Home / Trend News /Biggest Movers: DOGE Over 130% Higher In The Last 7 Days

Biggest Movers: DOGE Over 130% Higher In The Last 7 Days

01 Nov 2022

Following the Terra stablecoin collapse last May, the Terra blockchain ecosystem has another stablecoin concept in the works called “Solid.” The stablecoin Solid and its white paper were revealed by a decentralized finance (defi) project, Capapult Finance, and the idea has been dubbed a “soft-pegged stablecoin” built on Terra.

Roughly five months ago, the crypto community experienced some dark days when the stablecoin terrausd (UST), now called terraclassicusd (USTC), depegged from its $1 parity. Today, USTC is changing hands for $0.03 per unit and the obliterated Terra blockchain ecosystem moved to a new network called the Phoenix blockchain.

With the Terra 2.0 network launch, the crypto community was introduced to a new native crypto called terra (LUNA) 2.0. Following the stablecoin depegging incident, which wreaked havoc across the entire crypto economy, a defi project called Capapult Finance says it plans to launch a new “soft-pegged stablecoin” built on top of the Terra network called “Solid.” The stablecoin concept was revealed in a white paper called “Solid, a Soft-Pegged Stablecoin on Terra.”

The project’s white paper describes Solid as an “over-collateralized and fully decentralized soft-pegged stablecoin on Terra.” Unlike the original Terra blockchain white paper co-authored by Do Kwon, the authors of the Solid white paper are represented by the six alpha-numeric digits of two addresses — “0x7183, 3A2k4j.”

The white paper published on Oct. 19, 2022, stresses that there’s a need for stable assets in the world of defi, but fiat-backed stablecoins don’t cut it, according to the white paper’s authors. “Fiat-backed stablecoins are not in the owners’ control, as was showcased by the Tornado Cash ban,” the white paper notes. The stablecoin’s paper, hosted on the Capapult Finance website, adds:

Thus, to make blockchain technology more common there needs to be an asset with minimal volatility, one that is as decentralized as possible. It is becoming more obvious each and every day that decentralized money needs a decentralized stablecoin.

The paper says Solid will be minted using a collateralized debt position (CDP) scheme similar to Makerdao, and users deposit interest-earning collateral and borrow the stablecoin. The mechanism also works alongside Capapult Finance’s governance token CAPA, and the project claims to “bring honesty and trust to Web3, join us in our journey to a fully decentralized ecosystem.”

Solidus or Solid claims to offer low volatility and stability via the interest-earning collateral held on the Capapult protocol. As far as the Capapult protocol’s website is concerned, the site says the application is “coming soon.” At the time of writing, the entire stablecoin economy is valued at $146.44 billion and the top two stablecoins (USDT & USDC) are fiat-backed crypto assets. Two projects within the stablecoin economy that leverage a CDP method, or over-collateralized scheme, include Makerdao’s DAI and Tron’s USDD.

It’s worth noting that a number of crypto supporters believe the onset of the harsh crypto winter was fueled by Terra’s demise. Some of the accusations directed at Terraform Labs executives like Do Kwon, and failed projects like the defi lending platform Anchor, have further tainted the community’s trust in the Terra ecosystem.

While the Capapult Finance website promises the project will bring “honesty and trust to Web3,” it will be interesting to see if the crypto community trusts a stablecoin built on a fractured blockchain ecosystem like Terra.

What do you think about the soft-pegged stablecoin idea that the defi project Capapult Finance says it plans to launch? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

Following the Terra stablecoin collapse last May, the Terra blockchain ecosystem has another stablecoin concept in the works called “Solid.” The stablecoin Solid and its white paper were revealed by a decentralized finance (defi) project, Capapult Finance, and the idea has been dubbed a “soft-pegged stablecoin” built on Terra.

Roughly five months ago, the crypto community experienced some dark days when the stablecoin terrausd (UST), now called terraclassicusd (USTC), depegged from its $1 parity. Today, USTC is changing hands for $0.03 per unit and the obliterated Terra blockchain ecosystem moved to a new network called the Phoenix blockchain.

With the Terra 2.0 network launch, the crypto community was introduced to a new native crypto called terra (LUNA) 2.0. Following the stablecoin depegging incident, which wreaked havoc across the entire crypto economy, a defi project called Capapult Finance says it plans to launch a new “soft-pegged stablecoin” built on top of the Terra network called “Solid.” The stablecoin concept was revealed in a white paper called “Solid, a Soft-Pegged Stablecoin on Terra.”

The project’s white paper describes Solid as an “over-collateralized and fully decentralized soft-pegged stablecoin on Terra.” Unlike the original Terra blockchain white paper co-authored by Do Kwon, the authors of the Solid white paper are represented by the six alpha-numeric digits of two addresses — “0x7183, 3A2k4j.”

The white paper published on Oct. 19, 2022, stresses that there’s a need for stable assets in the world of defi, but fiat-backed stablecoins don’t cut it, according to the white paper’s authors. “Fiat-backed stablecoins are not in the owners’ control, as was showcased by the Tornado Cash ban,” the white paper notes. The stablecoin’s paper, hosted on the Capapult Finance website, adds:

Thus, to make blockchain technology more common there needs to be an asset with minimal volatility, one that is as decentralized as possible. It is becoming more obvious each and every day that decentralized money needs a decentralized stablecoin.

The paper says Solid will be minted using a collateralized debt position (CDP) scheme similar to Makerdao, and users deposit interest-earning collateral and borrow the stablecoin. The mechanism also works alongside Capapult Finance’s governance token CAPA, and the project claims to “bring honesty and trust to Web3, join us in our journey to a fully decentralized ecosystem.”

Solidus or Solid claims to offer low volatility and stability via the interest-earning collateral held on the Capapult protocol. As far as the Capapult protocol’s website is concerned, the site says the application is “coming soon.” At the time of writing, the entire stablecoin economy is valued at $146.44 billion and the top two stablecoins (USDT & USDC) are fiat-backed crypto assets. Two projects within the stablecoin economy that leverage a CDP method, or over-collateralized scheme, include Makerdao’s DAI and Tron’s USDD.

It’s worth noting that a number of crypto supporters believe the onset of the harsh crypto winter was fueled by Terra’s demise. Some of the accusations directed at Terraform Labs executives like Do Kwon, and failed projects like the defi lending platform Anchor, have further tainted the community’s trust in the Terra ecosystem.

While the Capapult Finance website promises the project will bring “honesty and trust to Web3,” it will be interesting to see if the crypto community trusts a stablecoin built on a fractured blockchain ecosystem like Terra.

What do you think about the soft-pegged stablecoin idea that the defi project Capapult Finance says it plans to launch? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

Meme coins remained higher on Tuesday, despite cryptocurrency markets mostly trading in the red. Dogecoin is now over 130% higher in the last week, as the token climbed to its highest point since April. Shiba inu was also higher, climbing back above a key price ceiling.

Dogecoin (DOGE) extended recent gains on Tuesday, as the token surged to a fresh multi-month high.

Following a low of $0.117 to start the week, DOGE/USD raced to an intraday peak of $0.1572 during today’s session.

The rally sees the meme coin move to its highest point since April, and as of writing it is trading over 130% higher from the same point last week.

This recent surge in dogecoin comes as Tesla CEO and long-term meme coin supporter Elon Musk recently completed his takeover of Twitter.

On Tuesday, Musk also tweeted a picture of a shiba inu dog wearing a Twitter banner, which some believe could be an endorsement.

As of writing, the 14-day relative strength index (RSI) is now tracking at 90.24, which is the highest point for the index in over a year.

Following the tweet from Elon Musk, shiba inu (SHIB) was also higher, as prices climbed above a key resistance level.

SHIB/USD surged to a high of $0.00001345 earlier in today’s session, gaining for a second straight day in the process.

As referenced earlier, the move came as the meme coin rose past its recent ceiling of $0.00001300.

Looking at the chart, the RSI for SHIB is currently tracking at 65.30, which is slightly under the next visible ceiling of 70.00.

Should price strength continue to rise, we could see bulls attempt to recapture last Saturday’s high of $0.00001518.

Both the 10-day (red), and 25-day (blue) moving averages appear to be trending higher, which is another positive indication for bulls.

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Tags in this story
Analysis, Doge, dogecoin, Meme Coin, memecoin, shib, shiba inu

Could we see shiba inu recapture recent highs this week? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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