Dogecoin, Cardano and Solana Slump as Crypto Majors See Profit-Taking After Week-Long Rally

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CoinDesk 21h ago

Dogecoin, Cardano and Solana Slump as Crypto Majors See Profit-Taking After Week-Long Rally - CoinDesk

Quick Summary:

Major tokens slip as traders lock in gains following macro-fueled surge, with market focus shifting to upcoming events.

Meanwhile, Coinbase’s upcoming inclusion in the S&P 500 on May 19 is viewed as a short-term catalyst for the sector, with some analysts estimating passive fund demand for the stock could top $9 billion.“We believe there is further room for digital assets to rally, especially as Coinbase’s inclusion into the S&P 500 on 19 May draws closer,’ Singapore-based QCP Capital said in a Telegram broadcast late Wednesday.“History tells us that index inclusion tends to act as a short-term catalyst, as passive managers adjust their allocations to track the benchmark more closely,” the fund noted.

Still, institutional activity remains robust.