This altcoin erupts 244% with more gains to come

November 4, 2022 Scryptopia Altcoin 0

  • Coinbase announced the listing of Solana-based of Marinade (MNDE) crypto following which it skyrocketed rapidly.
  •  Altcoins like Polygon (MATIC) and Litecoin (LTC) have also emerged as top gainers this week.

Earlier this week, crypto exchange Coinbase announced support for the trading of two Solana-based digital assets – Marinade (MNDE) and Marinade Staked SOL (mSOL). This has resulted in a sharp surge in the price of Marinade (MNDE) crypto which has surged nearly 250 percent in the last 24 hours.

As of press time, the MNDE crypto is trading 226 percent up at a price of $0.253. The announcement from Coinbase reads:

Marinade (MNDE) and Marinade Staked SOL (MSOL) are now live on coinbase.com & in the Coinbase iOS & Android apps with the Experimental label. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.

Marinade is basically a decentralized autonomous organization (DAO) that seeks to make Solana more censorship-resistant as well as composable through liquid staking. To help with Solana’s decentralization, the DAO delegates staked SOL via a permissionless algorithm.

MNDE is the governance token of the liquid staking protocol Marinade Finance that allows its users to take part in the governance of the Marinade protocol and treasury. The stakers of MNDE crypto will receive mSOL in the form of staking rewards.

MNDE is a small-cap crypto with a circulating supply of 144 million tokens and a market cap of $43 million as of now. The recent price rally of MNDE is clearly indicative that listings by some of the top crypto trading platforms can help with strong liquidity.

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Top performing altcoins 

Some of the popular altcoins have been showing strength recently. The two altcoins showing significant strength in the last two days are Polygon (MATIC) and Litecoin (LTC).

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In the last 24 hours, Polygon’s native cryptocurrency MATIC is up by 24 percent and is currently trading at $1.16 with a market cap of $10.13 billion. The recent price rally in MATIC happened on the backdrop of huge MATIC whale transactions worth over $100K on Thursday, November 3. On-chain data provider Santiment reported:

Do you believe in $MATIC? Today marked the highest amount of $100k+ whale transactions since February for the 11th ranked market cap #crypto asset. A mid-October spike in #Polygon holdings by 10m+ $MATIC whales may have foreshadowed this.

Courtesy: Santiment

Another top-performing altcoin recently is Litecoin (LTC). On Thursday, November 2, the LTC price jumped by 15 percent, and another 8 percent today. As of press time, LTC is trading at $66 with a market cap of $4.7 billion. On-chain data provider Santiment reports:

“Litecoin is currently on a nice run, and is temporarily decoupled from the #crypto pack. We have seen that the amount of addresses with 1,000 or more $LTC has grown rapidly since mid-June, and $LTC‘s price vs. $BTC has grown +51% since June 12th”.

As of press time, cryptocurrencies like BNB, XRP, and ADA are trading at 7-8 percent gains.