Crypto Investors Unfazed by SVB Collapse: DOGE, 1INCH Still Thriving
• Silicon Valley Bank (SVB) collapsed on the 10th of March, causing panic in crypto markets.
• Dogecoin (DOGE) and 1inch (1INCH) have regained their previous prices despite the market turbulence.
• TMS Network (TMSN) has completed phase one of presale with over $2 million raised.
Silicon Valley Bank Collapse
On the 10th of March, Silicon Valley Bank (SVB) collapsed due to Circle’s announcement that they had $3.3 billion in reserves locked in SVB. This caused a panic throughout the entire crypto market, resulting in BTC briefly dipping below $20k before the US government intervened and stated that SVB depositors would be made whole. The market swiftly recovered its losses, and BTC rallied beyond its local high of $25k.
Dogecoin Remains Strong
Dogecoin (DOGE), a highly volatile meme coin, has a huge following including entrepreneur Elon Musk whose tweets can drastically change its price. Despite offering minimal utility, Dogecoin (DOGE) is unlikely to underperform in an altcoin rally; however it is also unlikely to outperform due to a lack of utility.
1Inch Also Performs Well
1inch (1INCH), an Ethereum DEX aggregator used by MetaMask and other projects, has attracted many investors due to being key Ethereum infrastructure and registering a 44% gain this year alone. As such, it is no surprise that 1inch (1INCH) has regained its previous prices despite the turmoil caused by SVB’s collapse earlier this month.
TMS Network Presale
TMS Network (TMSN), having completed phase one of presale with over $2 million raised has caught the attention of investors during this turbulent time for crypto markets. TMS Network stands out as one project that can still thrive even amidst difficult times for crypto investments as a whole.
The collapse of Silicon Valley Bank sent shockwaves through the entire crypto market yet it was short-lived and investors have since scrambled back into cryptos looking for returns on their investments – particularly those who are more risk-averse like Dogecoin (DOGE). Projects like 1inch (1INCH) and TMS Network are continuing to perform well too despite these difficult times which indicates resilience within the crypto space overall