PUG AI

DeFi

Bitcoin

Dogecoin

Shiba Inu

<p>The recent surge in demand for Bitcoin has sent ripples throughout the cryptocurrency industry, notably impacting the sentiment surrounding decentralized finance (DeFi) protocols. According to a recent <a href="https://defillama.com/" rel="noopener noreferrer nofollow" target="_blank">data</a> from DefiLlama, the total value locked (TVL) in DeFi protocols soared past the $100 billion mark on March 9, with over $10 billion in volume recorded within the preceding 24 hours.</p>
<h2 class="wp-block-heading" id="defi-tvl-sees-significant-growth">DeFi TVL sees significant growth</h2>
<p>While this surge marks a significant milestone, it falls short of the record high of $189 billion set in November 2021. Leading the pack in terms of locked capital is the liquid staking protocol Lido, boasting an impressive $38.7 billion locked on-chain. EigenLayer, a prominent staking ecosystem, follows closely behind, along with the Aave protocol, both securing over $11 billion in locked capital.</p>
<p>This surge in DeFi activity marks a notable return to form, with TVL surpassing the $100 billion threshold for the first time in nearly two years. The uptick in DeFi engagement is largely attributed to the renewed positive sentiment in the crypto markets, driven primarily by the introduction of spot Bitcoin exchange-traded funds (ETFs) in January.</p>
<p>The advent of spot Bitcoin ETFs has sparked considerable institutional demand, propelling Bitcoin to unprecedented heights, with prices breaching the $70,000 mark on March 8. Assets in Bitcoin ETFs surged to a staggering $28 billion on March 8, excluding assets from Grayscale’s Bitcoin Trust, which transitioned to an ETF in January from its previous over-the-counter (OTC) structure.</p>
<p>Rumors have circulated on social media platforms regarding shortages of Bitcoin on OTC trading platforms, prompting them to resort to public exchanges to fulfill client orders. OTC desks, catering primarily to large-volume traders, including institutional investors, have faced increased pressure amid the heightened trading activity surrounding Bitcoin.</p>
<h2 class="wp-block-heading" id="memecoin-mania-sweeps-across-the-crypto-market">Memecoin mania sweeps across the crypto market</h2>
<p>Consequently, several centralized crypto exchanges, such as Binance, Coinbase, Kraken, and Bybit, experienced temporary outages following Bitcoin’s surge past the $60,000 threshold. In response to the surge in demand, Crypto.com CEO Kris Marszalek announced the recruitment of an additional 480 customer representatives to address the influx of inquiries and support requests from users.</p>
<p>The rapid price fluctuations in Bitcoin have compelled algorithmic trading firms to significantly ramp up the rate of order placements and cancellations to effectively manage their positions, according to Ivo Crnkovic-Rubsamen, the chief strategy officer and technical lead for trading at the dYdX exchange.</p>
<p>Bitcoin’s meteoric rise has also triggered a surge in the prices of memecoins in recent days. Korra (KORRA) leads the charge with an astounding 577% increase in the last seven days, followed by Ribbit (RIBBIT) with a 235% surge and PUG AI (PUGAI) with a 232% jump during the same period. Additionally, popular tokens such as Shiba Inu and Pepe have experienced notable gains of 168% and 165%, respectively.</p>
<p>The cumulative market capitalization of memecoins currently stands at $61 billion, as per Bitget data. Consequently, Dogecoin and SHIB have emerged among the top 1 tokens by market cap, boasting $26 billion and $20 billion, respectively. The recent surge in demand for Bitcoin, coupled with the ensuing positive sentiment in the crypto markets, has catalyzed significant developments across various sectors of the <a href="https://www.cryptopolitan.com/impact-of-cryptocurrency-mining-and-ai/" data-type="post" data-id="481143" rel="noopener noreferrer nofollow">cryptocurrency</a> industry, including DeFi, institutional investment, and the memecoin market.</p>

DeFi TVL hits $100 billion amid a Bitcoin-fueled surge

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