Musk’s alleged conduct to be between $60,000 and $75,000.
Meanwhile, the crypto is trading at $0.074 in substantial breakeven.
Polkadot touched $4.58 dropping 0.17% today with a trading volume of $171.66 million in the last day.
The cryptocurrency’s lousy year shows no sign of ending and the currency loses 16% in this month alone despite already coming from a terrible November where it had taken home a 17.4% drop.
Overall, since the beginning of the year, DOT has lost about 83% of its total value.
Despite the huge losses, the token is still in the top twenty by market capitalization exactly in twelfth place just above Tron (TRX) detached by only $180 million with a capitalization that amounts to $5.28 billion.
The blockchain that is formed into a network of interoperable and scalable blockchains is a chain entirely based on Proof of Stake and makes different PoS blockchains communicate with each other in a decentralized manner while remaining sovereign.
Being a Proof of Stake, those who own ATOM, the Cosmos utility token will receive rewards and one of the Tokens most loved by programmers as it is simple to develop.
The token as of today is trading for just under $10 ($9.65) and this month, in part due to the failure of FTX, it has lost 10% of its value.
Experts believe that at the moment investing in Cosmos is not very profitable, not because of the market trend, which will restart sooner or later, but because of the high transaction costs that characterize Cosmos (ATOM).
Axie Infinity (AXS)
On Kriptomat, the token Axie Infinity now trades at 6.29 euros down slightly in yesterday’s trading day with volumes of 36,943,558 euros in the last 24 hours.
The market capitalization of AXS (Axie Infinity) is 722,833,768 euros with a circulating volume of 270,000,000 AXS.
Axie Infinity is part of gaming tokens and is based on the Pokemon-inspired blockchain.
When playing the game, through matches, users obtain Tokens and the “Pokemon” in question (Axies) can be bred, trained and traded.
Over time, Axies turn into NFTs that in turn can be trained and traded on the Axie Infinity marketplace.