With the market presently in one of its most serious lows, bulls appear to be taking cover for a while, with no indication of which cryptocurrency to rally towards. Despite these bleak circumstances, however, a number of names in the crypto-sphere did perform spectacularly, gaining significantly over the prior week. At the time of the writing of this newsletter, these were as follows:
Top Weekly Gainers
Trust Wallet Token
The Trust Wallet Token (TWT) has been the most significant among the winners of the week. Despite grave pessimism, TWT successfully took on a climb from $1.11 to a present high of $2.64, thus translating to a gain of 138% in merely a 7-day period. This bullish run coincides with statements by the CEO of Binance, who heavily supported a push towards self-custody in the world of crypto. Trade volume on TWT yesterday surpassed the $700 million mark.
SocialGood
SocialGood (SG) was another top performer this week, which saw a 400% price explosion on Friday, coinciding with the SG ecosystem launching membership for its app. At the height of this bullish frenzy, SG climbed from $0.043 to a peak of $0.137. In the days that followed, however, it has somewhat stabilized close to the $0.094 mark, putting its weekly gains at almost 120%. Trade volume has also dropped from $2.5 million to $1.2 million.
SafePal
The greater part of the last week had been unimpressive for SafePal (SFP), as it gradually slipped from $0.39 to below $0.30. On Sunday, however, an epic gear shift was seen which saw SFP take off at a mighty pace to the $0.75 mark, over three days. SafePal is seeing a surge in interest following the FTX fiasco, and heightened skepticism towards exchanges by crypto-market participants. As the first hardware crypto-wallet backed and funded by Binance, many are turning to hold this digital asset. Net weekly gains stand at over 92%.
dYdX
dYdX has been undertaking an impressive climb throughout the prior week, pushing upward against the bearish storm of uncertainty. Its 7-day climb from $1.22 to $2.69 translates to a weekly gain of over 120%. Trade volume during this time frame steadily rose from $100 million to almost $450 million. dYdX has been widely pushed by the market, given its vision of a decentralized and non-custodial exchange, eliminating the factor of trust within such systems. The rally is a part of a wider sentiment shift observed within the market.
DFI.Money
The price curve for DFI.Money (YFII), over the prior week, has been remarkable in its climb. In only seven days, YFII went from a low of $1370 to its present high of $2159, denoting a 57.6% price surge. YFII is another crypto-name seeing a rally in the wake of the FTX controversy, with substantial backing from the market, on account DeFi aggregator platform. It must be noted, however, that trade volume over the week has dropped from almost $160 million to its present level of $41 million.
Top Weekly Losers
The crypto market was rocked to its core in the last week and undertook a hard plunge after months of stability. For this reason, it comes as no surprise that the losers this week, far outweigh the winners, in terms of both quantity and magnitude of loss. At the time of writing this issue, the top crypto-losers of the week are as follows:
FTX Token
The FTX Token (FTT) undoubtedly tops the list of the week’s losers, as would be unsurprising from the token responsible for the crash of the wider crypto space. In its weekly descent from barely $18, the token has shed most of its value and is presently trading at the $1.32 mark. This price fall equates to a loss of 93%. Considering that trade volume has dropped over the week from $3.5 billion to $78 million, it seems the initial wave of panicked bears has had their play with FTT.
Saltmarble
Saltmarble (SML) was another name among the crypto-losers of the week, after having shed 92% of its market capitalization within a seven-day window. The cryptocurrency, which has been circulating the market since July has had its roughest week so far, plunging deeply to new all-time lows, with each passing hour. For the first time since its existence, SML dropped below the $1 mark and continues in that direction. It is presently trading at $0.65 from over $10 last week.
Metanept
Metanept (NEPT) was one of the names from the crypto-market fall, after its plunge from $0.0613 to its present price of $0.0088. This 86% drop in the last week follows through after an extremely bearish month, where NEPT has been persistently dropping low. This wider price trajectory seems to link to panic among market participants as to a potential NEPT delisting.
VIDT DAO
After weeks of a successful climb which saw a climb from $0.260 to a peak of $0.770, VIDT DAO, in the last week has shifted to reverse gear, and has fallen to $0.019. The 65% fall in the last week has reversed all the gains VIDT undertook since June, and has put it in a precarious position. The DAO token faces widespread unpopularity, considering its verifiable trust concept in Web3. According to the market at large, this concept is neither reliable nor sustainable, in the wake of the recent FTX fiasco.
Serum
Serum (SRM) has been falling hard, amidst increasing concerns in the markets toward a possible insolvency declaration. SRM fell from $0.73 to a low of $0.27, in a seven-day period, losing 63% of its price during this time. These losses would have been even more severe, were it not for the bullish rally of the last 24 hours, pushing up its price by 34%. Trade volume has been rising throughout the week, and presently exceeds the $240 million point.