Bitcoin Was Muted, Dogecoin Spiked, But The Icing On The 'Cake' Last Week Was A 62% Rally In This Token
The cryptocurrency market was influenced by Bitcoin's (CRYPTO: BTC) stagnation last week, although certain coins staged remarkable gains.
What happened: CAKE, the token of the decentralized exchange PancakeSwap, topped the gainers’ list, returning a massive 62% to its holders in the last week.
The BNB Chain (CRYPTO: BNB)-based coin's growth was catalyzed by a sharp jump in trading volumes on PancakeSwap, worth over $27 billion over the last week, according to DeFiLlama.
S, the native token of the high-speed blockchain platform Sonic, was the second-most successful coin, surging 33% over the week. Proof-of-work cryptocurrency Kaspa rallied over 25% to bag the third spot.
See Also: Brian Armstrong Wants To Handle Growing Volumes Of Memecoins By Adding DEXes Into Coinbase: ‘A Little Bit Like The Early Days Of The Internet’
Blue-chip coins like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) remained rangebound, gaining 0.98% and 0.81%, respectively.
XRP (CRYPTO: XRP) clocked double-digit gains of 11.55%, while Dogecoin (CRYPTO: DOGE) grew 6.17%, following the SEC's acknowledgment of their respective Grayscale ETF applications.
Other meme coins like Shiba Inu (CRYPTO: SHIB) traded flat, while President Donald Trump's Official Trump (CRYPTO: TRUMP) token lifted over 14%.
Overall, the total cryptocurrency market capitalization rose marginally by 0.9% over the week to $3.19 trillion.
Photo Courtesy: Akif CUBUK on Shutterstock.com
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Posted-In: Kaspa MemeCoins PancakeSwapCryptocurrency News Markets Movers Trading Ideas
