Tezos Extends 96% 3-Day Rally After Doja Cat NFT Launch

The blockchain network Tezos XTZ/USD experienced a dramatic price surge over the weekend as Bitcoin BTC/USD, Ethereum ETH/USD, and most altcoins were struggling to recover from a crash.

What Happened: XTZ gained 15% overnight to hit a price of $7.65 earlier Monday. The Tezos blockchain’s native crypto token extended a rally that began on Friday after entertainer Doja Cat released a NFT on the Tezos-powered OneOf platform.

• @DojaCat EXCLUSIVE NFTS JUST DROPPED ON https://t.co/QFo70vrSdo!!!!!!  #PlanetDoja #OwnMusicHistory • pic.twitter.com/utKya6RvuM

— OneOf (@OneOfNFT) September 9, 2021

On Friday, XTZ was trading at a price of $3.92. Since then, the token has gained 96% in value.

Doja Cat’s NFT collection is titled “The Dawn Of Planet Doja” and features seven tokens in total that will be available in three sequential drops.

She claims to have chosen a Tezos blockchain-based NFT platform because of its lowered environmental impact given its Proof-of-Stake (PoS) consensus mechanism.

“I don’t know that much about NFTs,” she said. “But what I do know is that they can be bad for the environment and cost a fortune. Mine won’t.”

Following the launch, Tezos hit a record number of daily transactions on its blockchain network.

Tezos continues to catch up to Ethereum in transactions per day. Sunday, Tezos took its greatest stride yet, with the number of Tezos transactions making up about 55% of Ethereum's transactions.
Ethereum Data: https://t.co/Jn6I2X0R8W
Tezos Data: https://t.co/RZdTnK9d3K#Tezos pic.twitter.com/IMsgeBhmES

— Kevin Mehrabi (kevin.tez) (@KMehrabi) September 11, 2021

Price Action: At press time, XTZ was trading at a price of $7.57 after gaining nearly 18% over the last 24 hours.