Pepe Coin Plummet, MakerDAO’s and TRON Leading the Bulls

• The market is undergoing a broad-based market rout with the majority of altcoins in the red.
• Amidst these bearish turns, Maker and Tron stay in the green overall.

Some altcoins have been performing significantly well amidst a comprehensive downward trend for the majority. 

Top digital assets including Bitcoin (BTC), Ethereum (ETH), and other altcoins have seen a sustained drag as broader market capitalization slipped by 3.41 percent. BTC is currently trading at $25,997 after losing 4.61 percent of its market value in the past 24 hours while ETH is down by 3.51 percent during the same time. 

At the time of this writing, Ethereum was trading at $1,645 on spot markets. Cardano (ADA), Solana (SOL), Ripple XRP, and Polkadot (DOT) are also faced with the bear trend. Solana is down by about 4.67 percent, XRP by 3.71 percent, DOT by 5.27 percent and Polygon (MATIC) is currently trading at $0.5485, down by 5.55 percent overnight. 

Memecoins are not left out of the unfortunate bearish market momentum. Leading memecoins including Dogecoin (DOGE) and Shiba Inu have also dipped by 4.56 percent and 2.86 percent respectively. Pepe Coin (PEPE) and Litecoin (LTC) are two of the most underperforming altcoins presently.

While PEPE is down by 5.78 percent in the last 24 hours and is trading at $0.0000008157, LTC is trading at $63.62 after seeing a price dip of 6.27 percent. A look at technical analysis suggests a possibility that these coins may suffer an even greater loss in the coming weeks or months.

All of these declines have contributed to the fall in the total market capitalization of the broad crypto market. The global market cap is now at $1.05 trillion, down by 3.14 percent while the 24-hour crypto market volume is pegged at $37.86 billion. 

Maker (MKR) and Tron (TRX) Leads Bull Run

Despite these pervasive downtrends, Maker (MKR), the governance token of Decentralized Finance (DeFi) lender MakerDAO, saw a price jump of more than 10 percent on Thursday, showing that the token defiled the broad slump of cryptocurrency prices. According to Coindesk price data, the price gain made Maker the best-performing crypto above $100 million market capitalization.

In the last 24 hours, MKR has gained 5.65 percent and is making its holders millionaires. Moreover, MKR holders are making gains off the platform’s Maker’s token buyback scheme which was introduced last month. The scheme helps to reduce the outstanding supply on the market by leveraging surplus revenues on the platform’s treasury.

It is worth noting that there was no recent development that could have possibly triggered the rally but at the same time, MakerDAO’s fundamentals have improved lately. Kunal Goel, a senior research analyst at Messari explained that the platform has just resumed profit-making after taking a short break that involved increased spending in incentives. 

Justin Sun’s TRON is also one of the leading bulls in the digital asset ecosystem today. The coin is up by 1.38 percent and trading at $0.0772. In the long run, TRON holders are expecting a massive price breakout based on bullish projections from top market analysts.

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