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Animal spirits are alive and well in the cryptocurrency world, with the frenzy sending Dogecoin surging as much as 50% again and crashing Robinhood’s trading app.
Other so-called altcoins also took off, with Dash spiking as much as 14% and Ethereum Classic jumping more than 30%. In the world of DeFi, tokens such as Force DAO and Tierion surged more than 1,000% on May 4, according to CoinMarketCap.com data.
Short for decentralised finance, DeFi is an umbrella term for a variety of applications and projects in the public blockchain space geared toward disrupting the traditional finance world.
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