Shiba Inu is on the rise! Is the surge of Dogecoin signaling the start of Alt season? What are these ten coins surging in?

"Alt season won't come unless Dogecoin starts skyrocketing." said the CEO of the exchange FTX today.

It can't be alt season until DOGE pumps.

So…

— SBF (@SBF_FTX) July 8, 2020

Doge coin started to surge crazily yesterday, with only one piece of news related to it and TikTok. Taking Binance as an example, Dogecoin soared by 100% today. Even the official Twitter came out to advise people to be cautious, not to buy impulsively.

We have compiled the top ten cryptocurrencies with the highest market value increases before the deadline, and the results show that Dogecoin (Doge), Cardano (ADA), and VeChain (VET) rank in the top three.

Among other high-growth cryptocurrencies, it can be observed that DeFi concept stocks are still prevalent, with four tokens including 0x, Synthetix for decentralized trading platforms, Chainlink for oracle projects, and Ren for DeFi cross-chain protocols.

In addition to the inexplicable news about Dogecoin, the reason for Cardano's rise is clearer. After announcing the deployment of new mainnet code Shelley on July 1st, the market value of CardanoADA soared. By July 3rd, CardanoADA, ranking ninth in market value, officially surpassed BinanceBNB, which was in eighth place. ADA's market value quickly surpassed BNB after October 2017, until BNB overtook it in February 2019, maintaining its lead until July 3, 2020. According to official sources, a hard fork upgrade will take place on July 29th, officially launching the new mainnet. In addition, similar to Ethereum's ERC-20 tokens will be released in the next four months to meet the demands of DeFi.

As for VeChain, it has recently received stronger publicity exposure. Deloitte, one of the world's four major auditing firms, pointed out in a report titled "Five Major Blockchain Trends in 2020" in mid-June that VeChain is currently the leading blockchain network in the industry and is considered more comprehensive than mainstream public chains. Furthermore, a collaboration with Cointelegraph to research blockchain traceability reports, with a focus on trend analysis.

Regarding 0x, its most significant positive news comes from the launch of the decentralized trading platform Matcha.

Siacoin emphasizes decentralized cloud storage and launched a new product, Skynet, in February this year. However, based on community engagement, interest seems low, with low views on instructional videos. Binance opened USDT trading pairs for this cryptocurrency on July 6th, which may attract more attention.

Synthetix has attracted a significant amount of capital inflow and continued price growth since the launch of "binary options" products on June 30th.

Chainlink and Cosmos have always been major projects in the community's eyes, so their rise in popularity may not be surprising. Ren's DeFi cross-chain operability issues have generated discussion and followed the DeFi trend, which may be an explanatory factor.

Elrond focuses on sharding high-performance blockchains, which is not a new concept, but the mainnet is scheduled to launch at the end of this month, which could be a reason for its recent attention.

In any case, the surge of small cryptocurrencies will inevitably come with considerable risks, and may reverse at any time, so investments should be approached with caution.