How are the cryptocurrencies Optimism (OP), Dogecoin (DOGE), and Cardano (ADA) performing within the crypto market? Let’s see below the price performances and the latest news related to them.
Summary
Optimism (OP) bounces back despite concerns about safety
Optimism (OP) has captured investors’ interest thanks to a significant price growth in the last day, despite recent revelations about security flaws in the popular layer-2 platform.
On April 26th, Offchain Labs, the team behind the Ethereum L2 Arbitrum solution, identified some critical vulnerabilities in the Optimism Stack security system.
In a blog post, Offchain Labs announced that they have discovered two major systemic vulnerabilities in the Optimism testnet, potentially allowing malicious actors to bypass existing security measures.
According to Offchain Labs, these vulnerabilities could have allowed hackers to enforce the acceptance of harmful transactions or the rejection of legitimate transactions, potentially causing unresolved disputes on the network.
If such flaws had been introduced in the Optimism mainnet, users’ funds would have been at high risk. The vulnerabilities were reported to OP Labs a month ago, and the team worked to update the Optimism testnet, fixing the security issues.
However, the revelation of these vulnerabilities caused a drop in the price of OP, which fell by 5% to $2.274 on April 27th.
Despite the initial drop, investors have shown confidence in Optimism’s ability to tackle security challenges. On the last day, the price of OP rose by 17.16%, reaching $2.69.
At the same time, the volume of daily trades increased by 110.64%, reaching 402.77 million dollars.
This increase suggests that investors have confidence in Optimism’s resilience and commitment to addressing vulnerabilities, leading OP to gain ground despite initial concerns about security.
Sustained growth of Dogecoin portfolios: a positive signal for the community
According to the on-chain analysis company Santiment, the number of Dogecoin wallets with a positive balance has increased by 13.8% in the last three months, despite a recent flattening trend after a strong increase at the beginning of the year.
This increase indicates that Dogecoin users’ activity remains supported, highlighting the enduring appeal of the cryptocurrency.
Despite the price remaining within a fairly stable range, the Dogecoin community remains engaged and could even expand.
The movement of non-empty wallets coincides with the efforts of the Dogecoin Foundation to promote the adoption of the cryptocurrency.
In late March, the Foundation launched version 1.0 of GigaWallet, a backend service that provides an integration API for platforms such as online stores, exchanges, and social media platforms. Allowing for programmatic transactions on Dogecoin.
Even though the price of Dogecoin has shown signs of consolidation, trading in a narrow range, the increase in non-empty wallets is a positive signal.
It implies that the community is not only driven by speculative trading, but also includes users who believe in the long-term value of DOGE.
DOGE has grown by 2.82% in the last 24 hours, reaching about 0.149 dollars, showing a slight rebound after yesterday’s drop to a low of 0.142 dollars.
With a market capitalization of 21.49 billion dollars, Dogecoin remains the eighth largest cryptocurrency, maintaining its position among market leaders.
The price of the crypto Cardano compared to Optimism and Dogecoin
Forbes has recently labeled Cardano (ADA), Ethereum Classic (ETC), and Ripple (XRP) as “zombie projects”.
This term describes blockchains that, despite having a significant user base and real-world utility, seem to struggle to show signs of vitality.
Analysts suggest that the speculative attention surrounding Cardano could stem from the popularity of its founder, Charles Hoskinson.
However, Santiment has highlighted a significant decrease in ADA’s wallet activity, raising questions about the causes of the decline and its possible impact on the token’s price.
In the comparison between the not empty wallets of the main cryptocurrencies, Cardano is among the few blockchains that have seen a decrease in active users.
On the other hand, Bitcoin (BTC) has recorded a 13.8% increase in active addresses in the last three months, driven by price fluctuations.
Cardano has also shown weakness in the DeFi sector, with a significant decrease in Total Value Locked (TVL). This parameter has been declining since March 16, with the TVL currently at $297.21 million.
Despite the recent stability of Dogecoin’s portfolio activity after the peaks in early 2024, Cardano seems to be having difficulty maintaining its momentum, calling into question its role in the cryptocurrency landscape.
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