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Amid growing concerns for Dogecoin and XRP, Elluminex emerges as a promising new token with the potential to compete with both in the rapidly expanding DeFi market.
In recent months, remarkable developments have been seen in the crypto markets. Bullish momentum affected Dogecoin and XRP more than most other tokens. However, in the last few days, several risk factors have appeared in that fund as well. In this environment, there is one indicator that may face both Dogecoin and XRP in the near future.
Dogecoin sees volatility after 450% increase.
Since Trump won in November, Dogecoin has been one of the best actors. The token rose over 450%, from around $0.1 to an annual high of $0.48. However, one move by the recently elected President has caused excitement among Dogecoin investors.
The recent launch of an official Trump meme coin has created concerns among investors. The token, launched days before the inauguration, had gained more than $10 billion in market cap. Critics claim that this move could undermine confidence in the crypto space, raising concerns about conflicts of interest.
However, Dogecoin has supporters in the current administration. Elon Musk, Dogecoin's biggest backer, will lead the DOGE organization. This group will be responsible for reducing government waste. However, this group has also been under fire. Just minutes after its inauguration, the group became the target of a lawsuit.
Recent uncertainty threatens Dogecoin's gains. However, despite this, it is likely that the new crypto-friendy administration will still increase the mood of the market. In addition, if Musk has not fallen out with Trump, it is likely that the billionaire will continue to promote Dogecoin.
XRP makes big moves on regulatory news
Ripple XRP one of the best performers in this round. Since Trump won elections in November, the token also rose 450%, about as much as Dogecoin. Now, XRP is trading at $3.06, and is the third largest crypto asset, following only Bitcoin and Ethereum.
The main reason for the extraordinary rise of XRP was the likely regulatory changes in the US after Trump's victory. For one, hawkish Securities and Exchange Commission (SEC) Chairman Gary Gensler is already out of office. This is important, as the group has been leading a lawsuit against Ripple for years. With a new leadership, investors believe that Ripple could settle this lawsuit, removing the main risk factor for XRP.
In addition, it is likely that the new SEC leadership under pro-crypto Mark Uyeda will allow the XRP spot exchange-traded fund (ETF). This gives the fund more legitimacy, as well as more institutional capital.
Elluminex ready to take on XRP and Dogecoin
While Dogecoin and XRP has seen significant growth, a new token could compete with them both. Elluminex (ELX) is a DeFi hub on the TON blockchain, which was the fastest growing network last year. The platform hopes to transfer TON, by offering much needed liquidity.
The Elluminex Decentralized Exchange (DEX) enables fast asset exchanges with minimal fees. The platform also allows easy cross-chain transfers, supporting over 40 major blockchains. These cross-chain capabilities will boost liquidity and reduce slippage, which is important for traders.
In addition, Elluminex offers traders a range of advanced features. For one, the exchange offers an AI-Powered Portfolio Manager, which helps investors make decisions based on real-time insights. Thanks to these features, Elluminex hopes to become the leading DeFi platform on TON.
If TON continues to grow, Elluminex could accelerate its success to surpass the growth seen with both Dogecoin and XRP.
To learn more about Elluminex, visit the website, Twitterand Telegram.
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