It is that time of the week again to look at what has been trending on CoinGecko last week. No real surprises are noted, although a few newcomers are quickly climbing the ranks. The ongoing popularity of DogeCoin should not be ignored either.
DeFI Tokens Remain Popular
Similar to the CoinGecko search trends for last week, DeFi tokens remain high on the list. DMM: Governance, Balancer, Reserve Rights Token, and Compound are all in the top four. Synthetix, which started making waves alongside Balancer last week, is also in the top 10, which is rather interesting to keep an eye on.
While not everyone agrees that DeFi is here to stay, the general public continues to show keen interest. The total value locked in decentralized finance projects is approaching the $2 billion mark at a swift pace. Compound continues to dominate the landscape, but competition is clearly heating up.
Exploring new Projects
In the crypto asset industry, it is crucial to explore new projects. According to the statistics by DAOMaker, Aleph.im, Kusama, Ampleforth, and ChainX all entered the top 20 fairly quickly. Bancor Network and Celsius Network also re-entered the top 30, which can hint at a potential market shift.
It is good to see how these rankings evolve week after week. Interest in Chainlink seems to have decreased a bit in the past week. Kyber Network is the biggest “riser”, as it gained 9 positions. On the other side of the spectrum, REN is quickly going down the rankings.
DogeCoin Remains a Popular Project
Perhaps the most intriguing search trend on CG pertains to DogeCoin. The meme currency of the internet still has a loyal following in 2020. Its price is also a lot more stable than most alternative crypto assets on the market today. In fact, its value has been rising slightly over the past week, further confirming that the project is in a good place.
Many people tend to overlook Dogecoin for a lot of reasons. It is still one of the most accessible crypto assets in circulation. Those looking to dip their toes in the crypto waters will often be attracted to DOGE. From that point forward, they can easily venture into Bitcoin and everything else this industry has to offer.
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