crypto price today: Crypto Price Today: Dogecoin extends gains; Bitcoin and other altcoins drop up to 5%

New Delhi: After a decent rally in the last few days, the crypto market took a breather on Wednesday as the majority of the tokens saw some profit booking. However, Dogecoin continued to rally.

Dogecoin has been soaring since the middle of last week as billionaire entrepreneur and dogecoin enthusiast Elon Musk closed his $44 billion purchase of the social media platform Twitter. Dogecoin’s rally pushed other memecoins up.

Barring the US dollar-pegged Tether and memecoins, all other top crypto tokens were trading lower. Dogecoin surged another 10%, whereas Polygon and Polkadot plunged 5% and 4% respectively.

The global cryptocurrency market cap was trading above the $1 trillion mark, despite dropping about half a per cent in the last 24 hours. However, the total trading volume plunged more than 16% to $73.78 billion.

What’s cooking in India
India has hinted that crypto regulation would be a priority during the country’s year-long presidency of the G-20, which begins next month.

India’s central bank digital currency (CBDC) made a steady and glitch-free start in the world of real-time trades, with several banks using the virtual money backed by Mint Road to settle nearly 50 government bond transactions cumulatively worth about Rs 275 crore.

Global Updates
Nikolai Mushegian, an early developer of MakerDAO, the largest decentralized finance protocol, as well as a contributor to multiple crypto projects, was found dead in San Juan, Puerto , according to a local news outlet.

Pick n Pay, which is one of South Africa’s largest supermarket chains, is now allowing customers to pay with bitcoin (BTC) using any Lightning Network-enabled app, according to South Africa’s The Times.

A new class of Shiba Inu-inspired tokens was birthed on BNB Chain and Ethereum Tuesday following a related tweet by technology billionaire Elon Musk.

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