This week in coins
This week in coins. Illustration by Mitchell Preffer for Decrypt.

Bitcoin has fallen more than 6% over the past seven days, and is down more than 1% in the first day and a half of 2022, according to CoinMarketCap. The largest cryptocurrency by market capitalization is hovering around $47,000 at the time of writing.

But hey, at this time last year, Bitcoin was at $32,780. 

Bitcoin hit a festive high two days after Christmas, when it soared to its highest price in three weeks of $52,050. Ethereum experienced a similar trajectory, but failed to clear $4,120. In the days since then, BTC and ETH have both struggled, both down nearly 7% in seven days. 

But Ethereum is on the up and up in 2022, up 1.5% in the past 24 hours while BTC is down.

Altcoins fall

The leading altcoins have also fallen hard over the past seven days: Solana (SOL) and Polygon (MATIC) are both down more than 10%, while Terra (LUNA) is down 9%. The two top meme coins, DOGE and SHIB, are down around 9 and 13%, respectively.

So what happened? Considering all of them experienced significant growth at the end of 2021, particularly Terra and Polygon in December, a price correction was due. 

Despite the pullback, there was positive news this week for a couple of the former high-fliers. Polygon developers quietly patched up the network after white hat-hackers noticed an exploit. The fix didn’t quite come in time: one hacker still made off with 800,000 MATIC tokens, or $2 million USD.

And on New Year’s Eve, Shiba Inu’s developers announced that they have created the first iteration of DoggyDAO, a…

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