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.

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.

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