Bitcoin, Dogecoin Stumble, But This New Crypto Skyrockets 140% In A Week

The cryptocurrency market encountered headwinds last week, although a few under-the-radar coins notched up significant gains. 

What happened: IP, the native token of Layer-1 blockchain Story, powered above the rest of the market with a whopping 138% jump last week. 

Launched just 10 days ago, the token spawned a billion-dollar valuation last week, cruising to a peak value of $7.11.

The blockchain project helps creators register, license, and monetize their intellectual property assets, with IP used for paying transaction fees.

S, the native token of the high-speed blockchain platform Sonic, came a distant second, surging 58% over the week. The coin has been on an upward curve in February, up over 56% over the last month.

Ethereum (CRYPTO: ETH)-based MKR token, serving as the utility and governance token of stablecoin issuing protocol Maker, rallied 53% to become the third-most successful coin last week. 

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Market barometer Bitcoin (CRYPTO: BTC) contracted 0.83%, while ETH eked out a gain of 1.69%. 

Other large-cap currencies like Solana (CRYPTO: SOL) and Cardano (CRYPTO: ADA) bled 13.57% and 8.56%, respectively. XRP (CRYPTO: XRP) also slipped 3.71%.

Popular meme coins like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) were also hit by the bearish wave, slumping 12.50% and 6.52%, respectively. 

The sentiment was majorly hit by the massive $1.4 billion ETH hack on cryptocurrency exchange Bybit, allegedly executed by North Korean state-backed actors.

Overall, the total cryptocurrency market capitalization contracted 1.8% over the week to $3.13 trillion.

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