Crash? What Crash? This Cryptocurrency Just Replaced Dogecoin and Shiba Inu As a Top 10 Token

What happened

This weekend, there was some impressive volatility in the cryptocurrency markets. The sudden crash early on Saturday morning caused a large number of large-cap cryptocurrencies to lose an enormous amount of value in a short time.

Most of the big cap cryptocurrencies were followed Bitcoin Leading, after the world’s largest cryptocurrency saw a massive 18% drop in one hour. This extreme volatility has not escaped from the famous meme icons Dogecoin (CRYPTO: DOGE) And Shiba Inu (CRYPTO: gray hair), with these coins down 10.3% and 8.4%, respectively, in the past 24 hours as of 8 PM ET.

However, there were some bright spots. Who are the winners of this chaos? Tera (CRYPTO: LUNA), which is a stable currency ecosystem that is currently gaining in popularity for obvious reasons.

Today, Terra has officially moved to the 10th position in the cryptocurrency market capitalization rankings, pushing both Dogecoin and Shiba Inu out of the top ten leaderboard.

Image source: Getty Images.

so what

There are a number of reasons why investors choose to invest in cryptocurrencies. Some investors may wish to diversify their investment portfolios into alternative asset classes. Others may like the growth potential of this emerging space.

However, the main focal point for many investors when it comes to cryptocurrencies is the potential hedging effect that these tokens are supposed to have in times of crisis in other markets.

However, the sharp drop in cryptocurrency valuations we saw earlier this morning has created a growing divergence between cryptocurrencies that are seen as true safe havens, and others that could suffer significant leverage, such as tokens.

In the case of Terra, a stable coin ecosystem, investors seem to be fascinated by Terra’s stability, as well as the growth potential for real-world use cases with this token, and the benefits generated by LUNA.

What now

Part of the reason that both Dogecoin and Shiba Inu (at least for now) have been excluded from the top 10 cryptocurrency leaderboards is the relatively poor performance of these meme coins lately. Both dog-inspired tokens are down more than 25% over the past month, well over their highs.

A trip to safety appears to be taking place in most asset markets. For those looking for a stable and long-term base possession, Terra has become a high-profile token, in no time.

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