Dogecoin (DOGE) experienced a significant price dump after Twitter changed its home button, while Collateral Network (COLT) celebrated a successful presale Phase 1 with a 40% rally.
Collateral Network is a Web3 peer-to-peer lending platform enabling users to borrow against physical assets by leveraging the blockchain.
The platform’s native token, valued at $0.014, has seen a remarkable 40% increase from its $0.01 value, with analysts predicting a staggering 3500% rally.
This week, the value of Dogecoin (DOGE), a popular cryptocurrency based on a meme, went up and down like a roller coaster.
It all started when Elon Musk, the CEO of Twitter and a well-known supporter of Dogecoin (DOGE), tweeted about the digital coin whose symbol is a Shiba Inu dog. After the tweet, Twitter changed its logo to a picture of the breed, which got many people’s attention.
After that, the price of Dogecoin (DOGE) shot up by 30%, putting it above $0.1 for the first time in months. But Dogecoin’s (DOGE) luck changed when its price dropped 16.45% this week and the token is, at the time of writing, worth $0.08198.
Despite the drop, Dogecoin (DOGE) still has a very high trading volume of $522,640,199. Lookonchain data shows that two of the top five Dogecoin (DOGE) whales sold 1.4 billion DOGE, which is about $121 million during the price spike.
Following these events, Twitter changed its home button from the Dogecoin (DOGE) symbol to the well-known blue bird. Dogecoin’s (DOGE) market cap is still strong at $11.39 billion, and the cryptocurrency has gained 15.44% in the last month.
Collateral Network (COLT)
When it comes to lending and borrowing, Collateral Network (COLT) is quickly becoming a frontrunner. Collateral Network, a Web3 peer-to-peer lending network, is an innovative decentralized crowdlending platform that enables users to borrow funds against tangible assets on the blockchain.
There is a one-to-one correlation between each of the NFTs on the platform and the underlying physical asset that serves as collateral for the loans.
Hence, Collateral Network (COLT) provides opportunities for lenders all over the world to provide funding for these loans at a predetermined interest rate. By fractionalizing the collateral, the opportunity becomes more accessible to more people, and users access institutional-level liquidity.
Let’s say Michael wants a quick loan, and he possesses a classic automobile worth $100,000. He deposits the vehicle in a safe Collateral Network (COLT) location, and a new NFT is minted in its place, with full asset backing. After the debt and interest settlement, the NFTs are destroyed, and Michael is given back his classic automobile.
With its current price of $0.014, the native token of the Collateral Network (COLT) has increased in value by a whopping 40% from its original value of $0.01. The presale is shaping out to be extremely hot as analysts predict 3500% returns for Collateral Network (COLT) during the presale.
Find out more about the Collateral Network presale here:
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