Owing to the newfound macroeconomic stability that is beginning to make the rounds in the markets, stocks are not the only class of securities that have been on a rise. Crypto assets too have taken off considerably, especially in the last week. The most significant among these winners are as follows:
Top Weekly Gainers
DeFi Forge (FORGE) was launched into the crypto market last week following a successful ICO. The market evidently was evidently impressed by the project, resulting in an upward price rally taking FORGE up from $0.036 to $0.395, in a matter of days. Following this high peak, which translated to almost 1000%, the cryptocurrency began a corrective descent in its volatile trajectory. At present, FORGE stands at $0.215, making its net gains for the week a remarkable 464%.
Another top performer this week was Janus Network (JNS), which took on a climb on Friday, and exploded in price by Saturday. The cryptocurrency started off the week at a price of $0.045, and after its massive upward surge, stood at the $0.46 mark by Sunday. Interest in JNS is reflected in its trade volume figures, which jumped from $12,000 to almost $900,000 in a matter of days. This came about following a series of back-to-back project updates, which have instilled confidence among supporters of the Janus Network. By the end of the week, JNS gains translate to a whopping 760% rise.
In a somewhat anticlimactic weekly price curve, 8PAY also comes in as a winner of the week, after managing to almost quadruple its price from $0.0072 to $0.0281. This translates to a strong weekly gain of 294%. However, on Saturday, the cryptocurrency peaked at a high point of $0.0689, when its volume climbed beyond the $2 million mark. At that point, the gains were an incredible 855%. Despite the subsequent correction, 8PAY holders have won big this week.
Square Token (SQUA) has entered its second week of a momentous climb, following widespread favor among crypto holders in the Latin American world. The last week saw a sustained climb that took SQUA up from $40.30 to $109.62, translating to a 172% rise. Volume on SQUA presently holds at over $17 million, suggesting its climb is far from over.
After a slow rise from $0.064, MASQ saw a price surge on Sunday, which was the beta test day for the project, resulting in a peak price of $0.278. During this peak point, MASQ had risen by over 333%, which led to further hype from crypto-market participants. At one point, trade volume exceeded $5 million. In the following days, however, the bears got the better of MASQ’s movement, bringing in a decline in price, and putting its net weekly gains at 206%.
Top Weekly Losers
Where some crypto names in the market rose by considerable degrees during the week, others have seen sharp movements in the other direction. Several cryptocurrencies had taken on a large fall, bringing significant losses to their holders. At the time of writing this Stocks Telegraph article, the following names are the top losers of the week:
Solana (SOL), after an uncertain week, began a hard plunge today, as its trade volume reached a six-month high at $3.4 billion. There was an evident battle between the bears and the bulls, with regard to Solana, with the bears eventually gaining the ground, resulting in a dip from $38 to $25, and translating to a 35% fall. The negative sentiment surged after reports suggesting Alameda Research holding liabilities worth $8 billion, and poor liquidity.
FTX token has been undertaking a steady downward slip this week, and then went on a free-falling price plummet as its trade volume made it from $100 million to over $1 billion. Over the course of the week, FTX fell from a high of $26.33 to a low of $15.33, indicating a price drop of 42%. This widespread pessimism seems to trace back to the potential Alameda contagion, whose balance sheet holds large volumes of both SOL and FTX. The market expects heavy selling to take place imminently, hence the mass sell-offs.
Art Gobblers Goo
Art Gobblers Goo (GOO) has been falling big time throughout the week. As the NFT by the creators of the TV show, Rick and Morty, GOO made the news last week, after a highly successful launch. However, as controversy regarding ‘allow list’ mechanisms and procedures surfaced, the market has been losing confidence fast. In just seven days, GOO dropped from a high of $1518 to less than $18. The price loss on GOO, in the crypto-market presently stands at almost 99%.
Optimus OPT3 (OPT3) also made it on this week’s list of top losers, given its hard descent from $1.61 to $0.32. The cryptocurrency’s loss over the week amounts to a stinging 80%. Volume in the last 24 hours has jumped 56% to over $12 million. Sentiment across social media toward OPT3 remains highly negative, with many questioning its utility.
Amateras (AMT) has seen a bumpy ride this week, with constant gear shifts in both directions. AMT started off the week at $0.0089, and after the sudden booms and busts is now down to $0.0035, translating to a 61% drop. Its volume has been largely stable above $1.5 million throughout the week. Based on its irregular price curve seen in the week, many are suggesting that AMT has all the markings of an attempted rug-pulling.