otCoin was up 35% on Monday, continuing its rise in popularity due to an ongoing Not-Pixel Battle Art Tournament on Telegram. An event showcasing the platform's users' pixel art has driven more activity on the chain.
This is said to be attributed partly to the boost in trading volume of NotCoin, which, per market data, stands at more than $1.08 million in the last 24 hours. Growing community engagement, joined by speculative demand, has pushed the token's value from $0.0041 to $0.008 in a week-jumping high. According to analysts, if the trend in this tournament continues, the price action can sustain upward momentum into the short term.
Lido DAO Blasts 22% After Favorable Court Ruling
LDO surged 22% following a U.S. District Court decision that went in its favour. The court ruled staking services being offered by Lido DAO do not constitute securities under the present laws.
The decision provided relief to Lido DAO investors and renewed confidence in staking-related projects. Trading volumes for LDO rose by 28%, reaching $95 million in 24 hours. As of Monday evening, LDO was trading at $2.42, up from $1.98 the previous day.
This legal clarity is expected to provide a boost to the broader decentralized finance (DeFi) sector, particularly for protocols offering staking services.
MANA Pumps 15% Amid Swelling Interest in Metaverse
Decentraland's MANA token rose 15% on Monday to trade at $0.76. Gains have come amidst a raft of projects linked to the metaverse– which includes buying and selling virtual real estate and attending digital events– heating up ahead of the holiday period.
Recent partnerships and user acquisition campaigns within Decentraland's ecosystem have spurred demand for MANA. Transactions of more than $75 million in MANA have been recorded in the last 24 hours, indicating heightened activity in the metaverse token.
This report is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and may result in significant losses. Consult a financial advisor before investing.
